Tag: records

  • Nigerian Breweries records mixed performance in first half

    Nigerian Breweries records mixed performance in first half

    Nigerian Breweries (NB) Plc, Nigeria’s second most capitalised company, grew its top-line by four per cent but profit after tax dropped by 11 per cent in the first half as the brewer struggled with foreign exchange (forex) and sluggish demand.

    Key extracts of the interim report and accounts for the six-month period ended June 30, 2016 showed that the company recorded a revenue of N157.37 billion for the first half of 2016 as against N151.67 billion declared in the corresponding period in 2015. The results show that the results from operating activities of the company improved by 0.10 per cent from N33.90 billion in the first half of 2015 to N33.94 billion in the corresponding period in 2016.

    Further analysis, however, showed that profit before tax  dipped by 17.64 per cent from N33.99 billion to N25.52 billion while profit after tax dropped by 11.24 per cent to N19.06 billion in first half 2016 as against N21.47 billion recorded in the same period in 2015.

    The Board of Directors of the company blamed the decline in the company’s net profit on forex losses.

    The board stated that despite a lower interest cost from the Commercial Paper Programme, profit after tax declined by 11 per cent, mainly due to foreign exchange losses arising from the rates going up last month.

    In a statement, the board stated that in the first half of 2016, the company was able to deliver top line growth with revenue increasing by four per cent compared to the first six months of 2015, adding that rising inflation combined with higher inputs costs as a result of scarcity of foreign exchange, led to a flat operating profit compared with the preceding year.

     

  • Qtaby Events unveils Mockingbird Records

    Qtaby Events unveils Mockingbird Records

    Qtaby Events, last Sunday played host to the corporate and entertainment world at the maiden edition of its quarterly Cruise &Chillz party. The event, held at Prest Jetty, featured the launch of Mockingbird Records Label by Adey Ogunlesi.

    Compered by the eccentric TV personality, Denrele Edun with former BBA contestant, Samantha Johnson, the event took the form of a boat cruise which took off from Prest Jetty, Lekki, touring parts of Ikoyi and Victoria Island.

    Welcoming guests to the launch of his Label, Adegboyega Ogunlesi, fondly called Adey, said that his outfit is fuelled by a desire to explore creative freedom.

    “Mockingbird Records is a brand new outfit and the initiative is to take young and talented artistes and put them on the big stage. When I was an artiste and a producer, were none of these things available to me. And it was very upsetting because I had no one to turn to for help. It was a very long journey but it has finally reached a point where we are ready to take it to the next level. This record label is here to stamp its authority in the Nigerian music scene,” said Ogunlesi.

    The event also served as an opportunity to unveil Mockingbird’s first artiste, Augustine Uche, aka Spotless, a young talented singer, song writer, producer and younger brother of Triple MG’s Tekno.

    Qtaby Eventsis a talent management, events production and PR company with international affiliates and partnerships spanning South Africa, Ghana, Republic of Benin, Ivory Coast, Senegal, and the United Kingdom.

    Among guests who graced the event were Adenike Ogunlesi, CEO of Ruff N Tumble; J.B. Ogunlesi, CEO of Sophiscat; Philip Trimnell, CEO of Music Africa; Emekus, Veckor Kingz, DJ Jimmy Jatt, MC Abbey, as well as Mrs ToyinAdebolu, MD The Ankara Place.

  • Honeywell records high profit as costs fall

    Honeywell International Inc, a U.S. manufacturer of aerospace parts and climate control systems, reported a better-than-expected quarterly profit as costs fell.

    The company, whose customers include Airbus Group SE (AIR.PA), Boeing Co (BA.N) and Bombardier Inc (BBDb.TO), has been cutting jobs and selling or merging businesses to reduce costs and boost efficiency.

    Honeywell’s expenses fell  by  seven percent to $6.65 billion in the third quarter, while operating margins rose to 18.3 per cent from 16.2 per cent, a year earlier.

    However, the company’s revenue fell five percent, missing analysts’ expectations, hurt by a strong dollar.

