Wednesday, September 19, 2018

Mike 'Uzor

    FCMB steps up profit despite tight revenue

FCMB steps up profit despite tight revenue

First City Monument Bank grew profit by 90% at the end of the second quarter, accelerating from 64% in the first quarter.The performance is despite a continuing weakness in revenue with a slowdown from an increase of about 10% in the first quarter to 8% in the second. The drag is coming from other operating income, which has [...]

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    Nigerian Breweries: Losing revenue, losing profit

Nigerian Breweries: Losing revenue, losing profit

Nigerian Breweries is losing both sales revenue and profit in the current year, stepping downward again after breaking a trend of declining profits in 2017.Sales revenue was down by over N8 billion at the end of half-year trading and the company lost more than N5 billion in net profit. Costs generally failed to go down alongside with sales revenue and [...]

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    FBN Holdings: sustaining recovery for the second year

FBN Holdings: sustaining recovery for the second year

FBN Holdings strengthened its profit performance at the end of half year operations in June 2018, showing improved prospects for sustaining recovery for the second year.The bank’s position has shifted from a profit decline in the first quarter to a year-on-year growth at the end of the first half. That has placed it in a position to build profit further [...]

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    Zenith Bank: Stable profit despite volatile earnings environment

Zenith Bank: Stable profit despite volatile earnings environment

Zenith Bank experienced a volatile earnings environment in the second quarter but management engaged cost management shock absorbers to keep profit growing. The bank closed half year operations with gross earnings dropping by 15% led by a fall of 44% in trading income and a drop of 13% in interest earnings – the main income line of the bank.The bank’s [...]

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    Nestle Nigeria: Interest expenses cut lifts profit

Nestle Nigeria: Interest expenses cut lifts profit

A sharp cut down in interest expenses was the major favourable event in the Nestle Nigeria’s income statement at the end of half year operations, lifting profit margin higher than any time since 2014. The consumer goods company brought finance expenses down 85% year-on-year to N1.12 billion at the June 2018. With that, it slashed net finance cost by over [...]

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    Oando: Tax credit saves profit at half year

Oando: Tax credit saves profit at half year

Oando kept its turnaround flag flying by using a tax credit to overwrite a loss position at the end of half year operations. The company is sustaining the turnaround for the third year running but the core business isn’t yet providing the driving force. Tax credit has taken over from profit from discontinuing operations to keep the company’s turnaround engines [...]

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    Cadbury again counts losses

Cadbury again counts losses

Cadbury Nigeria ended half year operations counting losses all the way from end of operating activities down to the bottom line. That shows a greater operating strain than the company experienced last year. The company’s loss position is however down on year-on-year basis with some hopes for a further reduction in the third quarter.Last year, a last quarter surprise turned [...]

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    Seplat Petroleum reaps from rising oil price, volume

Seplat Petroleum reaps from rising oil price, volume

Seplat Petroleum Development Company is holding forth the turnaround momentum that saw it back into profit last year.The oil producing company achieved a big leap in sales revenue at the end of its half-year operations in June 2018 with gains in both sales volume and average prices for oil and gas.The company’s chief executive officer, Austin Avuru, said his company [...]

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    Unilever Nigeria: still on high growth track

Unilever Nigeria: still on high growth track

Unilever Nigeria is maintaining its high speed growth in profit for the third year running after registering triple digit profit advances in 2016 and 2017. After tax profit was up by 55% year-on-year at the end of half year trading in June and the conglomerate looks confident to keep the pace, even improve it at full year.The company attained a [...]

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    Exchange loss slows down Dangote Cement in second quarter

Exchange loss slows down Dangote Cement in second quarter

Dangote Cement group lost the high growth speed in earnings it recorded in the first quarter as foreign exchange loss undermined profit growth in the second quarter. A foreign exchange gain of N12.5 billion in the first quarter was wiped off by a loss of N15.4 billion in the second quarter. That overturned the company’s position from a net finance [...]

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    Transcorp beats last year’s profit in six months

Transcorp beats last year’s profit in six months

Transnational Corporation of Nigeria has closed half year operations with an after tax profit of N10.87 billion, already ahead of the N10.61 billion profit it reported for the 2017 full year trading. The conglomerate made a big return to profit last year and its reconditioned growth engines are firing at an increased momentum this year.The company’s subsidiary in the [...]

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    11 Plc: Out of exceptional item, into exceptional profit

11 Plc: Out of exceptional item, into exceptional profit

11 Plc, the former Mobil Oil Nigeria, shows an up and down pattern of profit performance and the current year is indicating a big upturn for the company from a decline last year. The profit decline last year followed mainly the occurrence of exceptional item of N2.23 billion. The company has moved out of exceptional item into exceptional profit growth [...]

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    Fidelity Bank: Getting a firm hold on costs

Fidelity Bank: Getting a firm hold on costs

Fidelity Bank experienced a high-speed turnaround last year but a sharp slowdown marks the bank’s earnings story so far this year. A slow growth in revenue is not permitting a reasonable growth in profit despite a firm hold on costs.A renewed strength in profit performance saw a 93% profit lifting in 2017 from a 30% drop in net profit in [...]

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    Sterling Bank: Sustaining recovery for the second year

Sterling Bank: Sustaining recovery for the second year

Sterling Bank is maintaining a recovery course for the second year in 2018, having begun an upturn last year after a 50% fall in profit in 2016. The improvement last year came from a step up in revenue growth and a sharp slowdown in loan impairment charges. In the current year, revenue growth is strengthening further, loan loss expenses are [...]

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    Wema Bank: Slow but steady on the path of profitability

Wema Bank: Slow but steady on the path of profitability

Wema Bank is staying the path of profitability so far since it returned to profit in 2013. Growth momentum is at the low end but the bank is able to keep profit from falling. It closed last year with profit flat, which has crept up to a moderate improvement at the end of the first quarter of the current year.Defending [...]

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    Guinness Nigeria: Hard drive back into profit

Guinness Nigeria: Hard drive back into profit

It was a hard drive for Guinness Nigeria pushing aggressively from a loss of N2.55 billion in the third quarter of last year to an after tax profit of N5.09 billion at the end of its third quarter trading in March 2018. The company had to collapse administrative expenses by 25%, slash finance cost by 42% and rein in marketing/distribution [...]

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Exchange Rates

September 18, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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