Company Report
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FSDH goes paperless, achieves milestones toward Its digital transformation drive in partner with Mitiget
Mitiget, an enterprise information security firm, recently implemented a comprehensive document management solution for FSDH Group to help accelerate its digital transformation and increase efficiency. FSDH Group, which has built a reputation as a dependable and innovative provider of financial services in Nigeria over the years, is constantly deepening business lines and expanding its offerings through her subsidiaries. It has…
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Finance, cost of sales obstruct Nestle Nigeria’s profit in 2022
Nestlé Nigeria Plc on Tuesday said significant increase in cost of sales and financial costs obstructed robust profit and dividend payout to shareholders. The company declared 32.3per cent increase in cost of sales to N291.05 billion in 2022 from N219.99 billion, while finance cost rose significantly by 70.02per cent to N20.53 billion from N12.08 billion reported in 2021. Raw materials…
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Dangote Cement announces N1.6trn revenue, declares N20 dividend
Dangote Cement Plc on Monday said its revenue increased to N1.62trillion in 2022, a growth of 17 per cent from N1.38trillion reported in 2021, driven by price increases to offset heightened inflation. According to the company, its volumes sold by Dangote Cement’s core Nigerian operations decreased by 4.1per cent to 17.8Mt, elevated by the high base of 2021. “The decrease…
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BUA Cement announces 17% increase in PBT, declares N2.80 dividend
BUA Cement Plc has reported 17 per cent increase in its profit before tax to N120.15billion in its financial statement for full year ended December 31, 2022 as against N102.87billion reported in 2021 financial year results. With 12.14per cent increase in profit after tax to N101.01billion in 2022 from N90.08billion in 2021, the management of the cement company recommended for the…
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Neimeth Pharmaceuticals’s N3.68bn rights issue fully subscribed
Neimeth International Pharmaceuticals Plc has disclosed that its N3.68billion rights issue was fully subscribed. The company stated that it received no objection from the Securities and Exchange Commission (SEC) over the allotment of 2,373,947,500 ordinary shares at N1.55 per share. This follows the close of the company’s right issue exercise on September 15, 2022. A statement signed the Company’s Secretary,…
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Presco announces 4.76% increase in profit before tax to N27.63bn
Presco Plc on Thursday announced a 4.76 per cent increase in profit before tax to N27.63billion in its unaudited financial statement for the period ended December 31, 2022 from N26.38billion reported during the 2021 full financial year. The crop production company listed on the Nigerian Exchange Limited (NGX) announced 11.08per cent increase in profit after tax to N21.46billion in 2022…
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Fidelity Bank appoints Pamela Shodipo as executive director, south directorate
Fidelity Bank Plc on Thursday announced the appointment of Mrs. Pamela Shodipo as Executive Director, South Directorate following regulatory approval by the Central Bank of Nigeria (CBN). Pamela joins the Board of Fidelity Bank Plc with over 25 years multifunctional and cross-border banking experience at leading financial institutions covering general management and business origination in diverse segments including corporate, commercial,…
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MTN Nigeria launches prestige lounge at MMI Airport
As part of efforts to appreciate customer loyalty, continued patronage and support, MTN Nigeria has launched a state-of-the-art lounge at the Murtala Mohammed International Airport in Ikeja, Lagos. The exclusive access facility located at the E-wing of the departure lounge is open to top-tier MTN customers (Platinum and Gold Prestige members) and provides access to complimentary amenities such as food…
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Honeywell Flour Mills reports N10.5bn loss in nine months
Honeywell Flour Mills Plc on the Nigerian Exchange Limited (NGX) has announced N10.5billion loss in nine months ended December 31, 2022 as against N209million reported in the corresponding nine months of 2021. The flour processing company announced on the Exchange a N10.3billion loss before tax in the period under review. From the profit & loss figures, revenue stood at N113.4billion…
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With N7.6bn loss, Ardova reports worst performance in 6 years
Ardova Plc has reported N7.6billion loss in its unaudited financial statement for the period ended December 31, 2022, becoming one of its worst performance in over six years. The petroleum marketing company’s worst results continued in 2022 as it had reported N3.85 billion loss in 2021 financial statement. Ardova also reported N7.14billion loss before tax in 2022 from N2.94billion reported…
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