    Honeywell also cut its 2015 revenue forecast to $38.7 billion from $39 billion-$39.6 billion.

    Sales fell by two  per cent in the company’s aerospace business, its largest, and three percent in its automation and controls business.

    Excluding the impact of a strong dollar, sales rose about two percent in the aerospace business and three percent in the automation and controls business.

    The net income attributable to Honeywell rose to $1.26 billion, or $1.60 per share, in the quarter ended Sept. 30 from $1.17 billion, or $1.47 per share, a year earlier.

    Analysts had expected a profit of $1.55 per share and revenue of $9.85 billion, according to Thomson Reuters

  • Breaking the Guinness World Book of Records

    Breaking the Guinness World Book of Records

    Nigerian Breweries and Guinness are, indisputably, rivals. With the recent unveiling of the world’s largest poster, Nigerian Breweries has tactically entered its rival’s book of world record, writes ADEDEJI ADEMIGBUJI.

    The Nigerian Breweries (NB) has a way of upsetting its competitor, Guinness, which always wants to play by the rules when driving its marketing efforts for market share. Ruthless and offensive, the NB will not care when thinking of the ways to edge out competitors in order to have a good posting and make shareholders smile at the end of financial year.

    Last week, the brand handlers did the unthinkable. About 80 journalists were ferried to Enugu. They were oblivious of the purpose of the trip and tricks of the NB this time around. As the event kicked off last Monday, it dawned on them that they have been brought to participate in what appeared to come  for a game: Guilder Ultimate search, where the ultimate winner was expected to win an ultimate prize: a Hyundai car. The event was meant to kick off the National Consumer Promotion, with 123 journalists invited from all over Nigeria as participants.

    But more important to NB was not just having a winner to go back with the ultimate prize and consolation prizes, but the unveiling of the world largest advertisement poster measuring 5,367 square metres, which, perhaps, was meant to make a headline: NB Guilder’s world largest breaks Guinness Book of Records.

    Prior to the competition among journalists, Nigerian Breweries set the world record to unveil the world largest advertisement poster. The epoch-making poster measuring 5,367 square metres unveiled at the Michael Okpara Square in Enugu State broke the record for the largest poster measuring 4,793.65 square metres, which was displayed in India last June 27.

    The size of the poster was attested to by a chartered quantity surveyor, Mr. Nath Agu, while a lawyer, Mr  Onyekwuluje Ogochukwu, legally affirmed the measurement.

    The Gulder poster was to kick-start the 2015 edition of the Gulder National Consumer Promotion. The new poster is said to be another way to showcase the commitment of Nigerian Breweries to win with Nigerians and is said to be larger than the Baahubali poster, which is rated by the Guinness Book of record as the largest poster in world with a size of 4,793.65 meter square in India.

    In order to attract attention of a large number of people and quickly deliver the intended message, the poster was creatively and colourfully crafted with the Gulder drink.

    Speaking during the event  at Eagle Square, Enugu, Ifeanyi Ugwuanyi, the governor,  represented by Commissioner of Commerce and Industry, Sam Ogbu Nwododo, said the event was a remarkable investment in advertisement, adding that the Ministry in Enugu will continue to support business activities in the state.

    According to him, “Rockefeller Foundation added Enugu as one of the hundred most resilient cities in the world and the unveiling today adds to that as Enugu hosts the first largest advert poster in the world.”

    The Commissioner also explained that the award opened up the state and showcased what has been the fruit of long toil in the state, adding that current administration is working hard to ensure the state becomes the first destination for tourists and investors all over the world.

    The Managing Director, Nigerian Breweries, Nicholas Vervelde,  said the event came with a promotion where four million prizes would be won, adding that this is another way to showcase Nigerian Breweries’ commitment to winning with Nigeria through its brands, investment, footprints and social economic impact.

    Vervelde noted that Enugu being the choice of state for the launch was strategic as the foundation of the city has been laid by people, who used their strength and power to build the city and Gulder has these same characteristics.

