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By Esther Agbo Presco Group Plc, a key player in Nigeria’s agro-industrial sector, has reported an impressive profit after tax of N38.8 billion for the first half of 2024, marking a significant 157 percent year-on-year increase from N15.1 billion in the corresponding period of 2023. This substantial profit surge highlights the company’s growing influence and ...
About one year after the move by the Central Bank to float the Naira and achieve a unified exchange rate, the market capitalisation of the Nigerian Exchange (NGX) has declined by $27.8 billion. Less than two weeks after assuming the presidency, President Bola Tinubu moved the CBN to unify the exchange rates in the ...
Nigeria’s equities investors who bought shares of Okomu Oil Palm, MTNN, Oando, Unilever and Vitafoam on Thursday made the market record its highest daily gain since the beginning of August. Increased buy-side activities on the Nigerian Exchange Limited (NGX) pushed the market’s benchmark performance indicator higher by 1.03 percent at the close of trading on ...
By Esther Agbo In preparation for the upcoming Capital Market Committee (CMC) meeting, the Securities and Exchange Commission (SEC) is set to unveil its strategic vision for enhancing the Nigerian capital market’s role in the nation’s economic development. The meeting, aligned with President Bola Tinubu’s Renewed Hope Agenda, is expected to serve as a pivotal ...
Nigerian neobank, Kuda, recorded a net loss of $32 million in 2022 according to its latest financial report filed in the UK. This came despite a 190 percent surge in the company’s revenue for the year to $22 million from $7.7 million it recorded in 2021. The loss is primarily driven by increased staffing and ...
AXA Mansard published its 2024 second-quarter results, reporting a pre-tax profit of N14.9 billion. This indicates a 57.79 percent year-over-year increase from a pre-tax profit of N9.4 billion reported in 2023. The company experienced a surge in revenue by 88.88 percent year-over-year at N44.2 billion in Q2 of 2024, up from N23.4 billion in 2023. ...
By Esther Agbo The Nigerian equities market yesterday saw a bullish performance as REDSTAREX Plc and 26 others led the total capitalisation to a gain of N97 billion, the first gain this week following the bear reign during the peak of the now muted hunger protest. The All-Share Index (ASI) rose by 170.46 points, representing ...
The Director General, Securities and Exchange Commission (SEC), Emomotimi Agama, says the commission is set to outline its vision for the Nigerian capital market at the second Capital Market Committee (CMC) Meeting. Agama, in a statement made available to newsmen on Wedesday in Lagos, said this aligns with President Bola Tinubu’s Renewed Hope Agenda. He ...
Tantalizers PLC released its 2024 second quarter results, showing a pre-tax loss of N164.7 million. This represents a 42.17 percent year-over-year offset from a loss of N284.9 million reported in 2023. According to the report, cost of sales decreased by 51.26 percent year-over-year, from N742.3 million recorded in the previous year. Reduction in the cost ...
By Esther Agbo The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has emphasised the critical role of bank recapitalisation in enhancing Nigeria’s financial stability and fostering economic growth. Speaking at a recent forum in Abuja, Agama highlighted that this initiative is a cornerstone for achieving Nigeria’s ambitious goal of becoming a ...
Nigeria’s fastest-growing insurance provider, Heirs Insurance Group (HIG), has announced the appointment of Ibrahim Puri and Sunny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General. The appointments further strengthen HIG’s governance and leadership team. HIG has enjoyed rapid growth since its launch in 2021, as consumers benefit from the Group’s unique ...
Foreign portfolio inflow into the Nigerian Exchange (NGX) in the first half of 2024 was about $161.4 million, representing a 14 percent year-on-year growth from $141.8 million as of the first half of 2023. The market recorded a total foreign inflow of N229.07 billion during the period, in contrast with N72.02 billion at the end ...
By Esther Agbo In a bid to streamline environmental, social, and governance (ESG) practices across industries, the Chief Executive Officer of NGX Regulation, Olufemi Shobanjo, has advocated for the establishment of a centralised ESG regulatory authority in Nigeria. Speaking at the 2024 FITC Sustainability ESG Summit, themed: ‘From Vision to Action – Leading with Sustainability ...
ABC Transport has released its financial results for the second quarter of 2024, revealing a notable increase in revenue but a sharp decline in profitability. The company’s pre-tax profit for the period stood at N57.3 million, a significant 32.20 percent decrease from the N84.6 million reported in the same quarter of 2023. Despite a substantial ...
Despite facing significant macroeconomic challenges, BUA Foods Plc has achieved a remarkable 38 per cent increase in profit after tax, reaching N130 billion for the first half of 2024, up from N95.18 billion in the same period last year. The company’s latest financial report, filed with the Nigerian Exchange Limited, highlights a substantial 110 percent ...
Companies under the Dangote Group lost about N1.21 trillion of their market capitalisation in July 2024, as they all experienced double-digit share price decline during the month. Dangote Cement, Dangote Sugar Refinery, and NASCON Allied Industries are the three subsidiaries of Dangote Group listed on the NGX. These companies’ share price declined by 10 ...
Sterling Financial Holdings reported a profit after tax of N16.26bn for the first half of the year, a 52.3 percent increase compared to N10.68 percent in the same period last year. This growth was driven by higher net interest income and efficient cost management. This was disclosed in the condensed unaudited group interim financial statements ...
Investors in the Nigerian equities market enjoyed a mixed feelings trading week on the floor of the NGX following a loss of N107bn in the just ended trading week. The bourse recorded losses in three of the five trading days gaining on two trading days as the equities market felt the impact of then#EndBadGovernance protests. ...
Flour Mills of Nigeria Plc has made a remarkable comeback, reporting a significant 67 per cent increase in revenue to N763.2bn for the first quarter ending June 30, 2024. . This impressive growth marks a substantial rise from the N456.4bn reported in the same period last year. The company’s gross profit also saw a substantial ...
By Esther Agbo VFD Group Plc has demonstrated robust financial growth in the first half of 2024, with significant increases across key performance indicators. The Group’s profit after tax reached N3.11bn, reflecting a strong financial position amid a challenging economic landscape. In an official statement during the week, Managing Director, Nonso Okpala highlighted the Group’s ...
Pan African Towers (PAT) Ltd, Nigeria’s leading provider of digital infrastructure has announced the appointment of Jyoti Desai and Vivek Gupta as Non-Executive Directors, with effect from May 21st, 2024. Jyoti Desai, a former Group Chief Operating Officer of MTN, is a banking and telecoms professional with more than 35 years in the industry. Her ...
Nigeria’s equities market opened the month of August negatively as it on Thursday recorded the highest daily decline following the ongoing nationwide protests. For the fourth consecutive day, the market decreased by 0.42 percent at the close of trading session. Aggrieved Nigerian youths on Thursday, August 1 took to the streets across major cities of ...
By Esther Agbo Lafarge Africa Plc has reported a notable 15.66 per cent increase in pre-tax profit for Q2 2024, reaching N37.9 billion. This growth has been underpinned by a significant surge in revenue, which rose by 49.06per cent year-over-year to N157.8 billion, up from N105.9 billion in the same period last year. Revenue, N157.8 ...
