- Ticket Sales: Foreign Airlines Generate $700m In 8-Month
The latest data from the International Air Transport Association (IATA) has shown that foreign airlines operating in Nigeria, sold tickets worth $700 million within 8 months (January – August 2019).
The amount indicated a significant increase when compared to the $800 million recorded in the entire 2018.
Meanwhile, IATA has projected $1 billion foreign airlines’ ticket sales for 2019, which travel experts think the country will even exceed because of the forthcoming yuletide season.
Reacting to IATA’s prediction, the President of the National Association of Nigeria Travel Agencies (NANTA), Mr. Bankole Bernard expressed positiveness that the country might surpass the projected $1 billion by the end of the year due to the Christmas season, which records influx of inbound passenger movement, as many Nigerians return to the country for celebration.
He added that “the market has stabilised. There is upward trend and more foreign airlines have shown interest in Nigeria. This confirms that the industry is doing well under the Minister of Aviation, Senator Hadi Sirika. I am seeing significant changes. There are a lot of changes taking place under the minister.”
Bankole admitted to the fact that Nigeria’s economy is still striving but expressed assurance that more Nigerians would be travelling overseas as the economy improved, which will result in more ticket sales by the airlines.
According to him, the International Civil Aviation Organisation (ICAO) was pleased with the Nigerian aviation sector because of the positive air safety recorded, more reason foreign airlines are interested in Nigeria, he noted.
“For us in the downstream sub-sector of the industry, there has been no default in payment of ticket revenues to the airlines like in the past. IATA acknowledged this and that is why it introduced IATA Easy Pay in Nigeria first before many other countries in the continent.
Bernard who is also the Chief Executive Officer of Finchglow Travels added that “Kenya, which hitherto had bigger travel agencies, came to understudy us. If we are not doing something good, they would not have come to understudy us and this shows that we are doing better than Kenya now.”
Recently, the Minister of Aviation received a ‘Certificate of Improved Security’ in Civil Aviation from the ICAO after the country’s aviation security system was assessed.
Sirika announced that the nation’s aviation sector scored 96.4 percent in improved security.
“ICAO, having the statutory responsibilities of monitoring, policing and regulating the aviation industry and setting standards, took a survey of 193 member-countries out of which 16 were found to have improved tremendously the security around their aviation system.
“Gladly, Nigeria was one of those 16 member-countries. Our score from the audit of ICAO was 96.4 percent; this is a remarkable improvement from a country that was scoring less than 50 percent in the past.
“In recognition of this, Nigeria received a certificate in Montreal, Canada during the General Assembly of ICAO, and we are proud to announce that we are part of those 16 member-countries that received this certificate.”
BUA Cement Announces 24.6 Percent Increase in Profit to N43.4 Billion in H1 2021
BUA Cement Plc, Nigeria’s second-largest cement manufacturing company, on Thursday reported a 22.7 percent increase in revenue in the six months ended June 30, 2021.
Revenue rose from N101.261 billion recorded in the first half (H1) of 2020 to N124.278 billion in the first half of 2021.
The company disclosed in its unaudited financial statements release through the Nigerian Exchange Limited and seen by Investors King.
As expected, the cost of sales inched higher by 19.1 percent from N55.539 billion in H1 2020 to N66.158 billion in H1 2021. While gross profit expanded by 27.1 percent to N58.120 billion in H1, up from N45.723 billion.
The cement manufacturing company grew other income by 52.3 percent from N47.653 billion filed in H1 2020 to N72.6 billion in H1 2021.
Administrative expenses rose to N4.17 billion in the period under review, representing an increase of 57.9 percent when compared to N2.643 billion recorded in H1 2020.
Operating profit increased by 23.8 percent from N40.809 billion in the corresponding period of 2020 to N50.524 billion in the period under review.
Profit before income taxes rose by 26.9 percent to N49.700 billion in H1 2021 from N39.165 billion in H1 2020.