  • Island Universal Records signs Seyi Shay

    Island Universal Records signs Seyi Shay

    Music superstar Seyi Shay has signed a global recording contract with notable record label Island Universal Records.

    The signing took place in London at the Universal Offices in South Kensington Tuesday evening.

    Island Records, founded by Chris Blackwell, Graeme Goodall and Leslie Kong, is a major American record label that operates as a division of Universal Music Group. It has been based in the United Kingdom since 1962. The label operates as one of Universal Music’s standalone labels since 2014, also handling Mercury Records.

    Seyi Shay who was recently nominated in two categories for the MTV MAMA’s is estatic and looks forward to this formidable venture.

    She joins diverse artists such as Nicki Minaj, Taio Cruz, Enrique Iglesias, Calvin Harris, Leona Lewis, Justin Bieber, Ariana Grande and more on the label.

  • Custodian and Allied records N5b profit

    Custodian and Allied Plc grew its bottom-line by 19 per cent in the immediate past business year, sustaining resilient performance that has made the insurance and investment company one of the most active insurance stocks on the stock market.

    The group’s total assets base rose to N48.9 billion while profit before tax and profit after tax were N5.15 billion and N4.09 billion, indicating a year on year growth of 19 per cent in profit before tax.

    The Board of Directors of the company has proposed the payment of an additional 12 kobo per share as final dividend thus making a total dividend of 18 kobo per share for the 2014 financial year. It had paid an interim dividend of 6.0 kobo per share in September, 2014.

    The management of the company stated that it has continued to maintain its leadership position in the other financial services sector while its subsidiaries lead in their respective subsectors.

    Custodian and Allied Insurance is a wholly-owned Nigerian investment holding company with significant investments in general and life insurance, pension fund administration, trusteeship and property holding businesses.

    The Custodian Group consists of Custodian and Allied Plc (the holding company), Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and CrusaderSterling Pensions Limited.

    In a recent review, Chief finance officer, Custodian and Allied Plc, Ademola Ajuwon, noted that favourable underwriting income from the insurance subsidiaries and remarkable efficiency gains were factors that contributed to the improved result.

    According to him, the performance is a concise representation of Custodian and Allied Plc’s unrelenting commitment to its corporate ideal of exceeding customer and other stakeholders’ expectations at all times as demonstrated daily through customer focus, comprehensive systems, processes and operations integration.

    “Barring any unforeseen adverse developments, management is confident that the company’s well-articulated business plans and forecast will be achieved in the short, medium and long terms; ultimately benefiting all stakeholders,” Ajuwon said.

  • Lafarge records giant strides in CSR

    Lafarge records giant strides in CSR

    UNLIKE in the recent past, today most companies worth their salt take corporate social responsibility very seriously and the reason for this is not far to seek: how corporate social giving and other philanthropic gestures are managed can make or mar the fortunes of companies.

    Perhaps, it is for this simple reason that a company like Lafarge WAPCO, a major player in the built and construction sub-sector, has come to pay a heed and tries as best as it can to pay attention to the finer details as it concerns its CSR engagement in its host communities.

    The era of corporations being separate and distinct from their locale of operation has long passed; the new model of business operation presents corporations with human faces and hearts – hearts that are directly connected to the needs, aspirations and goals of not only the immediate members of the community where the company operate but also the members of a wider community with the sole objective to become an integral part of the fabric of the community and a major contributor to the socio-economic growth of these communities.

    As it is largely self-regulatory in form, Corporate Socially Responsible organisations are those that exhibit a genuine sense of responsibility and strong belief in the upholding of the ethical standards, norms and nuances of the environment where they reside by volunteering and passionately committing their resources towards the betterment of such an environment. It has evolved beyond the provision of face-saving initiatives to a more organic and strategic process that bears directly on the bottom-line of any discerning organisation.

    In an industry that manufactures a product that is key to the provision of a basic need of man – shelter, Lafarge Africa takes this global phenomenon to heart by outlining specific objectives and goals for its subsidiaries in this concern.

