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Nigeria’s Transcorp grows profit by 72%

Transnational Corporation of Nigeria Plc, Transcorp, has announced a profit after tax of N939.932 million for its second quarter ended, June 30, 2012, financial statement.

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Transnational Corporation of Nigeria Plc, Transcorp, has announced a profit after tax of N939.932 million for its second quarter ended, June 30, 2012, financial statement.

The profit after tax figures represents an improvement of 71.8 per cent from N547.211 million recorded in similar period in 2011.

However, the company recorded significant decline in its t op line figures, with its gross revenue dropping by 36.8 per cent to N788.752 million, from N1.249 billion recorded in the same period in 2011.

Transcorp recorded operating profit of N304.877 million, dropping by 62.4 per cent from N810.781 million in 2011 and a profit before tax of N1.052 billion, rising by 53.8 per cent from N684.014 million recorded in 2011.

The company’s profitability was eroded by administrative expenses of N487.866 million, down by 11.3 per cent from N438.182 million in second quarter 2011 and finance costs of N220.435, up from N127.628 million in 2011.

Transcorp’s investment in its subsidiaries stood at N20.678 billion, compared to N20.677 billion in the same period in 2011; financial assets grew by 1,746 per cent from N100 million to N1.846 billion; working capital, stood at a negative of N2.811 billion, from a negative of N4.884 billion, while net assets appreciated by 11.9 per cent to N15.935 billion from N14.241 billion recorded in 2011.

Meanwhile, Tripple Gee Plc has bounced back to profitability, declared a profit after tax of N6.234 million for its 2012 financial year.

According to its audited results for the year ended, March 31, 2012, presented to the Nigerian Stock Exchange, NSE, the figure was an improvement over a loss after tax of N49.22 million recorded in its 2011 financial year.

The company’s turnover grew by 14.4 per cent to N619.812 million, compared to N541.605 million recorded in 2011, while gross profit appreciated by 4.9 per cent to N155.762 million, from N148.527 million recorded in 2011.

Tripple Gee recorded operating profit of N41.471 million, compared to a loss of N12.725 million in 2011; profit on disposal of fixed assets N1.097 million; and profit on ordinary activities before tax of N8.605 million compared to a loss of N45.342 million.

The company’s cost of sales stood at N464.050 million, up from N393.078 million recorded in 2011; other income dipped by 0.2 per cent to N2.291 million, from N2.296 million recorded in 2011; while interest expenses and charges rose to N33.663 million, from N32.617 million.

On the balance sheet side, the company recorded fixed assets of N1.124 billion, rising by 21.4 per cent from N926.110 million recorded in 2011; trade debtors of N116.645 million, dropping by 7.1 per cent from N125.561 million recorded in 2011, total assets of N1.713 billion, up by 18.6 per cent from N1.444 billion recorded in 2011; total current liabilities dipped by 9.0 per cent to N353.312 million, from N388.291 million, while net assets stood at N642.260 million, up by one per cent from N636.026 million recorded in 2011.

 

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World Food Day: Adeleke Lists Milestones In Agricultural Sector

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To commemorate the World Food Day, Osun Stae Governor, Senator Ademola Adeleke has listed major milestones and expansion agenda for the state’s agricultural sector.

In a widely celebrated event attended by farmers across the crop sectors, Gov Adeleke reaffirmed the commitment of his administration to sustaining food security in the state, directing more active delivery by the Food Security Implementation Committee he set up earlier in the year.

Gov Adeleke enumerated his achievement to ensure food security in these words, “As part of efforts to strengthen productivity of the sector, you all will recall our Government procured thirty-one (31) brand new Tractors. That delivery was the first phase with further delivery expected soon. We have since commenced the deployment process to local governments.

“This however includes installation of tracking devices on the tractors to secure the assets, the finalization of a private sector based management of the assets and ongoing partnership with farmers’ association on the leasing of the tractors for farm use.

“Our immediate, short, medium and long term plans are to ensure sustainable usage of the tractors. We are targeting building a strong base for farm mechanisation including the building of a technical centre for maintenance of the tractors.

“To this end, our government has opened talks with the Machine Tools Limited at Osogbo to domesticate tractor production and maintenance. The synergy between the state and the Machine tool will also include expanding the technical skills and capacity of agropreneurs across Osun state.

“To that end, we have launched an agropreneur project which I promised earlier. Each local government is expected to provide at least 1000 hectares of land for a special incubation farming project for young agropreneurs. We have a productive partnership with the German Development Agency, GIZ to train and empower agropreneurs.

