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Chi Wins Most Innovative FMCG Company Award

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  • Chi Wins Most Innovative FMCG Company Award

Chi Limited was recognised as the ‘’Most Innovative Fast Moving Consumer Goods (FMCG) Company’’ at the Businessday Top 25 Most Innovative companies and Institutions in Nigeria Awards 2017.

Chi Limited came out tops in a keenly competitive category that included other major FMCG companies like AJE, makers of BIG Cola and Dufil foods, makers of Indomie Instant Noodles. According to the Businessday award committee, ‘Chi Limited’s visionary stride in innovating and launching a portfolio of new and existing brands into the consumer market including Chivita 100%, Chivita Active Vegetable & Fruit Nectar, Happy Hour by Chivita Fruit Drink, Hollandia Evaporated Milk, Hollandia Yoghurt and others provide ground-breaking innovations that have resulted, in no small measure, in making commercial and socio-economic impact, as well as value creation for clients and consumers’

Offering high quality products, Chi Limited is the first company to launch major mass market ready to drink products in aseptic sachet packaging in West Africa. Its flagship brand Chivita 100% is the only locally produced 100% fruit Juice made from real natural fruits with no added sugar, no artificial colours and no preservatives. Chivita Active Vegetable and Fruit is an innovative product that offers consumers in Nigeria for the first time choices in fruit juices made from the goodness of vegetable with the lip smacking goodness of fruit. While Chi Exotic Nectar is the definitive standard in its category in terms of its unique fruit mixes and taste offerings.

Happy Hour by Chivita is rated the fastest growing juice brand with innovative variants that keep consumers refreshed. Hollandia Yoghurt’s constant innovation, a peculiar rich mouth feel, variety of flavours and healthy goodness, has seen it rise to become the generic name for drinking Yoghurts amongst consumers, while Hollandia Evaporated Milk is the first Nigerian Milk brand to be packaged in aseptic packaging, which is renowned globally as a benchmark for quality. It is one of the most admired and innovative offerings in its category. These brands have also built enduring consumer loyalty through their impressive array of variants and market promotions.

Chi Limited’s Managing Director, Mr Deepanjan Roy stated that: ‘’We have received this industry recognition as the most innovative FCMG company award by consistently delivering innovative products that have become household names in Nigeria. It also validates our commitment to ensuring that our range of products continue to be admired for its highest quality, nutrition & health standards’’

The Businessday Top 25 Most Innovative companies and institutions in Nigeria Awards 2017 seeks to acknowledge, celebrate and promote extensively the organisations and institutions that have developed the most inventive and ground-breaking products, ideas and services in 2016 and thus, contributed immensely to the sustainability of its customer-base, bottom-line, overall organisational growth, as well as the socio-economic development of our country.

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.

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Company News

Prestige Assurance Grows Profit by 25.17 Percent to N776.500 Million in H1 2021

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Prestige Assurance - Investors King

Prestige Assurance Plc, one of Nigeria’s leading insurance firms, grew profit after tax by 25.17 percent from N620.348 million recorded in the first quarter (H1) of 2020 to N776.500 million in the first half of 2021.

The insurance firm disclosed in its unaudited financial statement released on Tuesday and obtained by Investors King.

Gross premium written increased by 38.86 percent to N5.434 billion in H1 2021, up from N3.913 billion achieved in the corresponding period of 2020.

Net premium income also grew by 34.82 percent from N1.916 billion in H1 2020 to N2.584 billion in H1 2021. While underwriting expenses expanded to N2.262 billion in the period under review, up by 51.43 percent when compared to N1.494 billion filed in the same period of 2020.

Similarly, interest income jumped by 59.40 percent from N232.924 million in H1 2020 to N371.279 million in H1 2021. Other investment income and other operating income appreciated by 30.96 percent and 83.74 percent from N145.803 million and N7.264 million in H1 2020 to N190.947 million and N13.347 million in H1 2021, respectively.