    In terms of funding and better CSR engagement, Lafarge has not faltered in the last few years.

    For example, the 2013 CSR report of WAPCO Operations indicates that the company’s annual budget appropriation on community development between 2006 and 2012 had continued to witness a steady growth from an expenditure of N77million in 2006 to N189 million in 2013. An authoritative source confirmed that the CSR budget for year 2014 was over N200 million.

    With factories in the South-West, North East, and South-South regions of the country, the company’s investments Nigeria make it a leading cement manufacturer and marketer in the country with a range of high quality brands on its stable. These investments deliver a pedigree now spanning over 54 years and a relationship with its host communities that is nurtured through a need-based, strategic, and highly sustainable approach to CSR; an approach born of its recognition for its host communities as strategic partners to whom it owes and visibly accords a sense of mutual respect.

    Lafarge Africa’s clear-cut proactive policy and strategy which allows for a prompt deployment of its CSR activities is hinged on four cardinal points; youth empowerment, education, health and poverty alleviation, and shelter (affordable housing). Cardinal points that are supported by a dedicated annual budget and key objectives aimed at building stakeholders’ relations through the implementation of a set plan as well as support the development of host communities.

    These objectives serve as the guideline that directs every step taken by the company and acts as the measure of success for all initiatives taken and the considerable investments committed to the articulation of these cardinal points is proof positive of the inherent determination to enhance the standards of living of its host communities and be “… a blessing to its hosts.”

    Lafarge Africa – through Ashaka Cement and Lafarge WAPCO Operations – has a track record of initiatives spanning the provision of rural electrification projects, a robust youth empowerment scheme aimed at banishing poverty from its territories, youth skills acquisition where yearly, host communities present a list of youths desirous of acquiring tradable skills and procuring trade equipment and tools to guarantee subsistence.

    One of the key levers of the Sustainability Ambitions 2020 is volunteerism coupled with a passion for the priority area of education and the enrichment and the preparation of the minds of the youth for the challenges of the future was recently consolidated through the Lafarge Friends of Community (Lafarge FOC) hosting of the grand finale of a Literacy Competition designed for primary school pupils involving no fewer than 18 states in the three regions of South-South, South-West and North East – in partnership with the Ovie Brume Foundation – where Akwa Ibom State emerged overall winner of the competition.

    This culture of volunteerism by the FOC is further evidenced by the hundreds of work hours being invested by staff teams to meeting community and social needs within their territories. They dedicate hours to environmental sanitation services, teach school children and donate items to meet the needs of orphans.

    Yearly bursary awards to indigenous students in higher institution of learning to assist not only the parents of the students but also the students themselves some of whom have openly shown their appreciation for these initiatives as they see them as succor that afforded them concentration.

    In recognition of the reality that not all Nigerian youth can gain admission into these institutions, the Artisans Capability Enhancement Scheme was set up to bridge this knowledge and skill gap. The objective of the ACES programme is to promote best practices in construction, by creating awareness on relevant standards for block making, enhance the technical know-how of block-makers and artisans group with respect to product application; educate artisans and block makers on the features, usage and benefits of different cement types among others.

    The ACES is designed and wholly sponsored by Lafarge in its drive towards solving the technical skills deficit in the society. The scheme is targeted at young school leavers from the host-communities along with others from the larger Nigerian society for them to acquire skills in Electrical, Mechanical, and Instrumentation/Automation Craftsmanship.  In furtherance of this – Lafarge as a member of the board of the Cement Technology Institute of Nigeria (CTIN) – recently signed an MoU with the Industrial Training Fund (ITF) to be part of a consortium of cement manufacturers to contribute to a N15billion fund for the training of youths in skills for the construction sector in an end-to-end programme that will in the long run transform Nigeria into an exporter of skilled manpower.

    Over 1,000 people have benefited from the skills acquisition scheme from the centre in various trade tests with a training period of three and half (3 ½) years and a takeaway of a National Board of Technical Education Certificate (NABTEB) O-Level certificate.

