Monday, September 24, 2018
Advertisement
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
    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 [...]

0 comments Read Full Article
Advertisement

 

Advertisement

Advertisement

Exchange Rates

September 24, 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.
Advertisement
Advertisement
Advertisement