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Uber Offers 50% Discount For Customers to Boost PVC Collections

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Uber

Car-hailing company, Uber has announced a 50 percent discount for users who wants to ride to collect their permanent voter’s card (PVC).

This offer is being enjoyed by customers in the cities of Abuja, Lagos and Port Harcourt. Investors King learnt. 

According to a press statement released by the company, starting on the 15th of November, the promotion will apply on weekdays between 8 am-5 pm and lasted for five weeks. 

Similarly, the discounted ride which is aimed to boost PVC collection ahead of the General Elections in February 2023 is offered both to and fro.

It would be recalled that the Independent Electoral Commission (INEC) revealed that out of the 84 million registered voters, over 20 million PVCs are yet to be collected nationwide. 

This promotion could motivate those who have not collected their PVC to do so. Thereby allowing them to cast their vote in the 2023 elections. 

Uber’s country manager, Tope Akinwumi, noted that the company takes pride in the campaign, noting that 2023 is a crucial time for the country. 

“We are proud to play a role in helping riders access convenient, affordable and reliable trips at such an important time for the country. We believe that mobility shouldn’t be a barrier in allowing people to take part in such an important civic exercise as voting in the General Elections. We hope as many riders as possible will take advantage of promotional fares to collect their PVCs,” the country manager noted.

The Independent Electoral Commission had announced that the collection of permanent voters cards would start at all the 774 local governments across the country. 

Meanwhile, INEC has stated that politicians buying permanent voters cards ate only wasting their time. INEC spokesperson, Festus Okoye who spoke with Channels Television noted that the possibility of voting with acquired voter cards is next to impossible. 

“I believe that the exercise will be futile. Anybody who is purchasing PVCs is just engaging in an exercise in futility. The only thing the person can do with that PVC is to make sure that the owner does not vote on election day, he said. 

Company News

UAC Nigeria Posts ₦4.7 Billion Loss After Tax as Animal Feeds Unit Records ₦3.6 Billion Loss 

UAC’s gross profit dipped 13% to N15 billion on rising input costs while the company posted N1.3 billion operating loss

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UAC Nigeria

UAC of Nigeria Plc on Monday reported N4.702 billion loss after tax for the 2022 financial year as N3.6 billion operating loss from the animal feeds and other edibles unit offset the N3 billion profit achieved in the paints unit.

Revenue grew by 8% to N109 billion on positive revenue growth of 5% from animal feeds and other edibles business unit, 25.1% from paints and 39.3% from quick-service restaurants.

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

UAC’s gross profit dipped 13% to N15 billion on rising input costs while the company posted N1.3 billion operating loss, down from N5 billion achieved in 2021. Loss before tax stood at N3.4 billion in the period under review.

Moving forward, the company said it has completed groupwide ERP implementation to SAP S/4 Hana focused on enhancing controls.

N2.8 billion was invested to increase SWAN spring water capacity 3x. Another N1.2 billion was invested in the Mr Bigg’s and Debonairs Pizza restaurant network.

Loss per share was 121 kobo in the 2022 financial year compared to 63 Kobo earnings per share recorded in the corresponding year of 2021.

Free cash flow, however, improved from -N19.1 billion in December 2021 to N10.7 billion, largely due to the company’s improved working capital management in FY 2022.

Commenting on the results, Group Managing Director, Fola Aiyesimoju, stated: “Our profitability was negatively impacted by losses in our animal feeds segment, which more than offset contributions from other segments. Our businesses grappled with escalating costs particularly energy, distribution, and finance costs which negatively impacted performance.

“Tighter working capital management resulted in N10.7bn free cash flow across the UAC Group. We will execute growth initiatives with caution until macroeconomic conditions improve.”

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Tech Layoffs – Electric Vehicle Maker Arrival Plans to Downsize Workforce to Reduce Operating Cost

The automaker revealed that the restructuring was necessitated by laying off half of its workforce, as it plans to preserve cash.

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New vehicles

Uk-Based electric vehicle maker Arrival has disclosed plans to downsize its workforce by 50% which is about 800 employees, as it plans to reduce operating costs.

The automaker revealed that the restructuring was necessitated by laying off half of its workforce, as it plans to preserve cash.

The company via a statement, “When combined with other cost reductions in real estate and third-party spending, the company expects to halve the ongoing cash cost of operating the business to approximately $30 million per quarter”.

In its third-quarter report released in November last year, the company disclosed that it had $330 million of cash on hand, noting that it will provide further details of its business plan on the 9th of March this year.

Also commenting on its proposed layoff plan, Arrival’s new CEO Igor Torgov disclosed that the decision to lay off some part of its employees was a tough one, however noting that the company is committed to supporting them during this difficult period.

In his words,

“The actions support our journey to become a champion in innovative products and new more efficient methods of vehicle production, particularly in the important U.S market for commercial electric vehicles.

“We are keenly aware that these decisions, while necessary will have a profound impact on a significant number of our colleagues. We are 100% committed to supporting our employees during this difficult process”.

Investors King understands that this is the third time since July last year that Arrival has taken drastic measures to stay viable. For months, the automaker has been struggling to make do with its limited resources even as it seeks to kick off serial production of its main product, an electric van.

It is however interesting to note that the EV maker in November last year, got a delisting warning from Nasdaq because its stock price was trading at a very low price.

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Business

Black Market Dollar To Naira Exchange Rate For Today 31st January 2023

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New Naira Notes

You can access the black market Dollar to Naira exchange rate for today, 31st January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦752 and ₦754, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N752 and sell at N754 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 752
Selling Rate 754

The local currency opened at N754.00 per $1 at the parallel market otherwise known as the black market today Tuesday, 31st January 2023, in Lagos Nigeria, after it closed at N755 per $1 on Monday, 30th January 2023.

Even though the dollar to naira opened in the parallel market at N754 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N752 and sell for N754 on Tuesday morning, January 31, 2023, after they purchased N752 and sold for N755 on Monday, 30th January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Tuesday, January 31, 2023, in Lagos Nigeria, after it opened at  ₦757 last week Monday, January 23, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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