    To ensure that the critical mass is spread participants are recruited from the catchments areas comprising of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe States with an average of 17 artisan trainees graduating on yearly basis. 4-5 graduate trainees proceed to gain admission into higher institutions with their certificates.

    According to Lafarge, “Our Sustainability Ambitions 2020 will help us to make a net positive contribution to society. This is not about philanthropy; it’s about defining our role towards society while at the same time creating value for shareholders, customers, employees and communities. Our operations aim to optimise the use of natural resources and protect the environment. We want to be among the leading companies in terms of health and safety, to promote diversity and human rights, to implement strict rules for governance, and to engage in comprehensive and transparent dialogue with our stakeholders.”

    Little wonder, Lafarge Africa has consistently won several awards in recognition of its sense of responsibility towards the society across Nigeria and beyond.

    From the Ogun State Government Overall Best Company in Corporate Social Responsibility award, to the Most Responsive Tax Payer Award for 2013 in Ogun State and the jewel in the crown; Overall Best Company SERA Awards in 2013 and first runner up in 2014.

    Outside the shores of the country at the Assemblée Nationale in Paris, Lafarge Operations in Nigeria was honoured for its work on Diversity and Inclusion at the Gender Equality European/International Standard (GEEIS) Awards. Obviously, a standard has been set for Lafarge Africa itself and also for other organisations in Nigeria to take up the mantle of CSR with a face – The Lafarge Way.

  • Forte Oil records over N4b profits

    Forte Oil records over N4b profits

    FOR Forte Oil Plc, the yearend results of September 30, 2014, released Wednesday for the third quarter, showed that the company grossed N4. 016 billion profits after tax.

    The figure represented a 46.72 per cent increase on the N2.737 billion it declared in the corresponding period of 2013.

    Analysis of the results released by the Nigerian Stock Exchange (NSE) yesterday showed that its revenue increased 33.06 per cent to N122.58 billion compared to N92.13 billion recorded in 2013. Similarly, its total assets grew by 20.30 per cent to N125.92 billion as against the N104.68 billion recorded in the same period in 2013.

    Also, its operating profit went up by 72.29 per cent to N6.35 billion in 2014, while its earnings per share declined by 19 per cent to N2.04 from N2.52 in 2013.

    So far, the company has achieved a 134.74 per cent year-to-date (YTD) share price appreciation in the period under review, moving from N92.87 per share at the beginning of 2014 to N218 per share at the close of business on October 15, 2014.

    Following the company’s excellent performance, the NSE recently promoted it to the league of ‘Highly Priced Stock’ and the company was also recently listed in the Morgan Stanley Capital International (MSCI) Frontier Market Index, one of the world’s leading equity index provider.

    Recently at the company facts behind the figure on NSE, its group chief financial officer, Julius Omodayo-Owotuga, said the company’s successful launch of its newly repackaged lubricants and aggressive consumer engagement activities enhanced its market share.

    He added that the company’s continued expansion of its retail network at strategic locations helped to improve market dominance.

    According to him, we also embarked on aggressive growth and expansion of our industrial/commercial customer base to meet our objective of being the supplier of choice. Another factor that enhanced our performance was the strong performance from Geregu Power Plant despite operational challenges.

     

  • Zenith Bank records N58b profit in six months

    Zenith Bank records N58b profit in six months

    Zenith Bank Plc recorded a pre-tax profit of about N58 billion in the first half of this year as the bank sustained modest growths in the top-line and bottom-line.

    Interim report and accounts of Zenith Bank for the six-month period ended June 30, 2014 released yesterday at the Nigerian Stock Exchange (NSE) showed that profit before tax rose by about seven per cent to N57.85 billion in first half 2014 as against N54.08 billion recorded in the corresponding period of last year. Profit after tax also rose to N47.45 billion as against N45.42 billion for the same period in 2013. Gross earnings rose by 7.8 per cent from N171.02 billion in 2013 to N184.43 billion in first half 2014.

