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World’s Top Three Cruise Lines Accumulate Over $60 Billion in Debt

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The year 2020 was unforgiving for cruise lines but 2021 seems to have started off on a slightly higher note. For the top three industry players, surviving the year took its toll resulting in a high level of cash burn and massive debt burdens.

According to the research data analyzed and published by ComprarAcciones.com, the top three cruise lines have accrued more than $60 billion in debt during the pandemic period. Norwegian Cruise Lines’ debt burden was over $12.15 billion. For Carnival Corporation, it was around $30 billion while for Royal Caribbean, it was over $18.95 billion.

Carnival Corporation Revenue to Shoot Up by 13.6% in FY21, 227.4% FY22

Deutsche Bank raised its price target on Royal Caribbean stock from $62 to $79. On the other hand, JP Morgan went from $91 to $100. As a result of this positive sentiment, the cruise company’s share price soared.

According to Marketwatch data, Royal Caribbean’s share price as of March 24, 2021 was $82.45, up by 92.36% over the one-year period. Comparatively, in 2020, its share price fell by 44%.

Similarly, Carnival Corporation and Norwegian Cruise Lines are on an uptrend since the start of 2021. Trading at $25.79, Carnival is up by 59.8% over the one-year period, while Norwegian is up 61.1% at a share price of $25.40.

In Q4 2020, Royal Caribbean posted a net loss of $1.37 billion, sending its annual loss to $5.8 billion. Revenue for the period amounted to $34.1 million, a far cry from its Q4 2019 figure of $2.52 billion. For the full year 2020, its revenue totaled $2.2 billion.

Carnival Corporation posted a loss of $2.2 billion for its fiscal Q4 which ended in November 2020.

Analysts have, however, expressed optimism, projecting an increase of 13.6% for Carnival’s fiscal year 2021 revenue. In fiscal year 2020, the increase will be a stunning 227.4%.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government’s Concrete Road Plan Threatens Cement Prices, Warns Nigerian Cement Producers

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The Cement Producers Association of Nigeria has issued a stern warning that the Federal Government’s ambitious plan to introduce concrete roads could lead to a significant hike in cement prices, potentially reaching an alarming N9,000 per bag, up from the current N5,000.

The association is urging the government to tackle the persistent issue of cement price fluctuations and ensure Nigerians do not have to pay more than N5,600 per bag.

In a joint statement released by the National Chairman, Prince David Iweta, and National Secretary, Chief Reagan Ufomba, the association commended the Works Minister’s advocacy for cement-made roads but cautioned against potential consequences if the supply-side challenges are not addressed comprehensively.

The cement producers proposed a solution, emphasizing the need for road designs that facilitate the concurrent use of cement technology and asphalt pavement. They argue that such designs would allow contractors ample time for investment in necessary equipment and retooling, ensuring a smoother transition.

According to the statement, “Our findings across the country indicate that cement prices can surge to as high as N6,000 per bag during the rainy season. With the Minister of Works’ endorsement of cement technology and the President’s housing directives, we predict prices could exceed N9,000 per bag in the dry season if proactive measures are not taken.”

The association also urged the government to expedite the backward integration policy initiated during the late Yar’adua administration, which had started to positively impact cement availability and affordability.

They emphasized the necessity of breaking monopolies and favoritism in the sector, urging the government to expand participation with companies demonstrating verifiable local investment.

They further called for harmonization between fiscal and monetary policies, intervention in the foreign exchange market, restructuring of manufacturers’ bad loans, and a review of palliative measures to revive manufacturing concerns and reduce dependence on elusive foreign direct investment.

The Cement Producers Association of Nigeria’s statement underscores the urgency of addressing these issues to ensure the stability of the cement industry and maintain affordable prices for Nigerians, especially amid ambitious infrastructure projects.

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Conoil Plc Declares N1.73 Billion Dividend

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Conoil - Investors King

Conoil Plc announced its intention to pay N1.73 billion in divided to its shareholders for the 2022 financial year. This translates to N2.50 per share. 

The major oil marketer revealed these impressive figures after its 53rd Annual General Meeting, held in Uyo, Akwa Ibom State.

Despite the challenging economic landscape in Nigeria, Conoil demonstrated remarkable growth with its Profit Before Tax surging by an astounding 60.1 percent to N6.13 billion in 2022, up from N3.83 billion in the preceding year.

This performance also translated to a 60 percent increase in Profit After Tax, soaring from N3.08 billion to N4.96 billion.

Conoil Plc’s gross earnings rose by 5.1 percent to N145.8 billion in the 2022 financial year, compared to N138.2 billion in 2021.

Shareholders unanimously approved the proposed dividend payout, reflecting their confidence in the company’s ability to navigate a challenging business environment.

Dr. Mike Adenuga, the Chairman of Conoil Plc, expressed the company’s commitment to creating value for shareholders and ensuring a growing share price.

He emphasized their consistent ability to improve operational margins and expand across all locations, focusing on delivering exceptional service to customers.

Looking ahead, Adenuga acknowledged potential challenges in the ever-changing geopolitical and socio-economic landscape but assured shareholders that Conoil would remain focused on strategies that yield dividends.

He highlighted the government’s reform initiatives, including the elimination of petrol subsidies and foreign exchange market reforms, as opportunities for growth.

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Chivita Crowned “Outstanding Juice Brand of the Decade” at MarketingEdge Excellence Awards

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Chivita Active Zest- Investors King

Chivita, Nigeria’s beloved fruit juice brand, emerged victorious as it clinched the highly sought-after title of “Outstanding Juice Brand of the Decade” at the esteemed MarketingEdge Brand and Advertising Excellence Awards.

The prestigious award ceremony, held recently, celebrated Chivita’s remarkable journey to becoming a beacon of excellence in the Nigerian fruit juice market over the past ten years.

The recognition underscores Chivita’s unwavering commitment to superior quality, innovation, strategic engagement, and unswerving dedication to consumer satisfaction.

The organizers of the MarketingEdge Brand and Advertising Excellence Award heaped praise on Chivita for its unparalleled contribution to the juice industry. In their words, this award is a testament to Chivita’s transformation into the gold standard for premium quality fruit juices in Nigeria.

“We also know that Chivita has been at the forefront of enlightening the public and promoting the benefit of daily fruit juice consumption for everyday wellness for over forty years, ensuring that everyone has a Chivita. This has not gone unnoticed,” they noted.

Mrs. Toyin Nnodi, the Marketing Director of CHI Limited, the parent company of Chivita, expressed her gratitude to the award organizers and the brand’s loyal consumers. She highlighted the relentless pursuit of innovation and the commitment to producing high-quality products as the driving force behind Chivita’s success.

“At CHI Limited, we have dedicated years of innovation and commitment to high-quality products with the ultimate goal of consumer preference and satisfaction. The ‘Outstanding Fruit Juice Brand of the Decade’ award to Chivita is proof that our efforts are appreciated by consumers,” she stated.

Chivita’s product lineup includes a wide range of fruit juices, juice nectars, and fruit-flavored drinks, such as Chivita 100%, Chi Exotic, Chivita Active, Chivita Ice Tea, Chivita Happy Hour, and Chivita Smart Malt. These offerings come in a variety of variants and different pack sizes and packaging formats, catering to the diverse desires of consumers for healthy and great-tasting juices.

As Chivita basks in the glory of this remarkable achievement, it continues to stand as a testament to the power of unwavering dedication to quality, innovation, and consumer satisfaction. The brand’s journey to becoming Nigeria’s outstanding juice brand of the decade is indeed a story of resilience, excellence, and an unyielding commitment to providing refreshing moments to every Nigerian, one Chivita at a time.

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