Thursday, April 4, 2019

Mike 'Uzor

    Lafarge Africa: Still building losses

Lafarge Africa: Still building losses

Lafarge Africa, the building materials company, is expected to post another huge loss for 2018 after a loss of nearly N35 billion in 2017. The company has been under pressure since 2016 when increased input cost and huge finance expenses led to a pre-tax loss of N23 billion. Rising administrative expenses has added to the challenges and the key expenditure [...]

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    Nestle Nigeria: The reward of debt reduction

Nestle Nigeria: The reward of debt reduction

Major cost saving from interest expenses and debt reduction is the strength of strong profit growth for Nestle Nigeria so far in 2018. It holds the promise for another strong profit growth that is expected to be the summary of the company’s earnings story for 2018.The consumer goods company has engaged a continuing reduction in balance sheet borrowings from over [...]

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    CCNN: Expect another high speed finishing

CCNN: Expect another high speed finishing

Cement Company of Northern Nigeria (CCNN) began the 2018 financial year on the high speed growth track and is expected to finish with a top record profit growth for the second year. After tax profit doubled at the end of the third quarter in September to N4 billion after rising more than one and half times in 2017.Moderating cost amidst [...]

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    ETI lifts profit from declining loan losses

ETI lifts profit from declining loan losses

Ecobank Transnational Inc (ETI) closed its third quarter operations in September 2018 with an after tax profit of N75.51 billion, already above the 2017 full year profit figure of nearly N70 billion. The bank found no room for revenue improvement and management equally kept costs flat to defend profit.The only room for the profit improvement was a drop of 26% [...]

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    Access Bank set to become Nigeria’s largest bank

Access Bank set to become Nigeria’s largest bank

A shakeup of Nigeria’s banking industry leadership is in the works and Access Bank is again at the centre of the storm. The bank is frantically warming up for the number one position by the size of the balance sheet. Having travelled from the backyard to the frontline of Nigerian banking, Access Bank is jockeying for a higher height still.The [...]

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    Flour Mills: Dropping sales hits profit

Flour Mills: Dropping sales hits profit

Flour Mills of Nigeria is losing sales revenue and that is hurting the ability to deliver profit. An impressive growth of 54% in after tax profit in the last financial year has shifted to a 46% drop in the bottom line at the end of its half year operations in September 2018. The disappointment draws from inability to push sales [...]

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    Seplat Petroleum: Delivering on production and profitability

Seplat Petroleum: Delivering on production and profitability

Seplat Petroleum Development Company is delivering on its promise to accelerate field development activities across the existing portfolio as well as profitability in second half of the year. It is good news for the company on both sides of production volume and price in the third quarter – resulting in the doubling of sales revenue and a big turnaround in [...]

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    Cadbury rebuilds profit, raises hopes for full year

Cadbury rebuilds profit, raises hopes for full year

Cadbury Nigeria has wiped off a loss of N424 million it recorded at the end of its half year trading in June. A profit of close to N600 million in the third quarter saw the company out of the red into a net profit of N172 million at the end of September.This presents a new strength for the beverage and [...]

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    Stanbic IBTC beats 2017 full year profit in nine months

Stanbic IBTC beats 2017 full year profit in nine months

Stanbic IBTC Bank counted an after tax profit of nearly N60 billion at the end of its third quarter operations in September 2018, a clear 23% ahead of its significantly enhanced full year profit record in 2017. Two major developments in operations accounted for the bank’s elevated profit performance.The first is a shift from a net impairment loss of over [...]

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    Access Bank: Narrow, winding path to profit

Access Bank: Narrow, winding path to profit

Access Bank followed a narrow and winding path of revenue improvements and disappointments as well as rise and fall in key expense lines to convert a decline in pre-tax profit into an improvement in the bottom line at the end of the third quarter.The bank grew interest income by 11.6% but interest expenses grew close to twice as fast and [...]

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    Diamond Bank: Can management head off another loss?

Diamond Bank: Can management head off another loss?

Diamond Bank closed the three months of its third quarter operations at a marginal loss, deflating the growth momentum with which it ended half year trading. That isn’t providing promising prospects for a turnaround hoped for this year. The loss position looks very likely to grow further in the final quarter when a likely increase in loan loss expenses could [...]

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    Unilever Nigeria: Big gains from cutting debts

Unilever Nigeria: Big gains from cutting debts

Unilever Nigeria is counting gains from a three-year debt cutting programme that has given it a virtually debt free balance sheet. Interest bearing debts have dropped from N21 billion at the end of 2016 to N674 million at the end of 2017 and further to just N4 million at the end of the third quarter of 2018. Over the same [...]

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    FBN Holdings: Revenue and profit end flat

FBN Holdings: Revenue and profit end flat

FBN Holdings closed the third quarter operations with revenue and profit flat, losing the improved performance outlook with which it ended the first half in June 2018. Interest income – the main income line of the bank increased its pace of decline while interest expenses quickened its rate of increase. A moderating factor came from non-interest income, which accelerated to [...]

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    GTB builds profit from volatile earnings

GTB builds profit from volatile earnings

Guaranty Trust Bank raised after tax profit by 13% to over N142 billion at the end of its third quarter operations in September 2018. The profit was built in the volatile earnings environment that has been ruling the banking business for the sixth year running. Interest income – the main earning line of the bank, fluctuated violently from the strongest [...]

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    Zenith Bank: Defending profit and shareholder wealth

Zenith Bank: Defending profit and shareholder wealth

Zenith Bank’s earnings story at the end of the third quarter operations in September 2018 is that management is succeeding to build profit and shareholder wealth from a sustaining drop in gross earnings. All the bank’s main income lines were down at the end of the third quarter, leading to a drop of 11% in gross earnings year-on-year. That was [...]

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    UBA: Containing growth in loan loss expenses for second year

UBA: Containing growth in loan loss expenses for second year

United Bank for Africa (UBA) closed third quarter operations with an after tax profit of N61.7 billion, a flat growth over the corresponding figure in 2017. The flat position looks likely to be the story for the bank at full year, pointing to a likely slowdown on profit performance for the second year.The bank ended the 2017 financial year with [...]

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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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