Profit before tax inched higher by 14.22 percent to N970.624 million in H1 2021 from N849.792 million in H1 2020.

Profit after tax rose by 25.17 percent to N776.500 million in the period under review.

Total assets expanded to N19.423 billion in the first half of 2021, representing 4.96 percent when compared to N18.505 billion.

Basic earnings per share and diluted earnings per share grew by 25.17 percent each to N5.86 each.

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Company News

Coca-Cola Creates Its First Collection Of Brand-Inspired NFTs

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Coca-Cola NFT- Investors King

Coca-Cola has partnered with digital art and avatar company Tafi to launch its first collection of NFTs, or non-fungible tokens. NFTs are unique digital collectibles that exist on the blockchain and represent different types of files like images, audio, and video.

The collection, which Coca-Cola is offering to celebrate International Friendship Day on July 30, features an NFT “loot box” which contains digital wearables designed by Tafi.

Buyers can bid on the Coca-Cola Friendship Box, a digital version of a collectible vending machine, which comes with three one-of-a-kind digital assets: a custom Coca-Cola Bubble Jacket Wearable, which can be worn in virtual world Decentraland; The Sound Visualizer, which captures different audio cues like the pop of a bottle opening or the sound of the soda being poured over ice; and The Friendship Card, a digital design inspired by the company’s friendship-inspired trading cards released in the 1940s.

“Each NFT was created to celebrate elements that are core to the Coca-Cola brand reinterpreted for a virtual world in new and exciting ways,” said the president of the global Coca-Cola trademark, Selman Careaga. “We are excited to share our first NFTs with the metaverse where new friendships are being forced in new ways in new worlds.”

Besides the one-of-a-kind collectibles, the winning bidder will also have access to “additional unique and valuable surprises,” which will be unveiled when the loot box is digitally opened.

The sale, which will take place on popular NFT marketplace OpenSea, will open on July 30 and close on August 2. All bids must be placed with ETH.

All Coca-Cola proceeds from the auction will be donated to Special Olympics International, a global sports organization that provides children and adults with intellectual and physical disabilities, with year-round training and activities.

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Merger and Acquisition

PiggyVest Acquires Savi.ng To Expand Operations

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PiggyVest- Investors King

The Nigeria-based wealth management app giant, PiggyVest announced that it has acquired a smaller competitor Savi.ng.

Until the acquisition, Savi.ng was a wealth management app launched in 2018 that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.

According to the company, discussions to buy Savi.ng which started earlier this year has now been completed. However, the cost of acquisition was not disclosed.

Under the deal, all existing Savi.ng users will be automatically migrated to Piggyvest. Savi.ng was founded in 2018 by VFD Microfinance and currently has ten thousand plus downloads on Google Playstore. PiggyVest’s android app on the other hand has got one million-plus downloads.

Speaking on the acquisition, PiggyVest says it is in line with its vision of providing financial freedom for all. “It’s more of a team acquisition,” PiggyVest co-founder, Joshua Chibueze, explained to TechCabal over a call.

The team behind Savi are reputed to have solid expertise in finance and are savvy with financial tools. This talent quality prompted PiggyVest’s move to acquire the wealth management startup.

“Fintech is two things. Fin and tech. We believe we are as good at tech and customer acquisition so we need as many financial players as possible to consolidate what we are trying to do,” Chibueze adds.

The acquisition consolidates PiggyVest’s growth and capacity to dominate Nigeria’s hotly competitive savings and investment space. Last year, it paid back NGN90 billion ($220 million) to users which currently numbers up to 3 million.

The move also signals a positive trend for Africa’s local startup ecosystem – that it is possible to build for the sole purpose of selling to a larger player in the same sector.

Earlier this year, Piggyvest partnered uduX to help Nigerians invest in their favorite musicians. This shows how broadly the company is looking to expand its investment opportunities.

PiggyVest revealed that there are more acquisition announcements to come in the year.

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