Connect with us

Company News

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.

Published

on

Dangote Cement - Investors King

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.”

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

Company News

Lagos-Ibadan Train: We Spend N4 Million Naira on Diesel Every Day, Says NRC

Nigerian Railway Corporation (NRC) has revealed that it spent N4 million on diesel daily despite struggling to make N1.7 million in a day.

Published

on

Lagos-Ibadan Train Services - Investors King

Nigerian Railway Corporation (NRC) has revealed that it spent N4 million on diesel daily despite struggling to make N1.7 million in a day.

According to the corporation, the high cost of diesel in recent times has really affected the profitability of the railway corporation. 

The corporation said it uses about 24,000 litres of diesel daily for the Lagos-Ibadan route, amounting to about N4 million while it barely makes N1.7 million a day.

This represents a cost-to-revenue ratio of 135.3 percent in favour of the cost. Besides, there are other costs incurred daily by the corporation. 

In the words of the NRC Managing Director, Mr Fidet Okhiria, “We can hardly buy diesel to operate. In fact, the major headache now is the price of diesel. For instance, on average, we use about 24,000 litres daily for the Lagos-Ibadan service and we barely earn up to N1.7m per day”. 

“Now the supply cost for a litre of diesel is close to N1,000. At the filling stations, you get it for about N700 to N800, but if you have a supplier, he will have to put his profit margin, VAT and others, and this brings the cost to about N1,000 per litre. So, we are talking about spending almost N4m on diesel alone, when we barely make N1.7m. But we still have to provide the services on that route.” He stated. 

Mr Fidet Okhiria further lamented that government allocation for the corporation in the 2022 budget is grossly inadequate to run operations.

He stated that the government provided about N500 million to purchase diesel for all rail services across the country which barely lasts up to a month. 

Continue Reading

Merger and Acquisition

PowerDFI Acquires Nigerian Startup Naijacrypto to Impove BlockChain Transparency And Security

PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.

Published

on

naijacrypto

PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.

The Nigerian cryptocurrency exchange startup expanded its offering into six new markets this year and also improved its presence in existing markets.

It is one of the few Nigerian cryptocurrency exchange platforms with its presence in the Caribbean, and has on several occasions indicated an interest in expanding to other Latin American countries.

Speaking on the recent acquisition, PowerDFI CEO Tim Webb said “Adding the work done by Naijacrypto to what we are building in PowerDFI fills out our technology suite to handle trillions in assets over the next decade.”

“We are set to lead the transition of the $57 trillion shadow banking market to the blockchain to improve transparency and security,”

Our combined strengths of being first in the market to allow the staking of physical assets using smart contracts on the blockchain and the integration of various yield mechanisms to be a leading fintech globally.” 

We’re also building a derivative platform on the blockchain to help businesses hedge against native currency and asset exposure risk to global markets,” Webb explained.

Also speaking on the acquisition, Naijacrypto CEO Chiagozie Iwu in an email to its users said;

“Harnessing its innovative blockchain technologies, PowerDfi also expects to lead the way in “bringing physical asset economic utility to the Blockchain.

This acquisition allows us to bring the future of financing vast amounts of critical assets to the blockchain. No other DeFi platform is making it possible for tokenized assets to be leveraged for staking, loans, and derivative creation.

Large amounts of equity can now be unlocked and unfrozen because of the PowerDfi platform and its staking and lending protocols.

At a time of job-cutting and freezing client funds in this sector, we’re creating a robust new platform that will drive asset financing on the blockchain globally.

PowerDfi’s acquisition of Naijacrypto is a fit-like-a-glove, synergistic arrangement in which the capabilities of each company perfectly meet the needs of the other”.

PowerDfi is the next phase of the DeFi evolution, and I am glad Naijacrypto and its entire team will have a front seat on this journey”.

Continue Reading

Merger and Acquisition

Adobe To Acquire Web-Based Design Platform, Figma in a Deal Worth $20 Billion

Figma announced it has entered into an agreement to be acquired by Adobe, the Co-Founder and CEO of Figma, Dylan Field said in a blog statement sent to Figma users. 

Published

on

FIgma

Today, September 15, 2022, Figma announced it has entered into an agreement to be acquired by Adobe, the Co-Founder and CEO of Figma, Dylan Field said in a blog statement sent to Figma users. 

Figma is an advanced web-based graphic design tool that offers next-generation collaborative work on UI/UX prototyping. It is a robust application that enables you to create unique UX designs that are user-friendly yet professional. It was founded 10 years ago by Dylan Field and Evan Wallace.

The collaborative design platform has become key for many businesses in recent years.

Investors King gathered that Adobe offered approximately $20 billion in cash and stock for the leading web-based collaborative design platform. 

While Adobe is used to create, view, and annotate text among others, the combination of Adobe and Figma will usher in a new era of collaborative creativity.

According to Adobe in a press statement, “Together, Adobe and Figma will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design and inspire global communities of creators, designers and developers. The combined company will have a massive, fast-growing market opportunity and capabilities to drive significant value for customers, shareholders and the industry”

“Adobe and Figma share a passion for helping individuals and teams to be more creative and productive. With Adobe’s and Figma’s extensive product portfolio, the combined company will have a rare opportunity to power the future of work by bringing together capabilities for brainstorming, sharing, creativity and collaboration and delivering these innovations to hundreds of millions of customers”, the statement added. 

After the acquisition, Adobe will allow Figma to work autonomously and retain Dylan as Figma’s Chief Executive Officer (CEO). Dylan will however be reporting to David Wadhwani. David Wadhwani is the Executive Vice President and Chief Business Officer, Digital Media at Adobe Incorporated. 

 

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending