Connect with us

Business

NAHCO Assures Higher Return on Business Diversification drive

Published

on

Nahco
  • NAHCO Assures Higher Return on Business Diversification drive

Nigerian Aviation Handling Company (Nahco) Plc would take advantage of Nigerian economic diversification and government policies to boost its business diversification and increase returns to shareholders.

Addressing shareholders at the annual general meeting in Abuja, Chairman, Nigerian Aviation Handling Company (Nahco) Plc, Arc. Usman Bello said the company would take advantage of expected higher agricultural yield to boost its cargo export division.

He assured shareholders that the company’s business diversification ventures were on track noting that NAHCO Free Trade Zone has moved to the second phase of its development.

He noted that despite the tough operating environment, the company has been able to improve on its profitability, which enables it to increase dividend to shareholders.

He pointed out that the company started the current business year on a strong footing citing the first quarter 2018 results which showed improvements in key indicators.

Managing Director, Nigerian Aviation Handling Company (Nahco) Plc, Mr. Idris Yakubu, who was appointed in 2017, said the company remained strong and more focused in 2018.

According to him, besides new acquisitions and the facility upgrade undertaken in the export warehouse to facilitate export of perishables and other goods, there has been huge improvement in the services of the company across the country to the delight of the airlines.

He assured shareholders that the company’s subsidiaries should begin to contribute significantly to the company’s performance in 2018 and beyond.

Yakubu added that the launching of the Nigeria Air will provide an opportunity to increase the revenue of Nahco, noting that the group’s diversification and pan-Africanisation plans would be revisited later in the year.

The meeting confirmed the appointment of Engr Mohammed Umar and Mr Akinwunmi Fanimokun as non-executive directors of the company. The two new non-executive directors represent the interest of, Godsmart Nigeria Limited, which recently purchased 16.7 per cent equity stake in the company through acquisition of shares from some divesting shareholders through the NSE. With 16.7 per cent equity stake, Godsmart Nigeria Limited is the single largest shareholder in the ground handling company.

Shareholders who spoke at the meeting commended the increase in dividend payout noting that Nahco has shown resilience despite macroeconomic challenges.

Representative of the Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude noted that within a short period, the chairman and the new managing director have been able to stabilise the company and place it on the diversification trajectory.

President, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, urged the board and management of the company to renew the company’s diversification drive as well as strengthening its subsidiaries to further boost performance.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar commended the new managing director for his efforts on the free trade zone diversification.

Shareholders at the meeting approved 13.6 per cent increase in dividend payout to N406 million, representing a dividend per share of 25 kobo for the 2017 business year as against 22 kobo paid for the previous year.

Key extracts of the audited report and accounts of Nahco for the year ended December 31, 2017 showed that the company improved its margins, despite a lull in the top-line. Turnover stood at N7.926 billion in 2017 compared with N7.956 billion in 2016. Finance cost reduced from N545 million in 2016 to N213 million in 2017. Profit after tax increased by 33.6 per cent to N776 million in 2017 as against N581 million in 2016. Earnings per share improved from 36 kobo to 48 kobo.

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.

Business

FG Reopens Osubi Airport Warri for Daylight Operations

Published

on

muritala-muhammed-airport

FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

Continue Reading

Business

Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

Published

on

Agric

Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

Continue Reading

Business

Shut Down Depots Selling Petrol Above Approved Price – Marketers

Published

on

Petrocam

Shut Down Depots Selling Petrol Above Approved Price – Marketers

The Federal Government should close down depots that are selling petrol above the approved price, oil marketers said on Thursday.

National President, Independent Petroleum Marketers Association of Nigeria, Sanusi Fari, said the sale of petrol above government approved price by depot owners would soon lead to a hike in the commodity’s pump price.

Fari told journalists in Abuja that the government through its agencies such as the Department of State Services and the Department of Petroleum Resources should curb the development to avoid crisis in the downstream oil sector.

He said some private depot owners were selling at N165 per litre to independent marketers, way above the government stipulated price of N148 per litre.

Fari said, “Our challenge is the inconsistency in the pricing of petrol. Up till a week ago, government was still insisting that the February price for petrol remained unchanged.

“And most of the private depot owners are selling above the government stipulated price. As at today ( February 25, 2021) private depot owners are selling at N165 per litre to independent marketers.”

He added, “In the last six years, only NNPC imports refined products into this country and these tank farms buy their products from NNPC under a controlled price.

“This has affected our businesses seriously because government is insisting that we sell at the rate of N165, which is not going to work.”

The IPMAN president said filling station owners buy the product at N165 per litre from the private depots and incur other expenses such as transportation, rent, etc.

“So government cannot expect us to sell less than what we buy,” he said.

Fari added, “This is why we are calling on government and agencies that are saddled with the responsibility to control petrol pricing to urgently clamp down on depots that are selling above the stipulated price.”

The Nigerian National Petroleum Corporation, the country’s sole importer of patrol, recently stated that it never hiked the cost of petrol to depots.

It also enjoined the depot owners to sell the product at the approved rate and called on the DPR to enforce the stipulated price across the depots.

Continue Reading

Trending