Connect with us

Finance

Unilever Nigeria Shakes Off Covid-19 Effect, Records N1.796 Billion Profit in Q1 2022

Published

on

Unilever Nigeria Plc

Unilever Nigeria Plc, a leading consumer goods manufacturer, grew profit after tax from -N491.997 million decline recorded in the first quarter (Q1) 2021 to N1.796 billion in the first quarter of 2022.

The company disclosed this in its unaudited financial statement obtained by Investors King.

Unilever Nigeria’s revenue for the period under review rose to N20.560 billion, up from N16.509 billion in Q1 2021. Gross profit also improved to N7.174 billion while operating profit rebounded from -N282.396 million in Q1 2021 to N7.174 billion in Q1 2022.

Finance income inched higher to N162.931 million from N152.419 million. Finance costs, however, jumped to N121.133 million from N34.371 million.

Profit before minimum taxation rose to N2.351 billion, down from -N129.977 million reported in Q1 2021. While profit before tax jumped from -N227.077 million to N2.246 billion in Q1 2022.

The company paid N450.123 million in income tax. Therefore, profit for the period rose to N1.796 billion. Earnings per share grew from -N0.09 to N0.31.

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.

Continue Reading
Comments

Finance

Emefiele Meets President Buhari, Hinted on Revisiting Naira Withdrawal Limit

The House of Representatives has invited the CBN governor to brief the house about the new policy. 

Published

on

enaira wallet

The CBN Governor, Godwin Emefiele, stated yesterday that the apex bank would consider reviewing the new weekly cash withdrawal limits of N100,000 and N500,000 for individuals and corporate bank customers, while also clarifying that the new policy which will take effect from January 2023 is not targetted at any individual. 

Investors King had earlier reported that the House of Representatives has invited the CBN governor to brief the house about the new policy. 

During the plenary session yesterday, several lawmakers positioned that the new withdrawal policy is capable to hurt the economy, especially some Nigerians who still rely on cash transactions. 

Similarly, the Association of Mobile Money Operators of Nigerians argued that the policy is capable to get them out of business.

While speaking to journalists after a close-door meeting with President Buhari, Emefiele assured that the apex bank would not be rigid on the policy as it was not meant to hurt anybody but to strengthen the nation’s economy.

In addition, the CBN governor added that more than N1 trillion worth of old notes had been deposited to various commercial banks across the county by bank customers while adding that the CBN has distributed the new N200, N500, and N1,000 notes to banks for disbursement to their customers, ahead of the December 15, earlier scheduled for circulation of the new notes. 

It could be recalled that the Central Bank of Nigeria disclosed that naira redesign will help to address some prevailing fiscal issues which include excessive circulation of naira notes, counterfeiting, and terrorism. 

Emefiele explained that countries that have embraced digitization have gone cashless. He revealed that the president was happy with the policy 

“President Buhari was happy and said, we should carry on with our work, no need to fear, no need to bother about anybody,” he said. 

He said that the new policy of the apex bank was for the good and development of the Nigerian economy, adding, “We can only continue to appeal to Nigerians to please see this policy the way we have presented it”. 

Continue Reading

Finance

NNPC to Spend N1 Trillion on Road Projects Across Nigeria

NNPC release a sum of N621 billion to revamp selected roads across Nigeria through the Federal Government road infrastructure tax credit scheme.

Published

on

Mele Kyari - Investors King

The Nigerian National Petroleum Company (NNPC) Limited stated that it has provided an additional N1 trillion to fund road projects across Nigeria.

This was disclosed by NNPC Chief Executive Officer, Mele Kyari in Lagos yesterday.

Investors King learnt that this new development is coming after NNPC release a sum of N621 billion to revamp selected roads across Nigeria through the Federal Government road infrastructure tax credit scheme.

It could be recalled that President Buhari had signed Executive Order 007 which allows companies and corporations to embark on public infrastructure projects as a Tax Credit against Future Income Tax. 

Speaking during a tour of roads in the North-central and South-west, along with the Chief Executive of the Federal Inland Revenue Service (FIRS), Muhammad Nami, and other top government officials from the ministry of works, Kyari noted that NNPC intervention will help to better the road network across the country. 

The NNPC boss said, “We are very happy about the state of this road development. We are very happy with this intervention across the country, not just in this place. We are doing 1,800km across the country. NNPC is taking another set of over N1tn of investments in road infrastructure in the country”. 

Some of the roads visited by Kyari include the reconstruction of Bida-Lambata road in the state, with a length 124.81km, and the Lagos-Badagry expressway along the Agbara junction and Nigeria/Benin border.

In addition, it is important to note that roads embarked upon by NNPC are roads that will directly or indirectly sustain a smooth supply and distribution of petroleum products across the country. 

Kyari noted that the project to tax initiative is a good policy that could help to accelerate road construction in Nigeria. 

“We believe that this tax credit system which Mr President has put in place is the game changer for our country. We believe that in the next 24 months, there will be a massive change to the entire road network in this country and this is why NNPC is your company and working for all of us,” he said. 

Continue Reading

Banking Sector

Ecobank Reports $401 Million Before Tax in Nine Months to September 2022

Revenue grew by 7% from $1.26 billion in recorded the same period of 2021 to $1.35 billion in the period under review.

Published

on

Ecobank - Investors King

Ecobank Group on Thursday reported a 7% increase in revenue for the nine months ended September 2022, the leading financial institution announced in its audited financial statement.

Revenue grew by 7% from $1.26 billion in recorded the same period of 2021 to $1.35 billion in the period under review.

The bank’s operating profit expanded by 12% to $593 million, up from $528 million filed in the corresponding period of 2021, Investors King reports.

Profit before tax rose to $401 million, a 14% increase from $352 million achieved in 2021. Profit paid to shareholders grew by 7% from $182 million to $196 million.

Gross loans and advances to customers increased 5% from $9.469 billion to $9.917 billion. Similarly, deposits from customers increased by declined by 2% to

Commenting on the bank’s performance, Ade Ayeyemi, CEO, Ecobank Group, said: “We continued to deliver on our strategic priorities and are on track to meet full-year targets despite the complex operating environment. Group-wide return on tangible equity reached a record 21%, and profit before tax increased by 14%, or 48% at constant currency (i.e., excluding currency movements).

“These results reflect the resilience, strong brand and diversification of our pan-African franchise. We saw decent client activity in consumer and wholesale payments, trade finance and foreign currency markets. Additionally,
despite inflationary pressures, we maintained a tight lid on costs, thereby improving our cost-to-income ratio to 56.3% from 58.3% in the previous year.

“The dampened economic outlook necessitated maintaining a sound balance sheet with adequate levels of liquidity and capital. As a result, our total capital adequacy ratio at 14.4% is well above our internal and minimum regulatory limits. Also, we hold sufficient gross impairment reserves that fully cover our non-performing loans. Moreover, we have fully repaid the five-year $400 million convertible debt we issued in September and October of 2017.

“Ecobankers have worked extremely hard to serve our customers’ financial needs, and I am proud of them. As always, we will passionately work towards realising our vision and remaining the bank that Africa and friends of Africa trust.”

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending