Tuesday, November 13, 2018

Mike 'Uzor

    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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    Union Bank: Can recovery speed up this year?

Union Bank: Can recovery speed up this year?

Union Bank of Nigeria is expected to strengthen its recovery and growth momentum this year, having beefed up its equity resources last year with new money from rights issue. Growth in credit loss expenses undermined profit capacity for the third year running in 2017 but with improving revenue, the bank may reduce the proportion of gross earnings claimed by loan [...]

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    CCNN: Another year of doubling profit

CCNN: Another year of doubling profit

Cement Company of Northern Nigeria (CCNN) raised after tax profit more than one and half times last year and the cement producing company is again maintaining the high speed growth for the current year. Major cost moderations recorded last year reinforced a strong growth in sales revenue and boosted profit capacity. This year, key cost lines have proceeded from a [...]

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    ETI posts the biggest quarterly profit in two years

ETI posts the biggest quarterly profit in two years

Ecobank Transnational Inc (ETI) closed its first quarter operations in March 2018 with the biggest quarterly profit in more than two years. With an after tax profit of N27.86 billion, the West Africa bank is sustaining the upturn in operating performance that saw a turnaround from a loss of N52.60 billion in 2016 to a top record profit of nearly [...]

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    Diamond Bank: Will loss grow or profit return?

Diamond Bank: Will loss grow or profit return?

Diamond Bank’s three years of falling profit degenerated into a loss in 2017 and a clear direction is lacking so far this year on its earnings prospects. Whether the bad trend will continue with a possibly bigger loss or whether a return to profit will be attained remains clouded as the bank finished first quarter trading with just one step [...]

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    FBN Holdings: Can it sustain recovery?

FBN Holdings: Can it sustain recovery?

FBN Holdings reversed a two-year drop in profit at the end 2017 and lifted profit by 233% to N40 billion in the year. That still leaves the bank a long way to full recovery to the peak net profit figure of over N84 billion it posted in 2014. Will progress be sustained towards recovery with a disappointing first quarter is [...]

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    For Nigeria, the internal pain of rising oil price

For Nigeria, the internal pain of rising oil price

Crude oil prices have reached the highest mark the global market has seen since 2014. Oil exporting countries are counting profit from the long desired oil price recovery. In Nigeria however, the profit is coming with internal pain.When crude oil prices approached the $60 per barrel mark towards the end of last year, the business of importation and sales of [...]

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Exchange Rates

November 9, 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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