The company paid N6.3 billion in income tax in the first half of 2021.
Therefore, profit after tax stood at N43.396 billion in the first six months of 2021, an increase of 24.6 percent when compared to N34.819 billion achieved in the same period of 2020.
Seplat Energy Appoints Dr. Emma FitzGerald as an Independent Non-Executive Director
Seplat Energy Plc has appointed Dr. Emma FitzGerald as an Independent Non-Executive Director of the Company, the company disclosed on Thursday.
Dr. FitzGerald will replace Lord Mark Malloch-Brown who retired from the Board of the Company on 1st August 2021.
Dr. Emma FitzGerald Profile
Dr. FitzGerald is a seasoned executive in Energy & Water, with hands-on experience in transformation through her many years of working at Shell, ranging from building its lubricants business in China to running its Global Retail network.
From 2007-2010, she was accountable for Shell’s Downstream strategy and played a key role in reshaping Shell’s renewables strategy including the creation of Raizen, a game changing biofuels JV with Cosan. From 2013 to 2018 she ran gas distribution and water & waste networks for National Grid and Severn Trent where she successfully
positioned them as sustainability thought leaders in their Industries.
Most recently Dr. FitzGerald served as CEO of Puma Energy International, a global energy company owned by Trafigura and Sonangol, which is focused on high potential developing markets in Africa, Asia and Central America. In 2020 she set up Puma’s Future Energies division to play a critical role in helping customers and communities find the right energy solutions to support the energy transition. Over the last 10 years she has served on various Boards in executive and non-executive capacities and currently sits on the board of UPM Kymmene, an international paper & biomaterials business focused on innovating for a future beyond fossil fuels.
Commenting on the appointment, Dr. A. B. C. Orjiako, Chairman of SEPLAT Energy said: “The Board of SEPLAT Energy is indeed delighted to have Dr. Emma Fitzgerald on board as she brings vast knowledge in important areas such as the energy sector, renewables and sustainability. SEPLAT Energy has a great future ahead and looks forward to the enormous contribution she will make towards its continuing global success.”
Robinhood IPO Priced at Lower End of Range, Firm Valued at $32B
Stock and crypto-trading app Robinhood has secured a $32 billion valuation via its initial public offering (IPO) and is set to debut on the Nasdaq exchange on Thursday.
According to a press release on Wednesday, Robinhood has priced its offering at $38 per Class A common stock share.
The pricing is at the lower end of the $38-$42 per share price range the company had targeted and had planned on selling 5.5 million shares targeting a $1.89 billion raise.
Net proceeds from the sale will go toward working capital, capital expenditures, funding tax obligations, hiring efforts, customer support services, among others.
Shares will be listed on the Nasdaq Global Select Market on Thursday, according to the release.
Earlier this month, Robinhood began unconventionally offering a portion of its IPO to users via its app — a view some consider to be a risky gamble.
Known for its zero-fee trading structure, the company has continued to endure hits to its image as well as legal and political ramifications stemming from the fallout of the GameStop saga and limitations to users trading crypto.
The company is trying to reshape that image and is reportedly working on a new feature that will help protect users from crypto price volatility while hiring a former Google alumn to improve its overall product design.
“Robinhood intends to use the net proceeds for working capital, capital expenditures, funding its anticipated tax obligations related to the settlement of RSUs, and general corporate purposes including increasing its hiring efforts to expand its employee base, expanding its customer support operations and satisfying its general capital needs,” the firm said in the announcement.
Robinhood filed the public offering prospectus on July 1, noting at the time that 17 percent of its total revenue in Q1 came from crypto trading transaction fees, which represented a big jump from the 4 percent in Q4 2020.
“While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34 percent of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4 percent for the three months ended December 31, 2020,” the firm said in the initial filing.
Still, the company’s CEO Vlad Tenev is staring down allegations from the Financial Industry Regulatory Authority over his failure to register Robinhood Financial relating to compliance issues.
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