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JPMorgan On A Blockchain Hiring Spree

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JPMorgan - Investors King

JPMorgan is on a hiring spree for its blockchain unit, seeking to fill positions across audit, engineering and marketing, several LinkedIn postings reveal.

The bank — which has been active in the blockchain space for several years — announced in October 2020 that it would bring all of its blockchain-related products and services under a new business unit, dubbed Onyx. Those services including Liink, a blockchain network of hundreds of financial-services firms and corporations, as well as its Coin Systems business, as per its website.

As for the job ads, JPMorgan has plastered dozens of new postings on LinkedIn, including engineering-related roles. One role for a blockchain platform software engineer is looking for someone with a background in proof of stake, Ethereum, and bitcoin and would create a “forum for innovation with the blockchain technology community that drives thought leadership around the digital architecture roadmap and strategy.”

There’s also evidence the firm wants a stronger external presence for the blockchain work being worked on at the firm.

“This individual will drive the Liink marketing strategy by developing a thorough understanding of our strategic objectives, positioning, brand voice, and offerings so that you can create consistent and engaging content across multiple touchpoints,” the ad reads. The person hired would be tasked with creating marketing strategies that “spark engagement — both internally and externally.”

The bank added that they want the person to have a sense of humor that is a touch irreverent.

JPMorgan has already made quite a number of big-ticket marketing hires for Onyx. At the beginning of the year, Ariana Gianacopoulos — formerly VP of global commercial marketing at Conde Nast — joined the firm as a marketing director.

Ray Beharry — previously a marketing executive for IBM’s cloud services division — also joined at the beginning of the year as head of marketing at Onyx, as per his LinkedIn.

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Cement Manufacturers on NGX Pays N115.782 Billion Income Tax in H1 2022

Cement manufacturing companies paid N115.782 billion in income tax in the first half (H1) of 2022

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Lafarge, Bua Cement and Dangote Cement

Cement manufacturing companies listed on the Nigerian Exchange Limited (NGX) paid N115.782 billion in income tax in the first half (H1) of 2022.

Their unaudited financial statements obtained by Investors King revealed.

Dangote Cement Plc, Nigeria’s most capitalised company and the largest cement manufacturing company in sub-Saharan Africa, paid N92.786 billion in income tax in H1 2022, up from N89.624 billion paid in the same period of 2021.

The company reported a 10.2% decline in profit after tax to N172.104 billion, down from N185.692 billion reported in the corresponding period of 2021. Dangote Cement realised N808.037 billion in revenue during the period.

BUA Cement Plc, Nigeria’s second-largest cement manufacturer, remitted N13.527 billion in income and deferred taxes to the Federal Inland Revenue Service in the first 6 months of the year.

The cement manufacturing company generated N188.562 billion in revenue and reported a 41.40% increase in profit after tax to N61.364 billion.

Lafarge Africa, another key player in the cement industry, reported revenue of N186.587 billion in the first half of the year. The company then paid N9.468 billion in income tax before declaring a profit after tax of N37.410 billion for the period under review.

Therefore, the firms paid (Dangote Cement – N92.786 billion; BUA Cement – N13.527 billion and Lafarge Africa remitted N9.468 billion) a combined N115.782 billion in income tax to the federal government in H1 2022.

Together, the three cement manufacturing companies realised N1.183 trillion in combined revenue and reported a total profit after tax of N172.202 billion.

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Dangote Cement Sales Drop, Profit After Tax Dips 10% in H1 2022

Dangote Cement Plc reported a 7% drop in sales volume in the first half (H1) of 2022 to 14.2 million tonnes.

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Nigeria’s leading cement manufacturing company, Dangote Cement Plc reported a 7% drop in sales volume in the first half (H1) of 2022 to 14.2 million tonnes.

Sales volume from Nigeria declined by 5.3% to 9.3 million tonnes. This the company attributed to global supply chain disruption that impacted operations where imports are required during the period.

The company’s revenue grew by 17% to N808 billion while the group earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 6.3% to N373.2 billion. Nigeria’s EBITDA expanded by 12.3% to N349.4 billion.

Profit after tax dipped to N172.1 billion, representing a decline of 10.2%, largely due to unrealised foreign exchange losses.

Net debt stood at N423 billion in the period under review.

Speaking on the company’s performance Michel Puchercos, Chief Executive Officer, said: “Despite the elevated inflation due to a very volatile global environment, the first half of 2022 has been positive.

“We recorded increases in revenue and EBITDA that drove strong cash generation across the Group. We recorded revenue of ₦808.0B, up 17.0% compared to last year and Group EBITDA of ₦373.2B, up 6.3% with an EBITDA margin of 46.2%.

“Although significant increase in energy and AGO costs are impacting production, we are strengthening our efforts to ramp up the usage of alternative fuels. Our Alternative Fuel Project aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. So far this year, we co-processed 67,230 tonnes of waste representing a 25% increase over H1 2021.

“To drive consumer engagement and support demand ahead of the rainy season; we have commenced the 3rd season of our National Consumer Promotion – “Bag of Goodies 3”. On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire.

“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Our continuous focus on efficiency, meeting market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

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Nigerian Breweries Announces 142.8% Jump in Profit in H1 2022

Nigerian Breweries Plc on Friday reported a whopping 142.8% jump in profit after tax realised in the first half (H1) of 2022.

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Nigerian Breweries - Investors King

Nigerian Breweries Plc on Friday reported a whopping 142.8% jump in profit after tax realised in the first half (H1) of 2022.

In the company’s unaudited financial statement obtained by Investors King, revenue grew by 31% from N209.031 billion recorded in the first half of 2021 to N274.085 billion in the period under review.

Cost of sales stood at N155.349 billion, an increase of 18.3% from N131.340 billion filed in the corresponding period of 2021.

Gross profit rose by 52.4% from N77.917 billion in H1 2021 to N118.736 billion in H1 2022 while marketing, distribution and administration expenses surged by 44.8 percent to N84.896 billion from N58.628 billion.

Results from operating activities expanded by 79.9% to N35.840 billion, up from N19.917 billion achieved in H1 2021.

Nigerian Breweries grew profit before tax to N25.697 billion in the period under review from N11.940 billion filed in H1 2021.

The company paid N6.954 billion in income tax to post N18.743 billion profit after tax. This represents an increase of N142.8% growth from N7.858 billion recorded in H1 2021.

In a press release signed by Uaboi G. Agbebaku, Esq., Company Secretary, Nigerian Breweries said profitability was driven by the company’s pricing strategy and better mix.

However, the increase in the cost of sales was attributed to the recent surge in commodity prices due to internal and external factors.

“The increase in operating profit and profit after tax was driven mainly by top line growth resulting from our pricing strategy and better mix. Increase in cost of sales was due to rise in commodity prices. Marketing, distribution and administration expenses were driven by the increase in commercial activities, rising diesel prices and higher wages arising from collective labour agreements,” the company stated.

“Although interest expenses were lower, the net finance cost was higher due to foreign exchange losses arising from a higher cost of meeting foreign obligations to overseas partners.

“Our business continues to build momentum and deliver consistent profitable growth even in the context of a very challenging operating environment. Our best-in-class portfolio of brands provides a unique platform that positions us well to lead and grow the beer and malt category and drive superior long-term value creation.”

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