The Nation Newspaper

Tag: turnover

  • Turnover rises as African Prudential assets hit N24.88b

    Africa Prudential Plc, a share registration and investor services firm, has announced its Unaudited Financial Statements for the period ended June 30, 2018. It showed turnover growth of 48 per cent from N1.47 billion last year to N2.17 billion. Its total assets also grew by 13 per cent to N24.88 billion, compared to N21.93 billion as at period ended December 31 last year.

    The firm also delivered earnings per share of 49 Kobo. Profit Before Tax grew by 20 per cent from N0.95 billion in the corresponding period of 2017 to N1.14 billion, while Profit After Tax grew by 14 per cent year-on-year to N0.98 billion.

    The firm was commended by the leadership of the Nigerian Stock Exchange (NSE) for championing laudable initiatives which have contributed significantly in developing the capital market.

    While speaking with delegates during the Closing Gong Ceremony in honour of the firm at the weekend, the Chief Executive Officer of the Exchange, Oscar Onyema,  lauded Africa Prudential Plc for ground-breaking initiatives over the past years.

    Represented by the Chief Risk Officer, Tunji Kazeem, the CEO said: “The Exchange and Africa Prudential Plc have had several years of cordial relationship. We are sure the wisdom and leadership of the company will present further opportunities to collaborate on capital market development and other mutually beneficial areas such as sustainability.”

    Driven by the need to diversify its business portfolio to achieve long-term sustainability and viability, the firm decided to initiate a change of name from Africa Prudential Registrars Plc to Africa Prudential Plc which it completed in first quarter 2018.

    In line with its diversification drive, the new firm has so far evolved four business lines and continues to leverage technology to develop and enhance its revenue. The Company sets the pace in its industry, bringing technology into the standard share registration model, revolutionizing primary processes, and driving advocacy for regulatory initiatives within the evolving sector, with intentions to deploy its business solutions to Africa in the nearest future.

    Commenting on the financial results, Obong Idiong, the Managing Director/CEO of Africa Prudential Plc, said: “The results show the success and strength of our business model as a company, as we are committed to taking Africa Prudential Plc to greater heights by continuing to break new grounds, thereby staying ahead of competition.

    “Africa Prudential is still poised to be number one in Nigeria, with an aspiration to expand into the African market, driven by technology, translating to strong operational and financial efficiency.

    “The company will intensify efforts to build on the progress so far recorded in our business diversification drive by pursuing relentless innovation in product development and process improvement, leveraging technology to offer exceptional customer experience to our clients.”

  • Turnover drops by42% as equities dwindle further

    Turnover drops by42% as equities dwindle further

    Turnover at the Nigerian Stock Exchange (NSE) took a major plunge yesterday as investors remained cautious and uncertain about the macroeconomic outlook and impact of emerging policies on returns.

    For the second consecutive day in the second half, share prices were also mostly on the downside, worsening the average year-to-date loss at the stock market.

    Total turnover stood at 186.73 million shares valued at N1.77 billion in 3,.257 deals yesterday, representing declines of 42.3 per cent, 62.6 per cent and 20.4 per cent in turnover volume, value and number of deals respectively.

    The All Share Index (ASI), the value-based index that tracks all quoted equities, declined by 0.38% to close at 32,739.11 points as against its opening points of 32,863.43 points. Aggregate market value of all quoted equities also dropped from N11.218 trillion to N11.176 trillion. The downtrend further depressed the negative average year-to-date return at the stock market to -5.53 per cent.

    “We also note that most foreign investors are discontent by CBN’s decision to delay the much anticipated devaluation of the Naira which is holding back their investments positioning in stock and bond markets,” said SCM Capital, former Sterling Capital Markets, in a post-trading review.

    Analysts said the market may continue on the downtrend as investors weigh their options amidst macroeconomic concerns and expected first half earnings.

