- Konga Targets Same-day Delivery With Strategic Warehousing
Konga is set to roll out two warehouses in Abuja and Port Harcourt next month in order to achieve same-day delivery for its teeming customers and accommodate first rate merchants.
A statement by the e-commerce company said that the Abuja warehouse which was centrally located would serve the northern region while the Port Harcourt warehouse would function as a major hub for the South-South and South-East of the country.
According to Konga, the newly refurbished warehouse in Lagos is expected to serve Lagos and other western states; and new warehousing facilities are being developed in Owerri, Enugu, Ibadan and Uyo to bring the brand closer to customers and merchants.
It explained that with the strategic warehousing, the company would roll out same-day delivery and relaunch Pay On Delivery in major cities.
It added that the warehouses had been certified by global IT warehousing/logistics agencies as best in class in Africa and equipped with state-of-the-art security, automation and cloud infrastructure.
Both warehouses, according to Konga, are highly secure structures and comprehensively insured to provide storage spaces for Konga’s growing merchants, enabling these partners who sell on Konga’s platform to stock their goods for instant access and order fulfilment to customers.
In addition, the company said the warehouses would make physical inspection of product quality possible, help the company to achieve same-day delivery and meet global standards in e-commerce.
The Chief Executive Officer, Online, Nick Imudia, noted that the set-up of the warehouses and upgrading of the company’s technologies and some of the many innovative strategies the company had unveiled was to lift standards in the e-commerce sector.
He said, “At Konga, we are passionate about customer satisfaction. With these warehouses in Abuja and Port Harcourt, our customers will enjoy the added luxury of same-day delivery of their items irrespective of their locations within the regions. For our merchants, it is also a chance to take advantage of greater storage capacity for their goods and products, allowing them to do larger volumes and grow their business.
“We are constantly working round the clock behind the scenes to set new standards and raise the bar of service excellence in the e-commerce industry. Some of our innovations and world-class strategies are gradually being unveiled and these massive warehousing facilities are one of such innovations. More of them will be unveiled in August and the coming months,” he said.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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