Dangote Cement reports 60% increase in before-tax profits in FY2017

Businessam StaffMarch 20, 2018

Dangote Cement Tuesday released its full-year earnings report, which indicates that the cement manufacturer recorded a profit before tax (PBT) of N289.6 billion, representing a 60 percent increase over the N180.9 recorded in the preceding year. This is despite a fourth-quarter after-tax loss of N16.1 billion mainly on account of significant increase in tax obligations […]

Zenith Bank reports N178bn profit for 2017, declares N2.45k final dividend

Kayode OgunwaleMarch 12, 2018

Zenith Bank Plc, one of the leading commercial banks in Nigeria Monday released its audited financials for the year ended December 31, 2017, with profit after tax hitting N177.933 billion, representing 37.24 percent increase from the N129.652 billion recorded in 2016. The lender’s profit before tax grew by N46.713 billion, about 29.8 percent increase from […]

Coca-Cola HBC beats estimates, sees growth ahead

Businessam StaffFebruary 14, 2018

Coca-Cola HBC reported higher-than-expected full-year sales and profits on Wednesday, as improving economic conditions boosted sales volumes and prices. The company, which sells Coca-Cola drinks in 28 countries mostly in Europe, said it expected the improvement to continue this year with “further economic growth and healthy inflation,” according to Reuters’ report. “Europe, without Russia, is […]

Twitter now worth more than Snap as shares soar

Goddey OdinFebruary 9, 2018

Twitter now has a bigger market cap than Snapchat maker Snap after posting a thoroughly interesting earnings beat for its fourth quarter Friday morning. Shares of the social media giant rocketed more than 25% this morning following the report, which showed the service is actually able to generate a profit on a GAAP basis. Twitter […]

MTN returns to profit for 2017 after loss from $1bn Nigeria fine

Businessam StaffJanuary 29, 2018

MTN Group Ltd., Africa’s biggest mobile-network operator by sales, said it returned to profit in 2017, recovering from a $1 billion fine it paid for its Nigerian business in the prior period. It expects to report a profit for the 12 months ended Dec. 31, the Johannesburg-based company said in a statement Monday, according to […]

GE posts $10bn loss, sales drop as power weakens

Businessam StaffJanuary 24, 2018

General Electric Co. forecast further weakening of its troubled power business on Wednesday as it reported a $10 billion loss and a 5-percent fall in revenue in the fourth quarter, driven by previously-announced charges for insurance losses and taxes. While the results contained no new sizeable charges, they threw into stark relief how far the […]

Eurozone growth hits near seven-year high of 58.1% in December

Businessam StaffJanuary 4, 2018

Europe’s companies have posted their strongest growth since 2011. The eurozone composite PMI, which measures activity across the region, jumped to 58.1 in December, up from November’s 57.5. The service sector PMI rose to 56.6, up from 56.2 a month earlier. Companies reported that new orders strengthened last month, with manufacturers seeing the steepest increase […]

Arsenal money transfer company nets $40m in growth investment

Businessam StaffDecember 7, 2017

Private equity firm Leapfrog Thursday led a $40m (£30m) fundraising for digital money transfer firm Worldremit. Existing investors Accel and TCV also participated in the capital raise. Worldremit said it would use the proceeds to target 10m new emerging markets customers by 2020, according to report by City A.M. WorldRemit last month became Arsenal football […]

Uber’s third-quarter loss grows $1.46bn

Businessam StaffNovember 29, 2017

Uber’s quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe. The Silicon Valley-based company’s net loss increased to $1.46bn (£1.09bn) in the third quarter from $1.06bn in the previous quarter, the source said. Quarterly net revenue […]