Connect with us

Business

Transcorp Records N4.2bn Profit After Tax in Half Year

Published

on

Transcorp hotel
  • Transcorp Records N4.2bn Profit After Tax in Half Year

The shares of Transnational Corporation of Nigeria (Transcorp) Plc led the price gainers yesterday as investors reacted to the improved results announced for the half year ended June 30, 2017.

The shares rose 8.1 per cent to close higher at N1.61 each following a profit after tax (PAT) of N4.164 billion recorded in H1 of 2017, compared with a loss of N12.191 billion posted in the corresponding period of 2016. The company’s 2016 performance was impacted by the devaluation of the naira that led to foreign exchange loss of N13.8 billion.

However, the conglomerate, which has interest in hospitality, power, agriculture, oil and gas, has bounced back in the H1 of this year.

Going by the results released yesterday on the Nigerian Stock Exchange (NSE), Transcorp Plc recorded revenue of N32.174 billion in 2017, up from N24.779 billion in 2016.

Cost of sale stood at N19.3 billion, as against N13.3 billion in 2016, while administrative expenses rose to N5.663 billion, compared with N5.265 billion in 2016. Net finance cost fell from N17.268 billion in 2016 to N4.988 billion in 2017. Consequently, Transcorp ended H1 2017 with PAT of N4.164 billion, a recovery from a loss of N12.191 billion in 2016.

Mr. Emmanuel Nnorom, who was the Chief Executive Officer of Transcorp until June, 2017, had said: “Transcorp’s resilient performance is drawn from the diversity of our various business offerings. The closure of the Abuja Airport negatively affected occupancy for our hotel business, however, this was buoyed by top line year-on-year growth in our power business following improvements in gas supply.

“We expect to recover the lost ground brought on by the Abuja airport closure in Q2 2017. The reopening of the airport will pave the way for aggressive marketing that will improve traffic and occupancy at Transcorp Hotels. In addition we expect to see continued improvement in our power sector revenue as gas supply stabilises following the increased capacity of our plant arising from the recent commissioning of Gas Turbine 15.”

He had also added that the recent federal government’s guarantee of N700 billion to the Nigerian Bulk Electricity Trader (NBET), through the Central Bank of Nigeria (CBN), which he said, would will help ease liquidity challenges in the power sector and incentivise further investment in power generation.

“With this laudable initiative, the risk of not getting paid for power supply has been mitigated and should thus improve our cash-flow and appetite for further investment, as against current situation where we have notable outstanding receivables for our supply. We are now encouraged to generate more, especially as gas supply improves,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Segun Opeke is Polaris Bank Executive Director

Published

on

Polaris Bank Appoints Segun Opeke as Executive Director

Mr. Segun Opeke has been appointed as an Executive Director of Polaris Bank Limited, according to a statement issued by the bank.

The lender said the appointment was made by the bank’s Board of Directors and the Asset Management Corporation of Nigeria (AMCON).

According to the statement, Mr. Opeke has over 26 years of hands-on work experience acquired from leading Nigerian commercial banks with over fifteen of these years in senior and executive management roles.

Until his appointment, Opeke was the Directorate Head, Lagos Business.

The Lagos Directorate under, his leadership, recorded outstanding growth and contributed significantly to the turnaround of the bank, evidenced by its impressive financial performance recorded in the 2019 financial year.

“Since the CBN intervention in the erstwhile Skye Bank Plc in July 2016, Segun has played a prominent role in the Bank’s transformation initiatives and very instrumental to the several milestone achievements of the Bank.

“By this appointment, he is expected to strengthen the bank’s leadership aspirations in the industry leveraging his wealth of experience and contributing greatly to its ongoing corporate transformation programme,” it stated.

Continue Reading

Business

Survival Fund: Here is FG’s Timetable for Registration as Portal Opens Today

Published

on

Small and Medium Enterprises

FG’s Timetable for Survival Fund as Registration Portal Opens Today

The registration portal for the Federal Government’s Survival Fund will be officially opened to prospective beneficiaries at 10 pm Monday, September 21, 2020.

