Wednesday, September 19, 2018

Mike 'Uzor

    Dangote Sugar beats 2016 full year profit in six months

Dangote Sugar beats 2016 full year profit in six months

Dangote Sugar Refinery ended half year operations in June with profit already well ahead of the full year profit figure it posted in 2016. That was notwithstanding a break out growth of over 29% in after tax profit last year. Since last year, the sugar refining company has been adding sweeteners to its earnings story in 2017.There is a favourable [...]

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    Stanbic IBTC: Good hope on recovery

Stanbic IBTC: Good hope on recovery

Fiscal 2017 looks very much like a year of good hope for Stanbic IBTC Bank for full recovery and attaining a new profit high for the bank. The bank made a substantial progress on its profit recovery journey last year and is presently on the last lap of a strong rebound.The bank is picking its way back from a 47% [...]

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    Access Bank: Interest cost limits profit at half year

Access Bank: Interest cost limits profit at half year

Access Bank faced a big challenge of rising interest expenses in the first half of its 2017 operations. The bank seems to have broken free from the constrained growth in revenue it encountered last year but a sharp increase in interest expenses weakened its ability to convert the improving earnings into profit. Profit margin is down for the second year [...]

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    The problem with monetary policy

The problem with monetary policy

The major outcome of the last meeting of the monetary policy committee of the Central Bank was a warning. The bank’s governor, Mr. Godwin Emefiele, warned that the economy was headed for a protracted recession unless what he described as “bold monetary and fiscal policies” are taken as a matter of urgency to sustain the economic recovery momentum. This means [...]

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    Diamond Bank: Interest cost hinders profit growth in 2nd quarter

Diamond Bank: Interest cost hinders profit growth in 2nd quarter

Rising interest expenses was the only major adverse development on Diamond Bank’s income statement at the end of half year operations. Its impact was nevertheless strong enough to hinder the bank’s ability to convert revenue into profit. Revenue performance strengthened during the period, as interest income that has been declining since 2015, registered a surprising leap of over 30% year-on-year. [...]

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    Zenith Bank lifts revenue, doubles profit at half year

Zenith Bank lifts revenue, doubles profit at half year

Zenith Bank closed its half year operations for the 2017 financial year with a more robust earnings picture than it has recorded for many years. Defying economic recession and late budget approval, the bank is showing accelerating growth in earnings for the second year. Its gross earnings towered a clear 77% above the corresponding figure last year and profit soared [...]

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    Africa Prudential multiplies profit, heads for big harvest for investors

Africa Prudential multiplies profit, heads for big harvest for investors

Africa Prudential, the share registration company, closed half year trading at the end of June 2017 with more than three times the profit figure it posted in the same period last year. Two major developments accounted for the exceptional growth in profit during the period. One is a growth of over 87% in net investment income and the other a [...]

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    Nigerian Breweries: Profit outlook improves further

Nigerian Breweries: Profit outlook improves further

Nigerian Breweries sustained its elevated earnings performance in the second quarter and a renewed strength in profit performance this year has strengthened further. The brewing giant had closed last year’s trading with profit down to the lowest figure in many years. The company has found a new strength this year good enough to make up for last year’s weakness and [...]

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    CAP losing profit for the second year

CAP losing profit for the second year

Chemical and Allied Products (CAP) closed second quarter operations with profit down year-on-year, sustaining profit drop for the second year. The paints producing company has been unable to grow sales revenue since last year and with that, profit capacity has continued to sag. Sale of paint products constitutes the dominant revenue line for the company. It managed to keep sales revenue [...]

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    Transcorp Hotels off the recovery track

Transcorp Hotels off the recovery track

Transcorp Hotels is off the earnings recovery track in the current year after two years of progress in rebuilding profit. The company’s earnings records follow a pattern of up and down swings and a downturn seems set to follow the elevated performance in 2016. The hospitality company closed half year operations at the end of June with a drop of 60% [...]

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    Unilever beats last year’s profit in six months

Unilever beats last year’s profit in six months

Unilever Nigeria closed the second quarter trading with a bigger profit than it earned in all of 2016. The conglomerate has accelerated further the high earnings speed with which it operated in the first quarter. Sales revenue has gained speed from a growth of 32% in the first quarter to 40% in the second quarter. Profit soared far beyond the [...]

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    Flour Mills: Profit drops despite strong revenue

Flour Mills: Profit drops despite strong revenue

Flour Mills of Nigeria sustained a further slowdown in profit in the final quarter and profit dropped faster than projected at full year ended March 2017. This was in spite of the fastest revenue growth the company has seen in three years. Sales revenue accelerated in the final quarter as profit decelerated and closed slightly above projection.Costs moderated generally at [...]

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    Cadbury Nigeria: Operating pressure persists

Cadbury Nigeria: Operating pressure persists

The operating pressure that saw Cadbury Nigeria back in the red in 2016 is persisting in the current year. Cost of sales rose two and half times as fast as sales revenue, which caused gross profit to sink by 26% at the end of the first quarter. The company’s robust finance income has thinned down on serious cash flow difficulties [...]

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    FBN Holdings: Profit headed down for the third year

FBN Holdings: Profit headed down for the third year

FBN Holdings is seeing for the third year running a divergence of growing revenue and declining profits. Underlying these trends are two major cost lines of the bank that are warring against its bottom line. One is loan loss expenses in the face of growing non-performing loans and the other is interest cost. In the past two years, the bank has [...]

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    GTB: Another year of galloping growth in profit

GTB: Another year of galloping growth in profit

Guaranty Trust Bank is maintaining an outstanding growth in earnings for the second year after it posted the highest profit advance in four years in 2016. The bank’s first quarter operations ended March 2017 shows a towering growth of 62% in after tax profit year-on-year. This indicates good prospects for another strong profit growth in 2017 after a leap of [...]

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    Nigeria’s largest banks: Zenith Bank takes the lead

Nigeria’s largest banks: Zenith Bank takes the lead

BANK 2016 NbZenith Bank 4,739.83FBN Holdings 4,736.81United Bank for Africa 3,504.47Access Bank 3,483.86Guaranty Trust Bank 3,116.39Diamond Bank 2,049.79Ecobank Nigeria 1,808.50Fidelity Bank 1,298.14Union Bank 1,252.29Skye Bank 1,199.40Zenith took over the leadership of the Nigerian banking industry by the size of the balance sheet in 2016. It accelerated growth from 6.7% in 2015 to 18.3% in 2016 and closed the year with an asset base of N4.739 trillion. The bank has maintained [...]

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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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