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Forbes Plans To Go Public Via A SPAC Deal Worth $630million

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Forbes- Investors King

Forbes has announced plans to go public via a merger with a publicly traded special purpose acquisition company (SPAC).

The long-standing media outlet will merge with Hong Kong-based Magnum Opus Acquisition Ltd, a SPAC led by Jonathan Lin, a former executive at billionaire Steven Cohen’s Point72. Forbes is, as a result, expected to be valued at $630 million, net of tax benefits. The deal is expected to close late in the fourth quarter of this year or early in next year’s first quarter.

Forbes will trade on the New York Stock Exchange under the ticker symbol FRBS. The company’s existing management team will stay in place under the leadership of CEO Mike Federle.

With print revenue sliding, the business news outlet has been doubling down on live events and leveraging its brand and reader base to build consumer products in areas including education and e-commerce. It reported $163 million in revenue in 2020 and expects it to grow to $193 million this year.

According to Mike Federle, The deal will allow Forbes to invest further in building consumer-focused products as the company reduces reliance on media revenue.

Forbes said the move will “further capitalize on its successful digital transformation, using technology and data-driven insights to create more deeply engaged audiences, and associated high-quality and recurring revenue streams.”

Forbes, which is famous for its array of popular “rich lists” that launched in 1982 with the Forbes Richest 400 is the United States’ big business magazine. It was founded in 1917 by Bertie Charles Forbes, a business columnist for William Randolph Hearst’s newspapers. Leaderships passed to his son Malcolm Forbes and then to Steven Forbes, who is the outlet’s chairman and editor-in-chief. An advocate of the so-called “flat tax” he campaigned on that for the Republican presidential nomination in 1996 and 2000.

Hong Kong-based Integrated Whale Media acquired a 95% stake in Forbes in 2014. The Forbes family owns the rest.

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Nintendo to See 8% Increase in Revenue Despite Recent Decline

Nintendo saw a 5% decline in its Q2 results

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Nintendo

Video game sales have recently declined in revenue. It is suspected that this downturn comes as a result of people spending less time on gaming and more time going out. This fall in quarterly revenue also comes just after many lockdown restrictions have been lifted.

As the industry begins to falter this causes many to wonder, will gaming continue with its downward trajectory?

Mr.Gamble took a closer look at the most recent quarterly earnings for video game giants, Microsoft, Sony and Nintendo to determine the next quarter’s revenue predictions. Research took into account the Q2 and total 2021 earnings as well as the most recent quarterly earnings of 2022 and its decline in percentage.

Company

2021 total year earnings

2021 Q2

quarter earnings

Most recent 2022

quarterly earnings

% decline in 2022 Q2

Next quarter’s revenue predictions

(average)

Microsoft

£10.5 billion

£3.9 billion

£3.8 billion

7%

£3.85 billion

Sony

£14.9 billion

£8.8 billion

£3.7 billion

2%

£6.25 billion

Nintendo

£6.6 billion

£2.2 billion

£1.9 billion

5%

£2.05 billion

According to the recent financial statement published by Microsoft, its revenues saw a huge depreciation of 7%. This is largely due to the company’s sales of Xbox consoles declining. The company also saw a 2 billion decrease compared to its Q2 revenue of £3.9 billion last year.

Despite the loss in revenue, our study predicts that Microsoft could see a slight increase from the £3.8 billion it received this quarter to £3.85 billion by its next quarterly review.

Although Sony witnessed just a 2% decline in sales for its most recent quarter, its operating profits saw a more disastrous downturn, plunging to almost 37%. However, in spite of this gloomy outlook the company could still see a healthy turnover of £6.25 billion next quarter, almost a 2.6 billion increase from its current financial state.

Nintendo saw a 5% decline in its Q2 results. According to the Japanese company, this weak performance comes as a result of not being able to sell as many Switch consoles as it wanted due to a global semiconductor shortage. Though this may have been the case, it is still possible for Nintendo to see a decent 7.8% increase in revenue in its next quarter to £2.05 billion.

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Oil Spill: Shell Spills 5 Barrels of Oil in Bodo Community Rivers State

Shell has spilled five barrels of crude oil from its Trans Nigeria Pipeline (TNP) into the Bodo community in Gokana Rivers state

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One of the world’s leading energy companies, Shell has spilled five barrels of crude oil from its Trans Nigeria Pipeline (TNP) into the Bodo community in Gokana Rivers state.

The oil spillage was reported by Joint Investigation Visit (JIV) approved by the host community, Rivers state Ministry of Environment, the National Oil Spill Detection and Response Agency (NOSDRA) and Shell Petroleum Development Company (SPDC).

JIV is an organisation that investigates oil spills, pipeline leakages, causes and their impact on the community.

Shell’s Trans Nigeria Pipeline spilled about 98% of water and 2% of crude oil into the Bodo community due to the ongoing flushing of the TNP with 5 barrels of leftover crude oil.

The spokesperson for Shell Petroleum Development Company (SDPC), Michael Adande, however, explained that the effect of the oil spill on the community was minimal since the TNP has not transported crude oil since June 2022.

According to him, the JIV will release an up-to-date report on the situation. 

Micheal said, “The spill from the Bomu-Bonny section of the Shell petroleum development company JV’s TNP in Bodo community, in the local government area of Gokana, Rivers State was largely water (98 per cent) from the ongoing flushing of the TNP, with the leftover crude oil of about five barrels as established and signed by the JIV led by regulators and involving representatives of the Rivers State Ministry of Environment and the community.

“Owing to the high level of theft, Shell petroleum Development Council has not processed crude oil through the TNP since mid-June 2022.

“Cleanup of the affected area and repair work on the pipeline are underway.”

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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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