Company Report
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Nascon Allied Industries declares 151% growth in profit
Leading food seasoning manufacturer, NASCON Allied Industries has gained more market share even as its profit after tax (PAT) rose by 151 per cent to N13. 73 billion for the financial year ended December 31, 2023. A review of the company’s 2023 annual results and accounts indicated that profit after tax rose by N8.26 billion over N5.47 billion recorded in…
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Catherine Nwosu makes history as Africa Prudential’s first female CEO
Africa Prudential Plc has announced a historic leadership transition. Effective March 1, 2024, Catherine Nwosu will become the company’s first female CEO, marking a significant milestone in its history. Nwosu, a distinguished capital markets veteran, brings a wealth of experience to the role. Having served in various capacities within Africa Prudential since its inception in 2006, she is well-versed in…
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BREAKING: Dangote Cement announces N553.10bn profit, shareholders get N30 dividend
Dangote Cement Plc has announced its profit before tax increased to N553.10billion in financial year ended December 31, 2023, representing an increase of nearly six per cent from the N524 billion reported in 2022 financial year. The cement manufacturing company also declared N445.58 billion profit after tax, a growth of N382.31 billion in 2022. From the loss and profit figures,…
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BREAKIING: MTN Nigeria declares N137bn loss in 2023 over Naira devaluation
MTN Nigeria Communications Plc on Friday announced N137 billion loss in audited result and accounts for period ended December 31, 2023 from N348.73 billion profit declared in 2022 over foreign exchange loss. The telecommunication company on the Nigerian Exchange Limited (NGX) declared N177.89billion loss before tax in 2023 from N518.82billion profit before tax in 2022 as the net loss for…
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Amid N69.96bn FX losses, BUA Cement reports 31.2% decline in profit
BUA Cement Plc has announced 31.2 per cent drop in profit over N69.96biillion foreign exchange losses in financial year result and accounts for full year ended December 31, 2023. The cement manufacturing company declared N69.46billiion profit in 2023, a decline of 31.2 per cent from N101.01billiion in 2022, while profit before tax dropped to N67.23billion in 2023, dropping by 44…
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Lafarge Africa reports 4.7% decline in PAT to N51.14bn as shareholders get N1.90k
Lafarge Africa Plc has announced a 4.7 per cent decline in profit to N51.14bllion in audited result and accounts for the full year ended December 331, 2023 from N53.65billion reported in 2022. The cement maker saw its profit dropping by 4.7 per cent over N27.64billion income tax expense in 2023 from N14.66billion in 2022 as profit before tax stood at…
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MTN, Huawei sign MoU to boost digital transformation in Africa
MTN Group and Huawei signed a Memorandum of Understanding (MoU) for a Joint Innovation Technology Lab, aiming to deepen cooperation in technological innovation. The signing ceremony, which held at MWC Barcelona, Spain was attended by senior delegations from MTN and Huawei. This strategic partnership will see the creation of an Innovation Technology Lab at MTN Group’s headquarters in South Africa.…
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Huawei announces several digital talent initiatives for 2024
During MWC Barcelona 2024, Huawei held the Huawei Talent Summit and made announcements relevant to several talent development initiatives, including the launch of the applications for the global ITU-Huawei Generation Connect Young Leadership Programme; the announcement that the joint project between Huawei and UNESCO’s Institute for Lifelong Learning (UIL) will be implemented in Morocco; and Huawei Cloud’s startups programme. The…
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Wema Bank announces two new directors
Wema Bank Plc has announced the appointment of two seasoned industry professionals, Segun Opeke and Yusuf Kazaure, to the Bank’s board of Directors, following the approval of the Central Bank of Nigeria (CBN). Segun Opeke is an alumnus of the University of Lagos where he studied Banking and Finance and also obtained his MBA. He is an alumnus of the…
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NNPC bridging energy gap, says Mele Kyari
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr Mele Kyari, has assured that the organisation continues to lay the foundation for sustainable wealth creation by bridging the energy deficit in the country. He stated this during a presentation at a Ministry of Finance Incorporated (MOFI) Public Wealth Management Conference in Abuja. Mr Kyari…
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