By Chinyere Joel-Nwokeoma

Dangote Sugar Refinery Plc (DSR) recorded profit after tax of N26.70 billion for the financial year ended Dec. 31, 2020.

The company stated this in its audited result released on the floor of the Nigerian Stock Exchange on Monday.

The profit after tax represented an increase of 33.2 per cent when compared with N22.36 billion recorded in the corresponding period of 2019, reflecting management’s unrelenting goal to deliver consistent shareholder value.

The company’s group revenue increased by 33 per cent to N214.30 billion in contrast to N161.09 billion in 2019.

Gross profit increased by 40.4 per cent to N53.75 billion, against N38.29 billion posted in 2019.

In spite of the disruptions in the economy due to coronavirus pandemic, Dangote Sugar Refinery recorded an increase in production, which rose by 13.7 per cent to 743,858 tonnes compared with 654,071 tonnes posted in 2019.

The sugar group also posted increase in sales, which rose by  6.9 per cent, from 684,487 tonnes to 731,701 tonnes.

The company attributed the performance to operations optimisation strategy despite momentary disruption caused by civil unrest in the last quarter of the year.

It noted that the growth continued to benefit from sustained efforts to drive the expansion of customer base and several trade initiatives and investments.

Commenting on the result, the company’s Group Managing Director/Chief Executive, Mr Ravindra Singhvi, said despite the socio-economic uncertainties occasioned by the COVID-19 pandemic during the year under review, the sugar group continued on the growth path with commitments to improve on performance and generate value for all stakeholders.

This, he said, was reflected in the sales of 731,701 tonnes, and production of 743,858 tonnes being 6.9 per cent and 13.7 per cent increase in volumes over the comparative year 2019.

“2020 was indeed very eventful for our company ranging from the weak macroeconomic fundamentals caused by the underlying impact of COVID-19 pandemic.

“This saw to the steady rise in foreign rate, high inflation and the significant rise in our cost of production, to the worsening traffic gridlock on the Apapa Wharf road which led to delays and at times disruption of the distribution and deliveries to customers,” he said.

Singhvi added that the company activated its Business Continuity Management System during the lockdown due to the COVID-19 pandemic and disruptions caused by EndSARS protests.

He said this helped to minimise the adverse impact the situation had on businesses in the country.

He noted that one of the key highlights of the year was the successful completion of the Scheme of Arrangement – merger of DSR and Savannah Sugar Company Ltd. with effect from Sept. 1, 2020 to operate under one unified entity.

“We are confident the merger will enable us to achieve operational, administrative and governance efficiencies resulting in increased shareholder value.

“We will continue to pursue our Backward Integration Projects, and other key initiatives to grow our sales volumes, market share, optimise cost and operational efficiencies,” he added. (NAN)

By Chinyere Joel-Nwokeoma

The market capitalisation of Nigerian Stock Exchange on Friday lost N155 billion amid increased profit taking.

Speficially, the capitalisation, which opened at N20.978 trillion lost N155 billion or 0.74 per cent to close at N20.823 trillion.

Similarly, the All-Share Index shed 295.60 points or 0.74 per cent to close at 39,799.89 from 40,095.49 achieved on Thursday.

An analysis of the price movement shows that Wema Bank topped the losers’ chart, dropping by 10 per cent or 7k to close at 63k per share.

Champion Breweries came second with a loss of 10 per cent or 28k to close at N2.52, while Sunu Assurance dipped 9.59 per cent or 7k to close at 66k per share.

Africa Prudential lost 5.74 per cent or 35k to close at N5.75, while Mansard Insurance declined by 5.36 per cent or 6k to close at N1.06 per share.

On the other hand, Lasaco Insurance led the gainers’ table in percentage terms, growing by 9.82 per cent or 11k to close at N1.23 per share.

Mutual Benefit followed with 8.11 per cent or 3k to close at 40k, while Courtville gained 5 per cent or 1k to close at 21k per share.

Oando added 2.99 per cent or 10k to close at N3.45, while NAHCO increased by 2.70 per cent or 6k to close at N2.28 per share.

A breakdown of the activity chart shows that Wema Bank was the most active stock, exchanging 304.53 million shares valued at N197.27 million.

FBN Holdings followed with an account of 30.75 million shares worth N226.05 million, while Zenith Bank sold 26.61 million shares valued at N677.41 million.

Transcorp sold a total of 22.93 million shares worth N20.68 million, while United Capital exchanged 17.15 million shares valued at N104.61 million.

In all, investors traded 507.25 million shares worth N2.44 billion in 4,465 deals.

