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Emirates Airlines Makes $837.6 Million on African Routes in 2021

Emirate Airlines has emerged as the most patronised airline in Africa in 2021 with total revenue of $837.6. 

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Emirates Airline

African Aviation Services Limited has ranked Emirate Airlines as the most used airline along African routes, with a revenue of $837.6 million in 2021.

Investors King learnt that Emirate Airlines emerged as the most patronised airline based on the total amount of revenue realised on African routes in the 2021 financial year.

Other airlines on the list include South African Airways, British Airways, Saudi Arabian, TAAG-Angola Airlines, and Air France. 

According to the Chief Executive Officer (CEO), African Aviation Services Limited, Mr Nick Fadugba, the aforementioned six airlines earned a total of $2.138.8 billion from 10 African cities in 2021 with Emirates taking the highest revenue on the continent.

The report further listed the top 10 highest revenue air routes in Africa to include Johannesburg-Dubai, Johannesburg-London, Cairo-Jeddah, Luanda-Lisbon, and Cape Town –Johannesburg.

Additionally, the list include Cairo-Dubai, Cape Town – Dubai, Abidjan-Paris, Cape Town-London, and Mauritius-Dubai.

Despite Nigerians increasing travel rate and enormous population, no Nigerian route was rated among the top 10 highest revenue air routes in Africa.

Meanwhile, the report noted that the Johannesburg – Dubia route recorded the highest revenue in 2021 with $315.6 million. Johannesburg – London followed with $295 million to rank in the 2nd position. Cairo-Jeddah raked in $242 million to rank in the 3rd position while Luanda to Lisbon recorded $231.6 to place in the 4th position. 

The list includes Cairo-Dubai with $181.3 million, Cape Town-Dubai with $176.7 million, Abidjan-Paris with $175 million, Cape Town – London with $174.6 million while Mauritius-Dubai earned $164 million to rank in 5th, 6th, 7th, 8th, 9th and 10th positions respectively. 

Cumulatively, airlines generated $2.1 billion in 2021 from all the top ten African air routes. 

Below is a list of the most patronised airlines in the top 10 African routes in 2021 and their estimated revenue. 

  1. Emirate Airlines.                  $837.6 million 
  2. South African Airways.       $359.6 million
  3. British Airways.                    $295 million 
  4. Saudi Arabian.                       $242 million 
  5. TAAG- Angola Airlines.        $231.6 million
  6. Air France.                              $174.6 million

 

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Merger and Acquisition

Otedola Moves to Sell Part of Geregu Power Plc to FEDA

Afreximbank to acquire part of Geregu Power plant

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Geregu Power

Billionaire Femi Otedola-owned energy company, Geregu Power Plc is in talks with the Fund for Export Development in Africa (FEDA) for the acquisition of part of the energy company.

The company stated in a statement signed by Akinleye Olagbende, Company Secretary and made available on the Nigerian Exchange Limited (NGX).

Geregu Power hereby notifies “Nigerian Exchange Limited (the Exchange) and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares. FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank),” the company stated.

According to the energy firm, talks are presently ongoing and “where these talks progress to a more advanced stage, the company will notify the Exchange and the investing public in line with the rules of the Exchange.”

In October, Geregu Power listed 2.5 billion shares at N100 a unit on the Main Board of the NGX. This puts the company’s market value at N250 billion and also in a better position it to raise capital to bid for Geregu II as it is presently doing.

Speaking on the listing, the Chairman, Board of Directors, Mr. Femi Otedola, CON, said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.”

He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”.

Otedola is the largest shareholder in FirstBank and also holds a 99% stake in Amperion Power, the owner of the Geregu Power Plant.

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Merger and Acquisition

Access Bank Acquires Indirect Stake in Sigma Pensions

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Access bank

Access Holdings on Friday announced it has completed the acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, First Guarantee Pension Limited (FGPL) with Sigma.

According to the bank, following the sanction of the Scheme of Merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up leaving Sigma as the surviving entity, according to Access Holdings.

Commenting on the transaction, Dr Herbert Wigwe, Group Chief Executive of the Corporation, said “Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business.”

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Company News

Dangote Group Dismisses Rumours of Plan to Rise Cement Price

Dangote Cement says no price increase

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Africa’s leading cement producer, Dangote Cement Plc has dismissed the rumor that it plans to increase the price of its products.

The clarification became necessary following a recent publication that Dangote Cement plans a fresh increase.

Recently, there has been some publication (Not Investors King) about a potential increase in the price of cement. The publications noted that the increase will be a result of the high cost of fuel among other prevailing issues. 

According to the Senior Manager, branding and communication, Dangote Industries Limited, Mr Sunday Esan, “Dangote Cement is not embarking on a price increase”, stating that the increase is mere speculation.

Meanwhile, Dangote Cement in the third quarter of 2022, recorded an increase in the overall volume of cement sales by 6.2 percent to 20.8 metric tons in the third quarter of 2022.

According to the company’s Chief Executive Officer, Michel Puchercos, this was achieved, despite the elevated inflation caused by a very volatile global environment.

Similarly, while speaking on the increase in the price of fuel, Puchercos said “to mitigate the impact of the significant increase in energy and AGO costs, we are strengthening our efforts to ramp up the usage of alternative fuels”.

“We are on track to commission our Alternative Fuel feed system at Obajana lines I and V, and Ibese line II in November. In addition, we are ramping up our investment in Compressed Natural Gas (CNG), to reduce our AGO usage,” he added. 

Investors King understands that Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. Although it has a few competitors which include BUA Cement, the company supplies most parts of Nigeria.

In addition, Dangote Cement has operations in 10 African countries. 

Its production plant in Obajana, Kogi state, is the largest in Africa with 16.25Mta of capacity across five lines while the Ibese plant in Ogun state has four cement lines with a combined installed capacity of 12Mta.

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