Thursday, April 4, 2019

Mike 'Uzor

    Access Bank rebuilds profit to new high

Access Bank rebuilds profit to new high

Access Bank closed the 2018 financial year with a strong final quarter that produced close to 30% of gross earnings and more than one-third of profit. That changed the bank’s earnings picture at the end of the third quarter when it was unable to grow revenue. Rebuilding profit from a drop in the prior year, the bank attained a new [...]

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    GTB keeps profit up on moderate earnings

GTB keeps profit up on moderate earnings

Guaranty Trust Bank experienced another year of tight revenue in 2018 and management had to apply a pruning saw on costs to build profit. The volatile earnings behaviour seen at the end of the third quarter followed the bank to full year. Gross earnings crept from flat in the prior year to a marginal increase and closed 4% down from [...]

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    Seplat Petroleum: Profit drops on tax expense reappearance

Seplat Petroleum: Profit drops on tax expense reappearance

Seplat Petroleum Development Company has closed its 2018 operations with after tax profit down by 45% to N45 billion against a 500% advance in pre-tax profit to over N80 billion. A shift from a huge deferred tax credit in the preceding year to a tax expense in 2018 accounted for the profit drop, obscuring somewhat an exceptional performance the company [...]

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    Transcorp doubles profit at full year

Transcorp doubles profit at full year

Transnational Corporation of Nigeria (Transcorp) has closed the 2018 financial year with 100% profit advance, as projected. The conglomerate netted N20.6 billion for the year, which is almost at par with all the profits it posted in the preceding four years put together. This is a strong profit growth sustained for the second year.The breakthrough performance pivoted on the company’s [...]

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    Guinness Nigeria: Cost saving saves profit

Guinness Nigeria: Cost saving saves profit

Guinness Nigeria reduced interest expenses by more than two-thirds year-on-year at the end of its second quarter trading in December 2018. That was the singular event that enabled the brewing company to jerk up profit at the end of the period. This is in continuation of the company’s strategy in the preceding financial year when it slashed finance cost by [...]

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    Nigerian Breweries: Lowest profit in 10 years

Nigerian Breweries: Lowest profit in 10 years

Nigerian Breweries closed the 2018 operations with a lower profit than the company has posted any time since 2008. A drop of over N20 billion in sales revenue was the big event in the company’s operating story in the year. Costs failed to go down with sales revenue, resulting in a record profit drop for the brewing giant.Except for an [...]

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    FCMB: Expect a big turnaround

FCMB: Expect a big turnaround

First City Monument Bank (FCMB) is expected to report a big turnaround for the 2018 financial year. The bank’s full year earnings report, expected to reach the market in weeks, could show profit at a four-year high. That would more than compensate for a 34% profit drop in 2017.Earnings growth gained momentum in the third quarter, stretching out revenue growth [...]

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    Okomu Oil Palm expects to keep profit stable at full year

Okomu Oil Palm expects to keep profit stable at full year

The Okomu Oil Palm Company is expected to keep profit stable for the 2018 operations despite an inability to grow sales revenue. The company achieved an 86% advance in after-tax profit in 2017 from a 41% rise in turnover.In the 2018 operations, the strength from growing sales revenue was missing as at the end of the third quarter. Nevertheless, [...]

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    Presco: Profit boosters still missing

Presco: Profit boosters still missing

Presco’s full year operating result for 2018 isn’t likely to have the profit performance boosters that gave it extraordinary leaps in the preceding two years. Save for a last quarter surprise, the oil palm and rubber producing company is expected to report a sharp fall in profit for the 2018 financial year.Two performance boosters had helped the company to push [...]

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    Total Nigeria expects profit recovery from preceding year’s drop

Total Nigeria expects profit recovery from preceding year’s drop

Total Nigeria expects to show a profit rebound in its 2018 full year earnings report being awaited after a drop of 46% in after tax profit in the 2017 financial year. The recovery isn’t going to be strong enough to match the company’s peak profit figure of nearly N15 billion in 2016. It is however expected to be good enough [...]

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    Oando: Profit hopes hang on tax credit

Oando: Profit hopes hang on tax credit

Oando’s hopes for profit improvement in its 2018 operations hang largely on how much tax credit the company could get at full year. Tax credit produced more than one-half of its after tax profit at the end of the third quarter operations in September 2018.There was however a sharp swing from a tax credit of N13 billion in the second [...]

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    Fidelity Bank: Expect another strong profit advance

Fidelity Bank: Expect another strong profit advance

Fidelity Bank’s 2018 operation is expected to establish profit at a new peak, up on the 93% net profit lifting in 2017. The bank gained speed in earnings growth after an initial lull on the earnings track and has changed the full year profit outlook for the better.At the end of the third quarter in September 2018, profit was already [...]

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    Dangote Cement: Revenue growth amidst FX challenges

Dangote Cement: Revenue growth amidst FX challenges

Dangote Cement group could not recover from a huge foreign exchange loss in the second quarter and a further slowdown in profit performance happened in the third quarter. The cement producing company however made substantial progress to change a foreign exchange loss of N15.4 billion in the second quarter to a modest gain of N2 billion in the third.The improvement [...]

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    Transcorp may double profit at full year

Transcorp may double profit at full year

Transnational Corporation of Nigeria (Transcorp) is likely to close the 2018 financial year with double the profit figure of N10.61 billion it posted in 2017. The company’s interims show an elevated performance in 2018, sustaining a big turnaround and earnings growth for the second year.Management has steered operations out of a loss position in 2016 and the new momentum is [...]

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    UAC Nigeria may close with another profit drop

UAC Nigeria may close with another profit drop

UAC Nigeria is likely to experience another profit collapse in its 2018 operations with a chance of kissing the red. A turnaround outlook that saw an after tax profit of N1.32 billion at half year has faded, slashing the profit figure to N252 million at the end of the third quarter in September 2018.The conglomerate had closed half year trading [...]

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    Sterling Bank: Profit slows down as credit losses rise

Sterling Bank: Profit slows down as credit losses rise

Sterling Bank recorded a slowdown on profit growth at the end of the third quarter and that has undermined the strong full year growth projection for 2018. A sharp increase in credit loss expenses in the third quarter weakened the bank’s ability to convert its earnings into profit. The weakness was reinforced by a slowdown in revenue from 36% growth [...]

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Exchange Rates

April 01, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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