Two big accounting enterprises, KPMG and PricewaterhouseCoopers LLP (PwC) have disclosed that they will remove their member firms in Russia and Belarus due to the country’s invasion of Ukraine.
According to KPMG, its consultancy network in Belarus and Russia will no longer be active as Russia’s military spread across Ukraine. However, this update will notably affect over 4,500 partners and staff in Russia and Belarus.
According to PwC, its Russia-based network will be discontinued after operating in the country for over 30 years with 3,700 partners and staff. PwC however, didn’t mention any update regarding Belarus.
“As a result of the Russian government’s invasion of Ukraine we have decided that, under the circumstances, PwC should not have a member firm in Russia and consequently PwC Russia will leave the Network,” PwC disclosed in a statement on Sunday, 6th March.
KPMG and PwC are the lastest companies to sever ties with Russia and Belarus distinctively, following the Russian Invasion of Ukraine. This is also coming on the heels of a number of sanctions that have been served Russia by the U.K., EU and the U.S. These sanctions are forcing firms globally to consider whether they should continue working with Russian clients who are state-owned.
Investors King recalls that other firms like Adidas, Visa, Mastercard and a number of other companies have pulled out services from Russia.
Experts and analysts have also projected that the sanctions from KPMG and PwC may be tied to the U.S. and other Western allies having voted to remove some Russian banks from SWIFT in the past week and also coming on the decline in market value for many companies and Russian-based companies.
Experts also project that as the war between Russia and Ukraine continues, more sanctions may be on the way against Russia in the coming weeks. In another update, Britain revealed that it is creating a legislature seeking to speed up its sanctions process against Russia on Monday, 7th March.
According to the British government, the new legislation will be designed to allow ministers tighten restrictions on Russian businesses and wealthy individuals.
While these sanctions are served to make Russia pull back its forces, it is also leading to heavy unemployment to Russians.
Automobile Firm to Complete Large Assembly Plant In Ogun, Unveils Plans to Build Vehicles
The plant would be completed by the end of the year and its operation would boost the exportation of vehicles abroad
As part of its plans to expand its business space and boost exportation, an automobile Firm, Lanre Shittu Motors (LSM) has said it was constructing a large vehicle assembly plant in Sagamu, Ogun State.
According to the Group Executive Director of the firm, Mr Taiwo Shittu, the plant would be completed by the end of the year and its operation would boost the exportation of vehicles abroad.
The CEO of the indigenous auto assembler, during an interview in Lagos State, also disclosed plans to build vehicles that will be known as Lanre Shittu.
Already, Shittu said the firm has started assembling a mid-size pickup truck christened Huanghai LSM, in partnership with a Chinese automobile manufacturer, Dandong Huanghai Automobile Co Ltd with a view to building Nigerian auto industry.
Shittu, while explaining the reason behind the collaboration of LSM with the Chinese firm, said it was to share technology and other things that would aid exportation to other African countries and beyond.
He said his firm has a plan to own a vehicle called LSM (Lanre Shittu Motors), and described Huanghai as a very good brand which is the second-biggest pickup company in China.
He said LSM’s partnership with Huanghai would afford them the opportunity to share technology among others before fully facing the indigenous firm.
LSM chief executive noted that the focus of the firm is to build the Nigerian automobile industry to the level of exporting its products to other African countries and beyond, adding that LSM, which will be 42 as a vehicle manufacturer this year would soon have its brand intact.
According to him, the company’s assembly plant had started injecting local content into products coming from the auto assembler, saying that about 30 percent of components of vehicles assembled from Lanre Shittu Motors are currently sourced locally.
For him, all the lubricants, the grease, liquid-based materials used in vehicles are assembled and sourced locally, adding that materials for the box body, which is the buckets on the trucks, welders design are being fabricated together in about 30 per cent local content in some cases.
Calling on the Federal Government to urgently come up with policies that would encourage automobile component manufacturers to come and build factories in Nigeria, Shittu likened Nigeria to a big market for manufacturers and investors.
For their investments to birth positive fruits, he sought the need for the Federal Government to enact policy that would attract investors.
He said if the government places 100 per cent duty on imported versions of the products that are sourced locally, no Nigerian manufacturer of vehicles would be buying imported parts when the locally-made are cheaper and of the same quality.
