Company Report
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MTN Nigeria raises N125bn via CP
MTN Nigeria Communications Plc on Wednesday notified Nigerian Exchange Limited and the investing public of the successful completion of its Series 6 & 7 Commercial Paper Issuance under its upsized N250billion CP Issuance Programme. Company Secretary, MTN Nigeria Communications, Uto Ukpanah in a statement said it sought to raise N100billion, and the offer recorded 146 per cent subscription with N125billion…
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Flour Mills of Nigeria declares 5.3% increase in profit to N29.5bn
Flour Mills of Nigeria Plc has announced N29.5billion profit after in its 2023 audited result and accounts for full year ended March 331, 2023, a 5.3 per cent increase from N28.02billion reported inn corresponding period of 2022. The agro-allied company in its filing on the Nigerian Exchange Limited (NGX) declared N39.78billion in 2023, an increase of 1.45 per cent from…
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Dangote Cement clarifies price misinformation, says price lower in Nigeria
The management of Dangote Cement Plc has clarified that the price of a bag of cement from its factories across Nigeria as of yesterday, August 28, 2023 is N4,010 in Okpella and N4,640 in Ibese, Obajana, and Gboko. According to the company, the price includes transportation costs and the location of delivery, prices could range between N5,000 to N5,300 per…
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Equities market appreciates marginally by 0.01%
The domestic equities market on Wednesday closed positive for the fourth consecutive session as the major index appreciated marginally by 0.01 per cent on investors’ interest in Transcorp Hotel, Dangote Sugar Refinery, and Transnational Corporation (Transcorp). The Nigeran Exchange Limited All-Share Index (ASI) gained 4.25 basis points or 0.01 per cent to close at 65,492.92 basis points. Also, market capitalisation…
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Capsized oil rig: Majestic rig is owned by Depthwize Nigeria, says Seplat
Seplat Energy plc on Thursday provided an update to the previous announcement regarding the incident involving the Majestic rig, stating that Majestic rig is owned by Depthwize Nigeria Limited. Western Post on Tuesday reported that one person was confirmed dead when a Seplat Energy oil rig capsized during drilling in Delta State. Responding, the indigenous oil company listed on the…
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GSK Group to cease commercialization operations in Nigeria
GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria. The Company made this announcement via an official statement signed by Company Secretary, Frederick Ichekwai which was sent to the Nigeria Exchange Limited (NGX). According to its unaudited HY 2023 financial statement, the company noted that…
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Eudoratech unveils SmartHR to revolutionise HR industry
Fast rising tech company, Eudoratech has announced the launch of its groundbreaking software, SmartHR, designed to provide solution to the many challenges bedevilling the HR industry and the ever-evolving workplace. The software was described by guests present at the launch during the 2023 edition of ICTEL Expo, in Lagos, as a leading innovation offering AI and predictive analysis capabilities to…
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Transcorp deliver strong performance as H1 2023
Transnational Corporation Plc has announced its financial results for the first half year ended June 30, 2023, recording commendable growth across all its major indices. The Group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31per cent growth year-on-year while operating income also grew by 46 per cent…
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NGX Group reports 40.6% decline in profit before tax to N726m
NGX group has announced a 40.6 per cent drop in profit before income tax to N726 million in half year (H1) ended 30, June 2023 from N1,223.2 million in the corresponding period in 2022 due to a reduction in the top line Year-on-Year (YoY). The group also announced a 45.9 per cent decline in profit after tax to N444.1 million…
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Over 30,000 skilled Nigerians work with expatriates to build refinery complex, says Dangote
The management of Dangote Refinery have debunked a report published on online platforms of some media organisations that the company employed 11,000 skilled workers from India while allegedly neglecting youths from Nigeria and other African countries. In his response to the publication, Group Chief Branding & Communications Officer, Anthony Chiejina said the report was written with malicious intent as it…
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