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Port Harcourt Refinery to Generate N1.5tr Yearly

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Offshore oil platform is seen in Huntington Beach
  • Port Harcourt Refinery to Generate N1.5tr Yearly

The Port Harcourt Refinery Company (PHRC) is projected to generate over N1.5 trillion annually from refined petroleum products when Italian oil company, ENI, concludes its refurbishment.

PHRC Managing Director, Bafred Enjugu, told journalists in Port Harcourt yesterday that when the refurbishment is completed, the Port Harcourt refinery would produce 210,000 barrels, representing 47 percent of the 445,000 allocated to the country’s refineries per day.

PHRC would thus be generating about N1.5 trillion from refined products.

According to him, in an economy with a budget of over N7 trillion, a company that with a prospect to generate annual revenue of about N1.5 trillion, commercial potential must be thoroughly harnessed.

“We have a goldmine here that can churn out N1.3 trillion a year. In an economy that has an annual budget of N7.29 trillion, I will say that N1.3 trillion is very significant and we are looking at one refinery out of the three. So, if your approximate 47 percent to 50 percent, you can very say that you will double it if you can optimally run the other refineries as they should. And I keep saying we have the capacity in the country to run the refineries,” he said.

The managing director said that despite the incessant cases of vandalism of the 55-kilometre pipeline from Bonny Island to the refinery located at Eleme, the refinery earned N12.65 billion in 2014 as profit from refined products.

Similarly, he said the refinery made about N13 billion as profit.

According to him, when the refinery begins to operate at 100 percent installed capacity, it will be generating more than N1.5 trillion annually.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

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Julius Berger pix

Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Julius Berger Plc posted a 30.65 percent decline in pre-tax profit to N5.12 billion for the final quarter of 2020.

In the financial statements released on Tuesday, the leading construction company, reported N74.04 billion in revenue in the fourth quarter, an increase of 2.43 percent when compared to N72.29 billion posted in the same period of 2019.

Julius Berger Key Financial Highlights Q4, 2020

  • Nigeria’s revenue expanded by 4.21 percent year-on-year to N72.30 billion.
  • While Europe & Asia revenue dipped by 40.07 percent year-on-year to N1.74 billion.
  • Similarly, revenue from building works depreciated by 56.37 percent to N10.72 billion.
  • However, revenue from civil works rose by 35.38 percent from the corresponding period to N55.8 billion.
  • Services added N7.54 billion revenue, representing an increase of 15.84 percent year-on-year.
  • Cost of sales grew by 13.19 percent year on year to N60.1 billion.
  • Julius Berger recorded other gains/losses of N83.89 million.
  • The construction company grew investment income to N142.79 million.
  • Finance costs jumped by a whopping 388.99 percent year-on-year to N1.79 billion.
  • Earnings Per Share rose by 19.76 percent year on year to N3.94.

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Finance

Board of UBA Approves Financial Statements, Dividend Payment for 2020

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UBA

Board of UBA Approves Financial Statements, Dividend Payment for 2020

The Board of United Bank for Africa Plc has approved the Group Audited Consolidated and Separate Financial Statements and final dividend for the year ended December 31, 2020.

The bank stated in a statement signed by Bili A. Odum, Group Company Secretary.

It said “Please refer to the announcement dated January 12, 2021 which notified the Nigerian Stock Exchange and the investing public of the Board Meeting of United Bank for Africa Plc.

“Please be informed that the Board of United Bank for Africa Plc at its meeting which held on Tuesday, January 26, 2021 considered and approved the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 and payment of a final dividend, subject to the approval of the Central Bank of Nigeria.

“Further to the above, kindly be advised that the Nigerian Stock Exchange and the investing public would be immediately notified upon approval of the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 by the Central Bank of Nigeria.”

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Banking Sector

Atlas Mara Denies Receiving Offers to Sell Stake in Union Bank of Nigeria

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Atlas Mara Denies Receiving Offers to Sell Stake in Union Bank of Nigeria

Atlas Mara Limited, the sub-Saharan African financial services group, on Monday, denied media reports that it has received offers from local banks looking to buy over Union Bank.

The Company said “While it is the Company’s practice to refrain from comment on market rumours or speculation, we believe it is important to note that Atlas Mara has not received any offers from any local Nigerian bank or other bank wishing to acquire the Company’s stake in Union Bank of Nigeria (“UBN”).

“As previously announced to the market in 2019, the Board of the Company has been exploring a wide range of strategic options with the assistance of external advisers. That process is still underway and the Company’s strategic objectives have not changed.

ThisDay, Premium Times and other leading online publications in Nigeria had claimed Atlas Mara, that own 50 percent stake in Union Bank of Nigeria has started receiving interests from interested local banks. A rumour that has now been debunked.

Also, speaking on the rumours, Union Bank of Nigeria Plc said the lender is not in the process of selling a 50 percent stake as claimed an online publication, Premium Times on January 23, 2021.

Union Bank said, “Please note that the unsubstantiated report is based on mere rumours and speculations.”

“The Nigerian Stock Exchange, other regulatory agencies and members of the public arehereby advised to disregard the publication in its entirety.”

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