Investors King gathered that LSM has the potential to manufacture 2500 vehicles annually and it became a household name with the MAC and JAC heavy-duty trucks in October 2018.
It is a certified KIA, NISSAN, and Jinbei Bus dealer before its full venture into vehicles manufacturing.
Tesla Releases Fourth Quarter Result, Misses Wall Street Revenue Prediction But Beats Earnings
Automaker and clean energy company Tesla on Wednesday released its fourth-quarter results, missing wall street revenue prediction but surpassed that of earnings.
The Wall Street consensus for Tesla’s Fourth quarter (Q4) earnings was $24.6 billion in revenue and earnings of $1.13 per share. Meanwhile, Tesla’s revenue was down $280 million from wall street expectations, after it posted a revenue of $24.32 billion million but beat the earnings expectations with $1.19 per share.
At the end of the Fourth quarter (Q4), Tesla had $1.4 billion in free cash flow, down from the $3.3 billion cash flow recorded in the third quarter. Its stock witnessed a 3.2% spike to $149 per share after the earnings report became public and has continued to rise to $151.52 in the premarket.
Tesla closed the quarter (Q4) with a 16% operating margin, while its Automotive gross margins came in at 25.9%, the lowest figure in the last five quarters. Also, its operating cash flow was down 29% from last year, and down 36% from last quarter, coming in at $3.28 billion.
In terms of deliveries, the company disclosed it produced over 439,000 vehicles and delivered over 405,000 vehicles, bringing Tesla’s 2022 full-year deliveries to around 1.31 million vehicles.
Investors King understands that in 2022, the automaker slashed the prices of its vehicles around the world, a strategy that sparked demand for its vehicles.
Speaking on the slash of its vehicles, the company CEO Elon Musk said, “Price matters, the vast number of people that want to buy a Tesla car, can’t afford it, and so these price changes really make a difference for the average consumer.”
In October 2022, Tesla announced price cuts in China by up to 9% on the Model 3 and Model Y, reducing prices further by nearly 14%.
Earlier this month, it lowered the price of its long-range Model Y crossover (20% to $52,990) and Model 3 Sedan (14% to 53990) for U.S. buyers.
Musk disclosed that after Tesla slashed the prices of its vehicles, January saw the strongest demand ever in Tesla’s history, which he said that the demand exceeded production.
On the other hand, Tesla on Tuesday announced plans to invest $3.6 billion more into its Gigafactory in Nevada, adding two new facilities dedicated to building battery cells and Tesla semis, as it disclosed plans to boost production by 50% this year.
Cadbury Nigeria Reports 110% Jump in Profit in 2022
Cadbury Nigeria, a food, sweets and drink company headquartered in Lagos, on Wednesday announced a 30% increase in revenue from N42.372 billion reported in the 2021 financial year to N55.213 billion as of December 31, 2022.
In the company’s unaudited interim financial statement obtained by Investors King, gross earnings improved to N7.765 billion, a 20% increase from N6.478 billion filed in the corresponding period of 2021.
Results from operating activities stood at N247.214 million following a 50% decline from N491.468 million recorded in 2021.
Profit before tax grew by 23% to N1,352 billion in the year under review from N1.098 billion in 2021.
Profit for the year rose by 110% to N946.093 million from N449.712 million achieved a year ago. Share capital remained unchanged at N939.102 million.
Similarly, basic earnings per share appreciated by 110% from N23.94 to N50.37.
Meanwhile, Cadbury Nigeria was awarded a top employer certificate in Nigeria in 2022.
The Managing Director, Cadbury Nigeria, Oyeyimika Adeboye, in a statement, said: “We are excited that our company has been recognised as a Top Employer beyond the shores of Nigeria. This shows our people’s policies and practices are world-class. We will continue to put our people first and delight our consumers with the right snacks made the right way.”
Human Resources Director, Cadbury Nigeria, Wole Odubayo, added: Our certification as a Top Employer for the 2nd year consecutively in Nigeria, and ranking as one of the top three companies in Nigeria, further emphasize our commitment to best-in-class people practices, and a strong mindset of continuous improvement.
“It is also my pleasure to note that our Top Employer certification for this year is not just for Nigeria, but we have been certified as a Top Employer in Africa as well, and this serves to enhance our appeal as the employer of choice that we truly are.”
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