“To start with, the first phase of the training is focused on the cashew sector while the second training is focusing on rice production. The first phase of the training has been successfully completed. I commend GIZ, our partner, for its generous support for the agropreneur project.

“I however urge each local government to quickly make available the requested land for the farming project. The Commissioner for Agriculture and his counterpart for Local Government affairs should join hands to ensure availability of such lands as quickly as possible.

“We are building an agro based, export oriented state economy that will secure food security, expand food access to our people and provide jobs for our teeming youths.

“I want to assure you, our farmers, of our commitment to mechanisation and innovations. I attended a livestock conference in France in the last few days and we have learnt new practices about innovations in livestock farming.

“We strike partnership deals with French partners and even the office of the French Government on International Development. The Commissioner for Agriculture is following up on the understandings reached at the Livestock conference.

“Additionally, we have distributed herbicides, a variety of vegetable seedlings and fertilizers free of charge to support our farmers. These initiatives are part of our goal to establish Osun State as the agro-industrial capital of the Southwest region”, the Governor told the gathering of farmers.”

Gov Adeleke expressed his deep appreciation to the farmers of Osun State for their unwavering support of our administration, promising to continue collaboration with the farming community to achieve the shared goal of making Osun State an Agro-Industrial hub of the region.

The Commissioner for Agriculture, Hon Tola Faseru in his welcome address said the State Government has implemented several initiatives in the sector, citing the distribution of 6,000 packs of various vegetable seedlings, 8,000 Liters of herbicides and fertilizers to the farmers and the distribution of 8,000 cassava cuttings and 80,000 cashew seedlings.

Hon Faseru added that the ministry trained youths, women and people with disabilities in pig production and gave them piglets, working tools, feeds and stipends to kick start their business.

“Similarly, twenty-five (25) poultry farmers in the State through the Osun Broilers Outgrower Production Scheme were empowered to the tune of N8.6 million naira each in a bid to boost.poultry production. These are some of the accomplishments of the Ministry this year”, he stressed.

President, Association of Farmers in Nigeria (AFAN), Osun State Chapter, Alh Safiriyu Aremu commended the state government for the support extended to the farmers, promising further support of the Association for Gov Adeleke and his administration.

The event witnessed presentation of farm crop gifts and fish exhibition of various farm produce.

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Sustainability: Dangote Cement Commits To Carbon Emission Reduction

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. . . Feeds Vulnerable Communities, Empowers Children, Widows

As part of activities marking the 2024 Global Sustainability Week, leading Cement manufacturer, Dangote Cement Plc unveiled skills acquisition and educational empowerment initiatives during an outreach to vulnerable and deprived in communities across its business operations.

This is just as the President/Chief Executive of Dangote Group, Aliko Dangote assured all stakeholders that all his Business Units are committed to optimising their operations to contribute to the attainment of net zero within the global stipulated timeframe.

The reach out initiative, which is one of the hallmarks of the 2024 Dangote Sustainability Week themed “Business Optimisation for Net Zero – The Dangote Journey” saw Dangote Cement identifying the vulnerable groups comprising of children, widows, and the aged.

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About 250 children and 75 households benefitted from the gesture. The initiative, which was being carried out simultaneously in all the business operations of the Company in Nigeria and other locations across Africa, had the Lagos event held at Ikosi-Ketu in Kosofe Local Government Area of Lagos State.

In his remarks to kickstart the group’s Sustainability Week, Dangote said the issue of sustainability is a subject that is important, not just to the Dangote Industries, but for the future of humanity.

According to him, “As one of Africa’s largest conglomerates, Dangote is responsible for leading the way in sustainable business practices. The world is facing an urgent climate crisis, and businesses must be at the forefront of the transition to Greenhouse Gas (GHG) emission reduction and energy efficiency.”

He opined that this year’s theme conveys the company’s support for the United Nations Framework Convention on Climate Change’s goal to stabilise greenhouse gas concentrations in the atmosphere at a level that will curb human-induced interference with the climate system.

“This must happen within a timeframe sufficient to allow ecosystems to adapt naturally to climate change, to ensure that food production is not threatened, and to enable sustainable economic development. At Dangote, we started this journey with a strategic focus on the 7 Dangote Sustainability Pillars (cultural, economic, operational, social, environmental, financial, and institutional) which drive how we do business, and named – The Dangote Way,” the foremost industrialist said.

He emphasised that “in our ongoing journey towards Net Zero, we embrace this Week both as an opportunity and a challenge. It requires us to rethink the way we do business, to be willing to take risks, and to collaborate with partners across industries.”

