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Total Nigeria Rebounds from 2020 COVID-19 Damages, Grows Profit by 1,601 Percent to N8.1 Billion in H1 2021

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Total Exploration - Investors King

Total Nigeria Plc, a subsidiary of Total, grew revenue by 42 percent from N106.705 billion recorded in the first half (H1) of 2020 to N151.333 billion in the first half of 2021.

In the company’s unaudited financial statements for the period, the cost of sales inched higher by 33.4 percent from N94.305 billion filed in the first half of 2020 to N124.83 billion in the period under review.

Total Nigeria’s gross profit appreciated by 105.7 percent to N25.504 billion in the first half of 2021, up from N12.400 billion in the corresponding period of 2020.

The company grew operating profit to N12.526 billion in the first half from -N716.812 million achieved in the first half of 2020 during the peak of COVID-19.

Profit before minimum tax jumped by 2,358 percent from -N523.898 million in H1 2020 to N11.779 billion in the period under review.

Total Nigeria paid N3.713 billion as income tax in the first half of 2021 to take the total profit after tax to N8.1 billion, a 1,601 percent increase from -N537.188 million posted in the corresponding period.

Shareholders’ funds expanded by 17 percent to N32.821 billion from N28.151 billion in H1 2020.

Total Nigeria’s share price grew by 49 percent during the period under review to N145.00 a share, up from N97.50 a unit in the first half of 2020.

Earnings per share jumped from -N1.58 in H1 2020 to N23 in H1 2021.

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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Manufacturers Cut Spending on Alternative Energy Sources as Electricity Supply Improves

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Manufacturing Sector - Investors King

Nigerian manufacturers reduced their spending on alternative energy sources by 21.25% to N60.4 billion in the first half of 2023, according to the Manufacturers Association of Nigeria (MAN).

This decline is attributed to the increased availability of electricity from the national grid, which improved to 11.3 hours per day, up from 10.2 hours in the same period of 2022.

The report also indicated a slight increase in daily power outages to 4.7 times from 4.4 times in H1 2022.

These improvements in grid electricity availability have positively impacted the manufacturing sector’s energy expenditure, leading to a significant drop from N76.7 billion spent in the second half of 2022.

However, the initial high expenditure on alternative energy sources was driven by skyrocketing diesel prices.

The cost of diesel had surged due to foreign exchange challenges and the implementation of a 7.5% Value Added Tax on Automotive Gas Oil (diesel).

Diesel prices in many states had risen to between N900 and N950 per liter, which threatened the production capacity of numerous manufacturing entities.

The Nigerian Textile Manufacturers Association expressed concerns about the potential closure of textile factories and job losses due to rising energy costs. Textile manufacturers, in particular, found it challenging to afford diesel at such prices.

The Chief Executive Officer of Coleman Technical Industries Limited also highlighted the increased production costs associated with higher diesel prices.

While the improvement in electricity supply is a positive development for manufacturers, the industry remains vigilant about energy costs and their impact on production.

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Dangote Group Subsidiaries Contribute N474 Billion in Taxes to Federal Government Over Three Years

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Dangote Sugar - Investors King

In a significant testament to its commitment to corporate citizenship and financial responsibility, three subsidiaries of the Dangote Group have revealed that they paid a substantial total of N474 billion in taxes to the Federal Government over the past three years.

The disclosure was made by Hashem Ahmed, an official representing the multibillion-dollar conglomerate, during the opening ceremony of the 18th Abuja International Trade Fair, which focused on the theme ‘Sustainable financing and taxation as drivers of the new economy.’

The Dangote Group, led by its President Aliko Dangote, stands as not only the largest private-sector employer but also the country’s leading taxpayer. The remarkable N474 billion contribution was primarily made by Dangote Sugar, Dangote Cement, and Dangote Salt.

Also, the group has a longstanding history of extensive financial support, empowerment initiatives, corporate social responsibility programs, sponsorships, and philanthropic endeavors, amounting to several billions of naira.

Hashem Ahmed also expressed the group’s satisfaction with the Federal Government’s commitment to tax reform policies aimed at broadening the tax base and providing essential funding for infrastructure development in the country.

The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, who spoke at the event, announced the government’s comprehensive plan to support small businesses and startups amid Nigeria’s economic challenges.

The plan includes a N75 billion investment by March 2024 to bolster the manufacturing sector, grants for microbusinesses in every local government, and a N75 billion fund to support up to 100,000 startups and MSMEs at favorable interest rates repayable over 36 months.

The government has also initiated partnerships with tech giants like Microsoft and the African Development Bank, signaling a bright future for Nigeria’s economic growth and innovation.

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Merger and Acquisition

Dangote Industries Set to Revolutionize Agriculture Industry with Mega Merger, Creating Dangote Foods Plc

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Dangote Industries Limited has unveiled plans for a merger that will give rise to a formidable entity known as Dangote Foods Plc.

This colossal conglomerate is poised to transform the agriculture industry and enhance food security across the nation.

The merger will combine three subsidiaries of Dangote Industries Limited, including Dangote Sugar Refinery, Dangote Salt, and Dangote Rice, resulting in a diversely profitable mega-company.

The fusion, scheduled for completion by the end of 2023 pending regulatory approvals, promises to yield significant benefits for all stakeholders, notably shareholders.

Dangote Sugar Refinery’s Group Managing Director and CEO, Mr. Ravindra Singhvi, highlighted the merger’s strategic importance, stating its potential to create substantial shareholder value.

The amalgamation will not only generate cost-saving synergies but also expand product offerings and revenue streams.

Dangote Foods Plc is set to become a powerhouse in the market, boasting a wide array of products, including sugar, salt, tomato, and rice, among others. This merger will facilitate broader distribution capabilities and increased operational efficiency through synergy.

The journey towards this monumental merger began when Dangote Sugar Refinery notified the Nigerian Exchange Limited of its intention to merge with NASCON Allied Industries Plc and Dangote Rice Limited, both subsidiaries of Dangote Industries Limited.

This move marks a pivotal moment in the corporate history of Nigeria, with Dangote Industries Limited reaffirming its commitment to driving growth, innovation, and food security for the nation.

As regulatory approvals progress, Dangote Foods Plc is poised to emerge as a prominent player in Nigeria’s agricultural landscape, ultimately paving the way for a brighter and more sustainable future for the country.

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