Billionaire Femi Otedola owned Power Generating Company, Geregu Power Plc profit after tax dipped by 11.44% in the nine months ended September 2022 to N10.029 billion, down from N11.33 billion filed in the same period of 2021.
Also, revenue declined by 28.17% from N54.301 billion realised in the corresponding period of 2021 to N39.003 billion.
The company disclosed this in its unaudited financial statement released on Friday and obtained by Investors King.
Gross profit stood at N18.95 billion, representing a decline of 27.38% from N26.09 billion achieved in the same period of 2021.
Other income grew by 401.9% to N11.44 billion from N2.28 billion in 2021. However, the company managed to reduce administrative expenses by 73.3% to N2.93 billion in the period under review from N10.98 billion recorded in 2021.
Therefore, operating profit inched higher to N16.03 billion, a 6.05% from N15.114 billion posted in the same period of 2021.
Net finance income dropped from N2.125 billion in 2021 to -N2.071 billion in 2022, largely due to the surge in finance cost to N4.226 billion from N535.277 million recorded in the nine months ended September 30, 2021.
Geregu’s profit before tax moderated to N13.957 billion from N17.239 billion, a decline of 19.04%.
The company paid income tax of N3.928 billion in the period under review to take its total profit after tax to N10.02 billion.
A critical look into the company’s three-month period ended September 30, 2022, showed Geregu grew profit after tax by 379% to N1.146 billion when compared to N239.040 million in the third quarter (Q3) 2021.
The company received a tax credit of N350.314 million in Q3 2022, hence why profit jumped from N795.523 million declared as profit before tax for the quarter to N1.146 billion.
Two weeks ago, the company became the first power generating company to be listed on the Nigerian stock exchange market. Geregu listed 2.5 billion shares at N100 a unit to add N250 billion to the Nigerian Exchange Limited (NGX) liquidity.
Geregu shares declined by 9.02% on Friday following the release of the financial statement. This puts the company’s market capitalisation at N264.790 billion.
Dangote Sugar Refinery to Create 300,000 Jobs
Africa’s richest man, Aliko Dangote has disclosed that his sugar refinery located in Adamawa State will soon commence recruitment and it is expected to create 300,000 jobs in both, direct and indirect jobs.
Investors King could recall that Aliko Dangote earlier announced that the Dangote Sugar Refinery Plc will significantly scale up its investment in the sugar sub-sector in line with the requirement of the Nigeria Sugar Master Plan.
Speaking at an event in Adamawa, Dangote noted that his sugar factory will expand its capacity from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd and to 15,000 tcd.
He added that the company will double its scholarship and empowerment schemes in its host communities.
“We are thus committing over $700 million to our investment in the Backward Integration Programme to enable us to put in place needed infrastructure for the eventual commencement of full-scale production,” he said.
Just like his cement and oil factories, Dangote Sugar Refinery will be one of the largest in Africa with the potential to create about 300,000 jobs both directly and indirectly.
“(Upon full-scale operation) the factory will be able to create about 300,000 jobs, direct and indirect, with positive multiplier effects on the economy nationwide,” he noted.
Investors King understands that at the completion of Dangote oil refinery situated in the Lekki part of Lagos State, it would be one of the largest in the world in single production with a capacity of 600,000 barrels of oil per day.
Similarly, his cement factory located in Obajana, Kogi State is the largest in Africa.
Speaking at the event, the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, described the Dangote Sugar Refinery as the biggest contributor to the development of the sugar development effort of the Federal Government.
Otunba Niyi Adebayo also appreciates Aliko Dangote for his massive support towards the host community through Corporate Social Responsibility (CRS).
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.
News3 weeks ago
Npower News: What You Need to Know Before Taking ‘Work Nation’ Eligibility Test
News4 weeks ago
Npower Introduce ‘Work Nation’ Program For Batch C, Stream 2 Beneficiaries
Travel1 week ago
Nigerians Eligible For Residence Permit in Norway
Education4 weeks ago
Jamb UTME Result 2022: Use Registration Number to Check Jamb Result
News2 weeks ago
Npower News: NASIMS Announced “Work Nation’s” Minimum Cut-Off Mark
Business4 weeks ago
Abuja to Kaduna Train Service to Resume Operations Soon
News3 weeks ago
Npower News: NASIM Provides Requirements Resolution For Failed August Stipend
News1 week ago
Npower News: Latest Update On Npower Payment for Beneficiaries