Speaking during the empowerment programme, the Head, Sustainability at Dangote Cement Plc, Dr. Igazeuma Okoroba said the manufacturing giant has been committed to sustainability. She noted that this year’s sustainability afforded the Cement Company another opportunity “to demonstrate our love for humanity by sharing our sustainability message and showing support to the residents of our host communities.”

Represented by the Sustainability Manager, Dangote Cement, Dr. Oyelola Oyekemi, Igaezuma said, “we all know that the economic situation has contributed to an increase in households with limited access to health and sanitation, proper nutrition, education, and a safe living environment. For this year’s Sustainability Week, Dangote Cement recognises that families and children living in squatter settlements often endure hardship. The growing population of our society has also contributed to the development to the scarcity of jobs, affecting many households as well.

“While some of you work as small business owners and others are in between jobs and many do not even have the skill to help them get the jobs, these challenges limit not just adults but also children’s potentials to become responsible citizens who will transform Nigeria tomorrow,” Okoroba added.

She noted that “for this reason, Dangote Cement implements this charity outreach to support a more sustainable society. We believe your dreams and aspirations for improved health and sanitation, good nutrition, education, and clothing will come true if the private sector supports the government’s efforts. Our visit today is not only to give donations, but it also aims to pave the way for long-term developmental impacts, contributing to the UN Sustainable Goals. And the goals are, Goal 1, No Poverty, Goal 2, Zero Hunger, and Goal 11, Sustainable Cities and Communities.” According to her, contribution to these goals will create a more stable and nurturing environment that promotes family welfare and sustainable communities.

The chairman of Omojuwa Estate Community Development Association (CDA), Kinyomi Olaniewaja described the programme as timely and would benefit the community considering the present economic hardship in the country. He commended Dangote Cement for the good gesture, emphasising that it was the first time such humanitarian programme would be brought to the community.

Also in his remarks, the Grand Patron of Isokan Ifesowapo CDA, Mamuda Ibrahim showered encomium of the management of Dangote Cement for the initiatives designed to bring succour to the vulnerable ones. He then called on other organisations to emulate Dangote Cement and reach out to the less-privileged especially on special occasions such as the Sustainability Week celebrations.

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30th Nig Economic Summit: VP Shettima Shows Up At Shell Stand

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Nigeria’s Vice President, Kashim Shettima was at the Shell booth at the 30th Nigeria Economic Summit, Abuja.

The Vice President and his entourage listened to Shell’s Business Value Manager, Chidi Nkazi, explain Shell companies in Nigeria’s contribution to the Nigerian economy, local content development and commitment to sustainable development.

Nkazi presented key achievements of Shell Companies in Nigeria (SCiN) to the Vice President, underlining Shell’s role in fostering economic growth through tax contributions, job creation and support for local businesses.

In addition, Nkazi pointed out that through collaboration Shell Companies in Nigeria are powering Nigeria’s progress with significant contributions to the economy.

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Nkazi highlighted SCiN collaboration with co-venture partners to foster knowledge sharing, resources pooling and risk mitigation leading to more efficient and sustainable operations.

He informed the Vice President of Shell’s technical expertise and resources and how Shell has leveraged its strength to support its Nigerian operations contributing to technological advancement and improved efficiency.

In 2023 alone, Shell Companies paid over $1.09 billion in corporate taxes and royalties to the Federal Government, a vital contribution to national revenue. This included $442 million from Shell Petroleum Development Company (SPDC) and $649 million from Shell Nigeria Exploration and Production Company (SNEPCo).

Additionally, the companies awarded contracts worth $1.98 billion to Nigeria-registered businesses, reflecting a 3% increase from the previous year.

According to Nkazi, “Shell is committed to contributing positively to the Nigerian economy and the communities in which we operate. Our investments not only support government revenue but also empower local economies and create employment opportunities.”

Beyond economic contributions, Shell’s social investments have helped to improve the quality of life in communities. In 2023, SCiN invested $42.2 million in various social programs, focusing on health, education, road safety, and entrepreneurship. Shell’s commitment to education has seen it support thousands of students through scholarships since the 1950s. More than 3,450 secondary school scholarships, 3,772 university grants, and 1,062 cradle-to-career scholarships have been awarded since 2016.

“The partnership between Shell and Nigeria reflects our dedication to sustainable development and community empowerment,” Nkazi said, adding: “We will continue to seek innovative ways to support economic growth and improve the livelihoods of Nigerians.” Shell is co-sponsor of the Nigeria Economic Summit.

The Vice President accompanied by other dignitaries when he visited.

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