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Investing
Wema Bank’s New Strength Lifts Bottom Line Thrice To N36bn At Full Year
Wema Bank Plc found a new strength in converting revenue into profit in 2023 and that helped its bottom line to multiply more than three times to close at N36 billion for the full year.
It was a big feat accomplished by the bank,…
$200 Million Landmark Beach Resort To Be Demolished For Costal Highway Project
The Lagos State Government has issued a notice of demolition of $200 million Landmark Beach Resort, saying the property obstructs the planned route of a 700-kilometer coastal road intended to connect the state with Calabar.
The…
CAP Loses Speed, Manages To Grow Profit To N2.5bn In 2023
CAP Plc lost the top speed growth with which it traded in the prior financial year and made just an upward creep in profit from N2.4 billion in 2022 to N2.5 billion in 2023.
That was just good enough to prevent the bottom line from looking…
Q4 Loss Leaves Okomu Oil Palm With N20.6bn Profit At Full Year
Okomu Oil Palm Plc made a moderate loss of about N300 million in the final quarter of its 2023 operations, which scraped the bottom line from roughly N21 billion at the end of the third quarter to close with N20.6 billion at full year.
The…
Cornerstone Insurance Lifts Poor Underwriting Results With N18bn Forex Gains
Cornerstone Insurance Plc finished the 2023 operations with one of the poorest underwriting results since 2018 but huge net foreign exchange gains of N17.7 billion provided an impressive dressing of the bottom line to achieve the most…
Nascon Allied Industries Slows Production Cost, Lifts Profit To N13.7bn At Full Year
Nascon Allied Industries Plc slowed down production costs while sales grew impressively in 2023, which created room to lift profit a clear two and half times to N13.7 billion in the year.
The audited financial report of the salt…
Totalenergies’ Profit Drop To N12.9bn Again On Poor Q4
Totalenergies Marketing Nigeria Plc has reported a profit drop for the second year to N12.9 billion at the end of its 2023 operations – a steeper drop than in the preceding year.
The energy marketing company had forecast that a dismal…
Despite N1.4bn Equity Injection, Sovereign Trust Insurance’s Risk Retention Unimproved
Sovereign Trust Insurance Plc has received the N1.4 billion new money it asked for from shareholders but not yet the enhanced underwriting risk retention capacity, which the equity injection was expected to provide.
The company’s…
Lafarge Africa’s Profit Tumbles To N51bn On Tax Expense Surge
Lafarge Africa Plc closed 2023 operations with the group's after-tax profit down by about 5 per cent to N51 billion, as tax expense surge claimed more than all the increase in pre-tax profit.
While pre-tax profit for the group grew by…
BUA Cement’s Low-cost Appeal Crashes Profit To 4-Year Low At N69bn
The sharp rise in costs has deflated the low-cost appeal of BUA Cement, plunging its profit in 2023 to a four-year low at N69.5 billion.
The audited financial report of the cement-producing company for the full year ended December 2023…