Presco reports Q2 2017 results; sales up by 30.4% YoY
Businessam Staff
August 4, 2017
Presco reported its Q2 2017 results this afternoon showing sales growth of 30.4% y/y to N5.7bn. Similarly, PBT and PAT increased by 10.1% y/y and 2.5% y/y respectively. The topline growth surprised slightly. The company continued to benefit from increased demand following encouraging government policy on crude palm oil imports. This has also given it […]
Nestle Nigeria: In line to deliver strong earnings growth in 2017
Businessam StaffAugust 4, 2017
FBNQuest Research Neutral rating maintained Nestle Nigeria (Nestle) posted earnings of N8.2bn compared with a loss of –N6.2bn in Q2 2016. We draw many positives from these results such as gross margin expansion and a strong interest income line, which was up by more than 600% y/y to N2.5bn during the quarter. Gross margin which […]
Winners emerge in Union Bank’s Centenary Innovation Challenge
Businessam StaffAugust 2, 2017
“Biodegradeable Starch Bags” by Ized Uanikheli emerged as the winner of the Union Bank Centenary Innovation Challenge – an initiative set up in partnership with Co-Creation Hub to socially impact Nigeria by unearthing and supporting innovative ideas that address the Sustainable Development Goals (SDGs). The pitch event held on Thursday, 27th July 2017 at the […]
Total refutes claim of indebtedness, puts investments in Nigeria in last five years at $10bn
Oluwafemi OgunjobiAugust 2, 2017
Total Nigeria Plc has refuted allegations that it is among nine major oil marketing companies that Nigeria’s anti-graft agency, Economic and Financial Crimes Commission (EFCC) recovered a sum of N328.9 billion from. The company said it was invited to the EFCC offices on May 04, 2017, and stated that it was not indebted to NNPC/PPMC […]
Nigeria’s Bank of Industry bags Karlsruhe sustainable devt award
Businessam StaffAugust 1, 2017
Nigeria’s Bank of Industry (BoI) has bagged a Karlsruhe sustainable development award in Germany. The bank was awarded for its pioneering role in the deployment of electrification projects in some rural communities across Nigeria. The prestigious ‘Outstanding Sustainable Project Financing’ award was given to the bank at the 2017 edition of the Global Sustainable Conference, […]
Transcorp appoints Mutiu Bakare chief financial officer
Businessam StaffAugust 1, 2017
Transnational Corporation of Nigeria (Transcorp) has appointed Mutiu Adekunle Bakare as its chief financial officer effective August 7, 2017. In a note to the Nigerian Stock Exchange (NSE), Tuesday August 1, 2017, Transcorp described Bakare as an astute finance professional with over 15 years’ experience in finance management. “Bakare Mutiu brings enormous wealth of financial […]
Wal-Mart shuffles U.S. leadership teams in food, merchandising
Businessam StaffAugust 1, 2017
Wal-Mart Stores Inc has announced changes to its food leadership team in an internal memo, as it prepares for increased competition with grocery rivals and remains caught in a price war. Charles Redfield, executive vice-president for food at Wal-Mart U.S., unveiled the changes in the memo dated Friday and seen by Reuters. He said Wal-Mart […]
Heineken speeds past rivals on strong growth in Asian demand
Businessam StaffJuly 31, 2017
Heineken NV, the world’s second-largest brewer, outshone rival consumer-goods companies in the first six months of the year as emerging economies in Asia and Africa drove growth, Bloomberg report says. Revenue increased 5.7 percent in the first half as the Dutch brewer took the crown as the industry’s best performer from Budweiser-maker Anheuser-Busch InBev NV. […]
Half year: Dangote Cement records 12.6% increase in sales volume
Businessam StaffJuly 31, 2017
Africa’s largest cement producer, has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 percent increase in sales volume across Africa. In the financials released on the floor of the Nigerian Stock Exchange indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote […]
BA-owner IAG expects double-digit rise in 2017 operating profit
Businessam StaffJuly 28, 2017
British Airways owner IAG said on Friday that it expects operating profit for 2017 to show a double-digit percentage improvement following a strong second quarter, despite a massive power outage which grounded some flights. IAG said that operating profit for the six months to June 30 was 975 million euros, up 37.3 per cent compared […]