- Transcorp Expresses Confidence for Improved Earnings
Transnational Corporation of Nigeria, Transcorp Plc has expressed confidence of improved earnings for the future.
The President of Transcorp Plc, Mr. Emmanuel Nnorom, disclosed to news men over the weekend in Lagos that the company’s expansion strategy has started yielding fruits as the Federal Government’s intervention in recent time on Foreign Exchange, forex continues to impact on the operations of the company.
Analysing the constraints that impacted its business in the year 2016, he said “Devaluation impact affected cost of debt service, gas costs and unrealised losses for foreign currency loan that we took. (2015:N18.7billion and 2014:N6.06 billion).There was loss of generation due to gas outages following pipeline vandalisation. Utilisation of available capacity dropped to 55 per cent from 65 per cent in 2015. Generated power dropped from 280MWH from 471MWH. Another problem we had was continued delay in collections with outstanding currently at N48billion. Attendant impact on working capital and finance cost.”
According to him “We are likely to see improved earnings in 2017 as forex problem continues to be addressed and also improved supply of gas as we have experienced since February this year. We have not heard of pipeline vandalisation for some time now and we hope it will be sustained given the commitment of the federal government to develop the Niger Delta region. Stability in the Niger Delta might aid moderate crude oil production to defend the naira. Foreign borrowing to shore up reserves may address forex liquidity.”
Nnorom disclosed that the Board of Directors of Transcorp Hotel has recommended 40kobo per share dividend to be distributed to the shareholders if approved at the next Annual General Meeting (AGM) in March, 2017. Commenting on the company’s performance for the 2016 financial year, he said “Gross revenue increased by 46 per cent largely due to increased electricity tariffs for Transcorp Power in February 2016 and upward review of room rates.
Cost of sales (“COS”) increased by 78 per cent Year on Year, YoY largely due to increased gas tariffs in February 2016. In addition, inflation impact on input cost affected cost of sales in the Transcorp Hotels. Administrative expense increased slightly by 8 per cent due to inflationary pressure in various cost items.
“Our net finance cost increased by 127 per cent YoY due to unrealised exchange loss of N18.70billion reported on USD loan following devaluation of Naira against USD. Exchange rate closed at N304.5/$1 in 2016 compared to N196/1$ in 2015. This affected our our earnings as we recorded profit/loss after tax of N -1,127 billion in 2016, from N2,032 billion in 2015, representing -155 per cent decline.
Sterling Homes Plans To Reduce Housing Deficit
Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.
The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.
During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.
“We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.
“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”
The managing director said that one of its unique selling points was its after sales services which was top notch.
He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.
While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.
He said it also had provisions for high breed options and developing areas to accommodate various income levels.
Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.
Mutual Benefits Drives Financial Inclusion
Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.
A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.
The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.
He said, “The role we all have to play is to be ambassadors of Mutual Benefits.
“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”
Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.
In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.
He said the firm would provide stakeholders with the platform and support to make them excel as a member.
The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.
The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.
He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.
“This is an opportunity for us to strengthen insurance penetration within the South-West states.”
CAC Sets Three-Hour Circle For Company Registration
The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.
Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.
The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.
“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.
Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.
He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.
While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.
The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.
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