Mobility company Uber via an email recently disclosed to its drivers that it was increasing its fares in Lagos.
The company disclosed that this increase in price was necessitated by unfriendly economic conditions, coupled with the increase in the price of fuel which will take effect on October 3, 2022.
According to the email sent, the base fare will increase from ₦340 ($0.78) to ₦450 ($1.04), while the minimum and per minute fare will go from ₦600 ($1.38) to ₦650 ($1.50) and ₦14 ($0.03) to ₦16 ($0.03), respectively.
This is not the first time the mobility company is increasing its fare, it should be recalled that on May 10, 2021 Investors King reported that Uber was increasing its fares by 13 percent in Lagos. According to the company, the increase was to ensure a reliable earning opportunity for driver-partners.
However, the company’s recent decision to once again increase its fares in Lagos may come as a surprise to users but it is in line with its activities in other countries where it has operations.
Lagos is not the only city that has witnessed an increase in fares. In August 2022, Bloomberg reported Uber was increasing its fares in London by 5%, with plans to do the same in other cities across the United Kingdom.
Uber has not been the only ride-hailing player to increase its prices. A report by Rakuten Intelligence revealed that the cost of a ride on ride-hailing apps had increased 98% between 2018 and 2021, driven partly by a shortage of drivers.
But in recent times, the company has begun pushing for profitability. In an email to employees in May 2022, CEO Dara Khosrowshahi said, “we have to make sure our unit economics work before we go big.” The result of that has been an increase in fares.
However, in 2017 Uber reduced its fare shortly after Taxify, a growing competitor did the same. The company sent a message to its drivers via a mail which reads, “As of today, Uber has reduced fares by 40% in Lagos. This means you can travel for business or explore your city for less than ever before”.
Elon Musk Completes Twitter Acquisition, Fires CEO, CFO, and Legal Adviser
Elon Musk completed Twitter’s $44 billion takeover last night, he immediately fired an executive director reported to have spearheaded Donald Trump’s suspension on Twitter.
As the world’s richest man, Elon Musk completed Twitter’s $44 billion takeover last night, he immediately fired an executive director reported to have spearheaded Donald Trump’s suspension on Twitter.
Sources revealed that Elon Musk accused Chief Executive Parag Agrawal, Chief Financial Officer (CFO) Ned Segal, and a few other top members of the microblogging platform of misleading him over the number of bots and fake accounts on the platform.
It will be recalled that Musk had initially backed out of the acquisition deal after he alleged misrepresentation of fake accounts.
This, therefore, led to a legal battle between Musk and Twitter Inc.
After the acquisition was completed late Thursday, Musk who is the CEO of electric vehicle manufacturing company, Tesla tweeted “The bird is freed”, subtly referring to the Twitter Logo.
With the complete takeover of Twitter, analysts and observers have expressed their expectation to see a change in the operational modality of the company.
Similarly, the new owner, Elon Musk has also mum some changes which include the reactivation of the Former U.S President’s account which was suspended for inflammatory tweets.
Twitter had accused Donald Trump of instigating violence with his tweet which led to the attack on U.S Capitol.
Investors King had earlier reported that Elon Musk intends to take a number of measures which include the reactivation of Donald Trump’s Twitter account to turn the fortune of the company around.
Before the suspension, the former president has one of the most engaging Twitter handles on the platform.
Meanwhile, Elon Musk has set out a very ambitious transformation for his new company ‘Twitter”. He indicated that he will transform the platform into a “super app” which offers several things from money transfer to shopping and ride-hailing.
Already, the social media giant is reportedly planning to integrate a cryptocurrency wallet that will support both the deposit and withdrawal of digital assets.
In addition, Twitter also enables Bitcoin wallet address which allows Twitter users to attach their Bitcoin address to their profile.
Dangote Refinery Will Reduce Fuel Prices in Ghana, Other West African Countries
Upon the completion of Dangote Refinery which is the world’s largest refinery in a single production, it is expected to drive down the price of fuel in Ghana and other West African countries.
Upon the completion of Dangote Refinery which is the world’s largest refinery in a single production, it is expected to drive down the price of fuel in Ghana and other West African countries. Dangote Refinery is being built in Lagos Free Trade Zone (LFZ) in Nigeria.
According to the Chief Executive Officer of the National Petroleum Authority (NPA) of Ghana, Mustapha Abdul-Hamid, the completion of the Dangote Refinery and its subsequent commencement of operation will be a breakthrough for the West African region.
Investors King understands that most West African countries including Nigeria with a large deposit of crude oil import fuel from Europe.
While speaking at the 16th Oil Trading and Logistics Expo in Lagos, Abdul-Hamid noted that the oil downstream sector in Ghana is completely deregulated which makes it free from oil subsidy.
He noted that in a capitalist economy where fuel importers would want to make substantial profits from their cost of spending, importing from Nigeria which is a neighbouring country to Ghana will be cost-effective and cheaper than importing from far away Rotterdam in the Netherlands.
Currently, the West African country gets a substantial part of its fuel from the Netherlands.
“As we all know, the price builds up for a litre of fuel will include the cost of shipment, transportation, insurance, and others, but if we are importing from Nigeria into Ghana, this will bring down the cost of fuel in our country,” he stated.
He also added that the Government of Ghana is building a $60 billion petroleum hub on 20,000 acres of land for storage and marine facilities.
The mega oil storage facility which was first announced in 2018 will supply several countries in Africa. The project which is located in Bonyere is expected to be completed in 2030.
Meanwhile, Dangote Refinery intends to raise another trench of bonds to hasten the completion of the refinery. In July 2022, the company raised N187.6 billion under Dangote Industries Limited (DIL).
The second trench of the bond will make it a total of N300 billion which the company had disclosed it will raise from the public to help finance the landmark oil project which is due for commencement of operation by early 2023.
Finance Costs, Cost of Sales Drag on BUA Cement’s Profit in Q3 2022
BUA Cement Plc profit grew at a much slower pace in the third quarter as net finance costs jumped by 2,956.8% to N6.879 billion.
Despite a 18.2% increase in revenue in the third quarter (Q3) of 2022 to N74.037 billion from N62.627 billion recorded in the same quarter of 2021, BUA Cement Plc profit grew at a much slower pace as net finance costs jumped by 2,956.8% to N6.879 billion.
The leading cement manufacturing company disclosed in its unaudited financial statement obtained by Investors King on Thursday.
Cost of sales also grew by 35.3% to N45.325 billion in the quarter under review, up from N33.497 billion filed in the corresponding quarter of 2021.
As expected, BUA Cement’s gross profit for the quarter dipped slightly by 1.4% from N29.130 billion in Q3 2021 to N28.711 billion in Q3 2022.
Other income of the company dropped from N104.529 million achieved in Q3 2021 to N71.726 million in Q3 2022, representing a decline of 31.4%.
Similarly, selling and distribution costs grew 116.2% to N4.553 billion in the quarter from N2.106 billion posted in the same quarter of 2021. Administrative expenses also increased by 38.8% from N1.961 billion in Q3 2021 to N2.721 billion.
Therefore, operating profit for the period under review moderated by 14.5% from N25.168 billion achieved in Q3 2021 to N21.508 billion.
BUA Cement paid N195.228 billion as minimum tax in Q3 2022 to report profit before taxes of N14.434 billion, a 41.7% decline when compared to N24.766 billion reported in Q3 2021.
For income and deferred taxes BUA Cement paid N1.783 billion for the period. Profit after tax stood at N12.651 billion, a decline of 43.7% from N22.510 billion recorded in Q3 2021.
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