    Nigeria’s major breweries led the downtrend. Guinness Nigeria, which earlier this week announced a new chief executive, topped the losers’ list with a loss of N7.28 to close at N153. Nigerian Breweries, NSE’s second most capitalised stock, followed with a loss of N3.45 to close at N145.05. Seven-Up Bottling Company dropped by N3 to close at N183. Presco lost N1 to close at N35 while Stanbic IBTC Holdings dropped by 93 kobo to close at N25 per share.

    On the positive side, Seplat Petroleum Development Company led the gainers with a gain of N2.94 to close at N343. Forte Oil followed with a gain of N1.97 to close at N189.07. PZ Cussons rose by N1.52 to close at N31.97 while Dangote Cement and Nascon Industries rose by 50 kobo and 31 kobo to close at N172.50 and N8 respectively.

     

  • Odu’a Investment targets 50% turnover in five years

    Odu’a Investment targets 50% turnover in five years

    Odu’a Investment Company Limited (OICL),  is targetting 50 per cent turnover in the next five years, theGroup Managing Director,
    Adewale Raji, has said.

    He spoke yesterdayat a retreat organised for the management of  WEMABOD Estates Limited, at Premier hotel, Ibadan

    “Typically, I will say the company at its inception has been maintained solely for the heritage of  the Yoruba people. And what is important is that when you have a change of leadership, the  company should move to the next level. Our focus is that we should get to the next level and we are in that level by bringing out new things that Yoruba sons and daughters will be proud of and  also for the benefit of our people. And we are making the turnover move to 50 per cent in the  next five years and that is our traget,” he said

    He said with the kind of ambition we have, with the 50 per cent turnaround, we realise we have to do new things to achieve our target. In areas where we have seen our alignment of value, and also in value.

    Raji disclosed that to achieve its target, OICL has ventured into a partnership with a Spanish  construction company called TODO Contruccion, adding that:” This is to form a joint venture of 50-50 per cent ownership by both parties to sell, import and market in Nigeria building finishes, in terms of Ceramic, tiles, bathroom finishes as well, bath, shower, cubicles, Jacuzzi, doors,  frames amog others”

    He noted that they will began the partnership from marketing, and later look at the possibility of local production.

    The OICL GMD further explained that:” Technically, it is the Spanish companyý that has the  connection with about 100 other manufacturing companies, spread across Spain. The view is that we want to be able to get the branded products available for Nigerians, distributors and  even private sectors. We are bringing on board, Odu’a Group with these companies. We are bringing market knowledge and at the end we want to ensure we are bringing in new innovations to building finishes in Nigeria”

    Speaking on the essence of the WEMABOD retreat, he said the essential thing is for its management to look back at the past and challenge themselves on what they want to do in the future.

    “The situation today is that we see a lot of people participating in different sectors of real estate  business in Nigeria. I believe they should be able to sharpen their focus in terms of the specific  area they want to focus on. They should not focus on everything. They should sharpen their  skills on the area they want to play and play there.

  • Ndoma-Egba lists dangers of high turnover in parliament

    Ndoma-Egba lists dangers of high turnover in parliament

    Ahead of next year’s elections, Senate Leader Victor Ndoma-Egba has said the country should be mindful of the massive disservice inherent in high turnover of members of the legislature.

    The senator, who addressed reporters yesterday in Abuja, denied complicity in the alleged attack on a House of Representatives member John Eno.

    The Cross River Central senator said it was regrettable that only two senators survived from 1999 till date while the Senate lost 107 senators without anybody thinking of the implications to parliamentary institution.

    The country, he said, should be wary of the massive haemorrhage and erosion of institutionalisation caused by continuous high turnover in parliament.

    Ndoma-Egba noted that unlike the legislature, elaborate bureaucracy services the Executive and the Judiciary.

    The senator said what constitutes the institutional memory of a parliament is the aggregate memory of its members.

    According to him, in the United States, if about four or seven senators lose their positions during an election year, it is considered an upheaval.

    He said in Nigeria, 30 senators hardly return to their positions in an election year.

    Asked why he wanted to return to the Senate in 2015, Ndoma-Egba said: “First of all, the Nigerian constitution provides for tenure and age limit for the Executive to qualify for certain offices. In the Judiciary, you must practise for a certain number of years before you can be eligible for appointment. And there is a retirement age there.

    “In the legislature, the provision is for an entry age; it has no tenure limit. It has no retirement age too.

  • Chams grows turnover by 178% in first half

    Chams Plc consolidated its performance in the first half with 178 per cent increase in gross income and a positive bottom-line.

    Interim report and accounts of Chams for the half-year ended June 30, 2014 showed a major leap in the growth momentum of the information and communication technology company. Turnover rose to N1.415 billion in first half of 2014 as against N509.44 million in corresponding period of 2013. Gross profit also increased from N371.69 million to N598.34 million.

    The company sustained its positive bottom-line. Against operating loss of N243.28 million in first half of 2013, operating profit stood at N100.69 million in first half of 2014. Profits before and after tax stood at N34.76 million in first half of 2014 compared with loss of N276.21 million in comparable period of 2013.

    The interim report appeared to underline increasing profitability of the company’s operations. Audited report and accounts of Chams for the year ended December 31, 2013 had shown that turnover rose by 21.3 per cent from N2.84 billion in 2012 to N3.44 billion in 2013. Profit after tax rose by 115.3 per cent to N188.5 million as against N87.5 million in the previous year. The company’s net bottom-line was boosted by tax gain of N81.54 million. Total assets grew by 22.9 per cent to N10.7 billion compared to N8.7 billion. Shareholders’ funds improved from N4.5 billion to N4.7 billion.

    In his recent review, Group Managing Director, Chams Plc, Demola Aladekomo, said the performance of the company confirmed that the various initiatives that had been put in place have started bearing fruit.

    “To consolidate on our performance in the last financial year and maintain our profitability is quite commendable and we are confident that things can only become better for us. More gratifying is the fact that we have sustained our topline growth trajectory, an indication that we have continued to increase our market share and remain competitive. We have entered into some partnership agreements that will have positive impact on our performance in the coming years,” Aladekomo said.

    According to him, the priorities of the company in 2014 include completion of the ongoing restructuring across the group and dedication of its energy towards delivering value to all stakeholders;  upgrading of its card personalization bureau to EMV-certified standard and fostering strategic alliance with its partners based in South Africa and Israel.

    He added that the company would also strive to launch new card products and solutions into the market; sustain growth in its market share; achieve a profit growth of 300 per cent while continuing to engage the investment community and keep them abreast of developments in the company.

    This year, Chams will also drive the implementation of the Bank Verification Number project initiated by the Central Bank of Nigeria (CBN) and the Bankers’ Committee. It is implementing the one-year project in partnership with Dermalog Identification Systems, a leading global company in the field of bio-payment. Chams and its technical partner, Dermalog, will work for five years on the Bank Biometric Matching Solution Project, which is expected to create 1000 new jobs for young professionals.

    Apart from its benefits to the national economy, which is bridging the formal and informal economy, the Bankers Biometric Matching Solution project and the increasing uptake of identity management products and services by private and public enterprises are expected to usher Chams into a new era of strength, financial stability, improved cash flow and profitability beyond the 2014 financial year.

    Chairman, Chams Plc, Very Revd Ayodeji  Richards, said the industry outlook and the corporate strategy indicate a robust future for the company.

    According to him, the information and communication technology (ICT) sector has now become a key driver of economic activity in Nigeria and other developing markets with myriad of ICT solutions now required to support business in various sectors of the economy, including financial services sector, telecommunications sector and trade.

    “The ICT business is so huge and indefinite in many respects. Our focus therefore will be on the identity management and payment industries. The structure and nature of economies in this part of the world leaves a huge gap to fill, given that there is an absence of core identity infrastructure, which also makes it difficult for the payment system to thrive,” Richards said.

    He outlined that Chams has maintained leadership in the identity management industry with several significant projects undertaken with various public and private institutions.