Monday, March 27, 2017
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    Unilever Nigeria: Interest income lifts profit

Unilever Nigeria: Interest income lifts profit

Unilever Nigeria raked in an interest income windfall in the final quarter that produced a major profit rebound in 2016. Finance income soared from only N75 million at the end of third quarter to over N1 billion at full year, which lifted after tax profit from N1.57 billion at the end of the third quarter to N3 billion at full [...]

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    Foreign exchange gains lift GTB’s profit

Foreign exchange gains lift GTB’s profit

Guaranty Trust Bank’s full year result for 2016 shows the strongest growth in gross earnings in five years and the highest profit advance since 2013. Foreign exchange revaluation gain was the main driver for the bank’s big leap in earnings; having multiplied by nearly 1,600% in the year. The bank maintained stable growth in interest income and saved cost on [...]

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    Zenith Bank steps up growth

Zenith Bank steps up growth

Zenith Bank ended its 2016 operations with the strongest growth in revenue and profit in four years. Growth in earning assets also accelerated, leading to an expansion of over 18% in the size of the balance sheet. The bank’s huge credit portfolio grew by 15%, amounting to over N300 billion in new lending. The biggest growth in earning assets came [...]

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    Africa Prudential Registrars: Profit down on revenue weakness

Africa Prudential Registrars: Profit down on revenue weakness

Africa Prudential Registrars lost 30% of its preceding year’s profit in 2016 and closed the year with the lowest profit figure in three years. The share registration company faced the challenge of revenue weakness in the year with a drop of over 12% in investment income. Management kept costs under effective check except income impairment losses and tax expense, which [...]

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    Transcorp Hotels rebuilds revenue, sustains profit recovery

Transcorp Hotels rebuilds revenue, sustains profit recovery

Transcorp Hotels strengthened revenue growth in 2016 after a drop in the preceding year and closed the year with the highest turnover figure in three years. The company sustained profit recovery for the second year after a drop in 2014. Revenue growth slowed down in the final quarter while profit stepped up from the third quarter records. The full year [...]

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    PZ Cussons rising from first quarter loss

PZ Cussons rising from first quarter loss

PZ Cussons traded at a profit in the second quarter, which reduced its loss position in the first quarter considerably. The conglomerate is still in the red but hopes are high for a return to profit at the end of the third quarter in February. A huge foreign exchange loss that caused a net loss of N1.58 billion in the [...]

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    Honeywell Flour Mills hopeful for a turnaround

Honeywell Flour Mills hopeful for a turnaround

Honeywell Flour Mills is facing the challenge of slowly moving sales and an upsurge in interest expenses in the current financial year ending March 2017. The flower milling company is however able to extract reasonable savings from cost of sales – which has enabled it moderate the effects of weakening sales and rising cost of finance on the bottom line. [...]

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    Four Mills slows down on profit, steps up on revenue

Four Mills slows down on profit, steps up on revenue

Flour Mills of Nigeria recorded a slowdown in profit growth in the third quarter but achieved an accelerated growth in sales revenue during the period. Two cost areas encroached on profit margin and therefore prevented the company from growing profit along with revenue in the third quarter. These are cost of sales and interest expenses, both of which claimed increased [...]

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    Loss multiplies for 7up in third quarter

Loss multiplies for 7up in third quarter

Seven up Bottling Company’s loss figure in the second quarter multiplied more than three times at the end of the third quarter last December. The soft drinks manufacturer ended the period with a loss of close to N5 billion, more than three times the loss of N1.56 billion it showed at the end of the second quarter.The company has addressed [...]

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    Forte Oil: Interest expenses undermine profit performance in final quarter

Forte Oil: Interest expenses undermine profit performance in final quarter

A rapid growth in interest expenses prevented Forte Oil from converting any revenues generated in the final quarter into profit. The oil company therefore lost its profit growth momentum in the final quarter and closed the year with profit virtually unchanged from the third quarter position.While the company generated sales revenue of over N27.50 billion in the final quarter, profit [...]

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Exchange Rates

March 27, 2017USDGBPEUR
INTERBANK316397.78343.42
LAGOS390490425
KANO387490425
PH393495430
ABUJA390490430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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