    The results also showed that within the period, Zenith, Nigeria’s biggest bank by Tier-1 capital grew its assets by 15.2 per cent from N2.78 trillion to N3.20 trillion. Also noticeable is the 7.43 per cent increase in shareholders’ funds, up from N458.31 billion as at the end of June last year to 492.38 billion.

    The first-half report further strengthened the performance outlook of Zenith Bank, which had increased cash dividend to about N54.94 billion for the 2013 business year as against N50.23 billion distributed for the 2012 business year. The breakdown of the dividend indicated that shareholders received a dividend per share of N1.75 as against N1.60 received in the previous year.

    Key extracts of the audited report and accounts of Zenith Bank for the year ended December 31, 2013 had shown that gross earnings rose by 14 per cent while pre-tax profit increased by 8.0 per cent. However, profit after tax dropped by 5.0 per cent.

    Gross earnings closed 2013 at N351.47 billion as against N307.08 billion recorded in 2012. Interest income rose by almost 18 per cent from N221 billion to N260 billion, while net interest income rose by 21 per cent to  N156.8 billion compared with N189.3 billion in 2012.

    Profit before tax stood at N110.6 billion in 2013 as against N102.1 billion in 2012. However, high operating expenses and tax payment led to a drop in profit after tax. The bank paid a tax of N15 billion, indicating a jump of 977 per cent from N1.419 billion in 2012.  Consequently, profit after tax fell by five per cent from N100.68 billion to N95.32 billion.

    Balance sheet of the bank also appeared stronger as customers’ deposits rose by 18 per cent from N1.929 trillion to N2.277 trillion. Return on average equity stood at 19.6 per cent, while return on average asset was 3.3 per cent.

    With network that includes subsidiaries in the United Kingdom, Ghana, The Gambia, Sierra Leone and Liberia, Zenith Bank currently has a shareholder base of about one million.

    Aside listing $850 million worth of its shares on the London Stock Exchange (LSE), via a technical Global Depository Receipt (GDR) programme, the Bank, in April 2014, recorded a massive over-subscription of about 200% in her $500m Eurobond issue under a $1bn Global Medium Term Note (GMTN) programme announced on 1 April 2014.

    The bank was also in June, declared the Most Customer Focused Bank 2014 by KPMG; where the bank won in all three categories namely: Corporate, Retail and SME.

    Zenith was also, this year, rated the Biggest Bank in Nigeria by tier-1 capital by the FT of London and Best Nigerian Bank in Corporate Governance by the World Finance.

  • Wema Bank records N1.7b profit

    Wema Bank records N1.7b profit

    Wema Bank Plc yesterday announced its half year 2014 unaudited financial results, with a 266 per cent increase in Profit Before Tax (PBT) to N1.7 billion.

    This, the lender said, demonstrates  the impact of efficiency gains it achieved in the last six months.

    Speaking in Lagos,  the bank’s Managing Director/CEO, Segun Oloketuyi,   said: “We are pleased to announce that WEMA Bank continuedto demonstrate strong improvements in profitability and balance sheet efficiency in the first half of 2014.

    Our Profit Before Tax leapt 266 per cent to N1.7 billion and the Bank’s Net Interest Margin has improved to 7.7 per cent reflecting a more efficient restructuring of our deposit mix in favour of cheaper funds. We continued the process of redeploying our resources into higher yielding assets while keeping a close eye on operating expenses. Loans and advances grew by 17 per cent from December 2013 whilst our cost of funds continues to reduce.

    He said the lender had secured trade lines from foreign correspondent banks and development finance institutions to support our trade finance, the real estate sector and SME lending.

    Oloketuyi said the Project LEAP, is the lender’s strategic transformation agenda, and has continued to provide it with efficiency gains.

    These, he added, have led to  improvements throughout the second half of the year putting the bank on course to produce better performance and commensurate returns to shareholders by the end of the year.

    “The goal is to continue our organic expansion programme and establish presence in areas that have significant growth potential, while making significant investments in alternative channels and diversifying the Bank’s product offerings.“