- Conoil Grows Q1 Profit to N3.3bn
Indigenous petroleum marketer, Conoil Plc, has reported a gross profit of N3.318bn for the first quarter of 2017, representing 67.66 per cent earnings rise compared to N1.979bn posted in the first quarter of 2016.
The improved financial performance for the first quarter ended March 31, 2017, showed a revenue of N24.474bn, which is an increase of 28 per cent over the N19.042bn recorded in the corresponding period of 2016.
Its profit after tax stood at N174.458m in 2017, compared with a loss of N944m in 2016, a statement by the oil major said.
Thus, it added that it was raising investors’ expectations for another bountiful harvest at the end of the year.
The frontline petroleum marketer, had last Wednesday announced a profit after tax of N2.837bn and proposed a dividend of 310 kobo per share for the 2016 financial year.
Analysts in the capital market had said the positive performance indicated bright prospects ahead for the shareholders of the company. The firm, last Wednesday, reported a revenue of N85bn, up from N82.919bn in 2015. Cost of sale reduced from N71.381bn to N70.8bn in 2016, bringing the gross profit to N14.14bn, compared with N11.53bn in 2015.
The oil firm said it reduced distribution expenses to N2.534bn, from N2.69bn after adopting a cost optimisation strategy. Its finance cost fell significantly from N3.75bn to N1.76bn.
Conoil, thus ended the year with profit before tax of N4.28bn, showing an increase of 24 per cent above the N3.44bn in 2015. Profit after tax rose by 23 per cent to N2.397bn to N2.837bn. Earnings per share also increased by 23 per cent from 333kobo in 2015 to 409kobo in 2016.
It said the improved 2016 performance resulted from its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.
Conoil said, “Amid the challenging economic environment, our team proactively identified potential business risks and suggested quick fix solutions to optimally manage and minimise the risks, which helped in achieving efficiency in the way we do our business.”
The Chairman of Conoil Plc, Dr. Mike Adenuga had assured shareholders that in the face of the gloomy economy, the company would always strive to be one of the fastest growing and profitable companies in the country.
He assured that it will consolidate its gains and ensure greater returns on investment for its teeming shareholders.
While promising that the company’s ultimate goal to its customers will always be excellent service and products, he maintained that its promise for its shareholders remains maximum value.
Adenuga stressed, “We will drive our business to greater heights by re-establishing commanding presence in retail business, lubricants, aviation, liquefied petroleum gas, specialised products and non-fuel retail services .”
CBN to Extend Credit Risk Management System to OFIs
In an effort to curb growing bad debt, the Central Bank of Nigeria has said it will extend its Credit Risk Management System to Other Financial Institutions (OFIs) operating in Nigeria to protect them from bad debtors.
According to the apex bank, this is important following the successful implementation of the credit risk system in other lending institutions operating in Nigeria.
The bank disclosed this in a circular titled ‘Credit Risk Management System: Commencement of enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies’ and signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, on Monday.
In part, the circular read, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.
“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CTMS platform.
“Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis.
“OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions”.
BoI Grows Assets by 78.8% to N1.86 Trillion
The Bank of Industry Group concluded the 2020 financial year with a 78.8 per cent growth of assets from N1.04tn to N1.86tn between 2019 and 2020.
A statement by the bank on Monday said the increase was driven to a large extent by the successful debt syndication of €1bn and $1bn that were concluded in March and December 2020 respectively.
BoI stated that the group’s financial statement demonstrated resilience and strength, noting that the period had significant challenges in the operating environment on account of the impact of COVID-19 pandemic on the economy.
“It also indicates synergy with the various interventions developed by the Federal Government, the Central Bank as well as other strategic partners towards ameliorating the impact of the pandemic on Nigerian enterprises,” the statement said.
The group’s total equity increased by 14.8 per cent from N293.08bn in the previous year to N336.48bn in 2020.
It added that as a reflection of the adverse impact of the challenging operating environment on growth of new facilities, loans and advances grew marginally in 2020 by 1.3 per cent to N749.84bn from the 2019 position.
The bank explained that this was largely due to the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers.
“The bank reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from nine to five per cent per annum for a period of one year and moratorium extension of three months (with a possible extension up to 12 months),” it said.
TAJBank Deploys NQR Solution To Ease Customer Transactions
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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