According to the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), Laolu Akande, the survival fund would help ease the negative impact of COVID-19 on small businesses and self-employed individuals.

He said “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”

On Sunday, the Federal Government released a statement detailing timetable for categories of businesses to register. According to the statement, educational institutions will be the first category of beneficiaries to register on the portal.

Nigerians interested in the Payroll Support scheme are to note that the site for registration will be open from 10 pm Monday, September 21, 2020.

“In order to ensure a seamless registration process, the Project Delivery Office (PDO) has designed a registration schedule.

“Registration for Payroll Support will start with educational institutions on Monday and will be followed with businesses in the hospitality industry on Friday, September 25 beginning from 12 A.M.

“The portal will also be open to other categories of small businesses from 12 A.M., on Monday, September 28, 2020,” the statement said.

Federal Government, therefore, advised those whose businesses were impacted by COVID-19 to take note of the schedule and also log on to http://www.survivalfund.ng to register for the payroll support initiative.

The survival fund is a federal government’s conditional grant to support vulnerable Micro and Small enterprises in paying salaries and safegaurd jobs to prevent further increase in unemployment and cushion falling economic productivity.

For how to access survival fund clicks here

Continue Reading

Business

How to Access Survival Fund Through Official Registration Portal

Published

on

small-business

Here is a Detail Break Down of How You Can Access MSMEs Survival Fund

You can now start registering for the National Micro, Small and Medium Enterprises (MSMEs) Survival Fund instituted by the Federal Government to help small businesses and individuals impacted by COVID-19.

To access survival fund registration portal log on to https://survivalfund.ng

According to Laolu Akande, the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), “Next week, we are starting the survival fund, which is a part of this plan. From next week, it will be available and people who are potential beneficiaries will be able to get more information on https://survivalfund.ng.”

He said from next week, “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”

About 45 percent of beneficiaries of the program are expected to be female-owned businesses while 5 percent is allocated to persons with special needs.

The survival fund includes payroll support for three months, and a guaranteed offtake scheme among others, all under the National Economic Sustainability Plan (NESP).

The Federal Government plans to reach around 1.7 million individuals and businesses through the program.

How to Benefit from MSMEs Survival Fund.

To benefit from National MSMEs Survival Fund, your business must:

—Be Nigerian-owned
—Be CAC-registered
—Business owner must have a BVN
—Staff strength of not less than 10 for Payroll Support and 3 for GoS.

Eligibility for the survival fund Nigeria

To qualify for Survival Fund Nigeria, applicants must meet the following requirements:

  1. For employers of MSMEs
  • All the beneficiaries companies must be registered under the Corporate Affairs Commission (CAC).
  • Must have staff capacity of not less than 3 persons,
  • All the eligible enterprises must be owned by a Nigerian and located in Nigeria.
  • Must have BVN.
  1. Self-Employed Individuals in the following categories
  • Service Providers in the transportation sector, i.e bus drivers, taxi drivers, ride share drivers (Uber, Bolt. etc) and Mechanics.
  • Artisans: Electricians, Plumbers, etc.

Application portal opening date

The portal will open on Monday, 21st September 2020

Survivalfund.ng Portal

The MSME Survival Fund registration portal is survivalfund.ng. Registration for the National MSMEs Survival Fund will begin on Monday, 21st September 2020.

MSME Survival Fund Registration Portal & Information.

Under the National Survival Fund is a Payroll Support Scheme, vulnerable registered businesses will be supported in meeting their payroll obligations of between N30,000 to N50,000 per employee to safeguard the jobs of a maximum of 10 employees over a 3-month period.

In addition to registered businesses, the National MSMEs Survival Fund will also cater to a second category of Nigerians: the Self-employed, including:

  • Service providers in the transportation sector, i.e. Bus/Taxi drivers, Rideshare drivers, Auto-Mechanics
  • Artisans (Electricians Plumbers etc).

Continue Reading

Trending