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Dangote Cement Profit Falls by 3.91%

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  • Dangote Cement Profit Falls by 3.91%

The profit before tax of Dangote Cement Plc fell by 3.91 per cent in 2016, reports submitted at the Nigerian Stock exchange on Tuesday showed.

For the financial year, ended December 31, 2016, showed the group’s profit before tax totalling N180.9bn, which is a drop compared to N188.3bn posted in 2015.

The group revenue stood at N615.1bn versus N491.7bn recorded a year ago

For the nine month, ended September 30, 2016, the profit after tax of Dangote Cement dropped by N24.47bn.

The company had attributed the drop from N157.993bn recorded in the Q3 2015 to N133.521bn in the Q3 2016 to enormous money spent on cost of sales for the period.

The firm, however, recorded increased revenue of N442.09bn for the period.

The revenue for the Q3 2016 was 20.97 per cent higher than the figure recorded during the same period in 2015, despite the harsh operating environment, the company said. It attributed the development to the management’s strategy to leverage its pan-African status.

Dangote Cement increased its revenue by N76.642bn from N365.450bn it made during the same period in 2015.

The crisis of foreign exchange gulped a huge amount of its revenue, as it spent N231.684bn on the cost of sales during the review period of nine months 2016 as against N138.694bn spent on the same purpose last year, the report indicated.

Reflecting on its outlook, the Managing Director of the company, Onne Van der Weijde, had said the management was confident of delivering strong growth this year despite the challenging economic conditions facing Nigeria and the rest of Africa.

He said, “This price increase will have an immediate and positive impact on margins in the Q4, as will the elimination of Low Pour Fuel Oil from our fuel mix, as we increase our use of coal and higher gas levels return.

“We do not expect to use the LPFO again this year. From January 2017, our use of own-mined coal, sourced in Nigeria and paid for in naira, will further improve margins and significantly reduce our need for foreign currency.”

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.

Banking Sector

TAJBank Deploys NQR Solution To Ease Customer Transactions

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TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.

The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.

A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.

“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.

This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.

In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.

Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.

The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.

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Finance

African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers

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The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.

The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.

Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.

During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.

“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.

Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.

Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.

For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.

“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.

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Finance

Nirsal: CBN Reopens Application for N50 Billion COVID-19 Loan for Households and Small Businesses

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The Central Bank of Nigeria has started receiving fresh applications for N50 billion COVID-19 loan for small businesses and households affected by the pandemic.

The CBN through Nirsal Microfinance Bank announced it has reopened its portal for households and Micro Small and Medium Enterprises (SMEs) affected by COVID-19 to access up to N25 million.

Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, disclosed this on March 10, 2021 via his Twitter handle.

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