This was against a total of 326.04 million shares valued at N3.72 billion in 4,567 deals on Thursday. (NAN)

By Oluwafunke Ishola

An international trade and investment promotion firm, Compass Global Business Services, says it has evolved mechanism to enhance gender development to achieve a safe and sustainable world.

Its Chief Executive Officer, Tokunbo Chiedu, made this in a statement in Lagos.

Chiedu said that the organisation was renowned for collaborating with its strategic partners to provide solutions that focus on global concerns, while promoting empowerment, driving inspiration, and encouraging learning and transformation.

According to her, the firm will hold a virtual edition of the global Female Leaders, and Entrepreneurs Conference (FLEC) from March 23 to 25.

“FLEC is designed to be a convergence to initiate powerful conversations with female leaders, around gender development and the pivotal role gender balance.

“And diversity has to play in navigating the new normal, and particularly toward achieving a safe, and sustainable world for all.

“The overarching theme of the conference focusses broadly on gender development and innovation with emphasis on toolkits to innovate, survive and sustain in the post – pandemic recovery phase,” she said.

Chiedu said that the three days programme would explore the impact of women on the global scene by drawing on case studies of sustainable solutions, and best practices led, developed or owned by women.

She said that this would include compelling success stories from around the globe, with regards to progress being made by women across the spheres of government and policy, business, technology and within corporate organisations.

“A key driver of the FLEC platform is the need to foster new business opportunities, and to engage and strengthen networks in the process for the mutual benefits of the African continent, and the rest of the world,” she said.

Chiedu said that the event would have 30 female leaders, across multiple sectors representing six countries, and four continents to brainstorm and chart a positive course for the audience.

She, however, advised the public to register free of charge for the life transforming programme through the company’s website. (NAN)

By Emmanuella Anokam

The Nigeria Export Processing Zones Authority (NEPZA) has expressed readiness to collaborate with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to promote export processing in the country.

Prof. Adesoji Adesugba, NEPZA’s Managing Director, said this when a delegation from NACCIMA, led by its National President, Hajiya Saratu Aliyu, visited him on Wednesday in Abuja.

The News Agency of Nigeria (NAN)  reports that the visit by delegation from NACCIMA,  an umbrella body of the organised private sector in Nigeria was to seek NEPZA’s support in export processing and facilitation for its members.

Adesugba, while acknowledging NACCIMA’s pursuit of economic development said to improve functionality of existing Free Trade Zones, private sector collaboration was key to help boost investments and provide infrastructure support.

“This is our focus going forward. A collaborative engagement between NEPZA and NACCIMA is, therefore, very timely in view of NACCIMA’s role as the “Voice of Nigerian business” committed to leading Organised Private Sector (OPS) growth.

“By providing an enabling business environment to promote their business interests, whatever that may be. With over 60 years’ experience under its belt, NACCIMA is more than qualified to support NEPZA in this quest,’’ he said.

He, however, hoped that the organisations would work together towards achieving the industrialisation agenda and the economic development of the country.

Following Nigeria’s ratification of the Africa Continental Free Trade Agreement (AfCFTA) late 2020, he said NEPZA sought to leverage on its opportunities to service the African market by increasing exports.

Accordingly, he said the goal of the AfCFTA resonated strongly with the aims and objectives of Special Economic Zones (SEZs) in promoting trade and services.

He said that was why NEPZA was currently repositioning its SEZs strategy to support the Agreement.

“The Authority is implementing this by focusing its investment facilitation and capacity expansion on goods and services that the country has high comparative advantages.

“Additionally, there are several additional ongoing reforms aimed at improving efficiency of our zones and boosting exports.

“These include; Review and update of the NEZPA Act to accommodate new initiatives and goals. Realigning the required institutional arrangements and building the capabilities and capacities to deliver.

“It also focuses on overcoming infrastructural and logistics challenges such as access roads and power within zones.

“It seeks to reduce high operating costs within zones to support increased participation of Small and Medium Enterprises in the SEZ’s,’’ he said.

NACCIMA’s president earlier congratulated Adesugba on his well-deserved appointment as NEPZA chief executive officer and hoped that the collaboration would facilitate export in the sector as sought.

Aliyu said that the purpose of the visit by the association was to seek NEPZA’s support in export processing and facilitation for its members across the country. (NAN)

By Chinyere Joel-Nwokeoma

Activities on the Nigerian stock market sustained the upward trend on Wednesday with a gain of 0.14 per cent on bargain hunting in Oando and 21 others.

Specifically, the All-Share Index improved further by 56.44 points or 0.14 per cent to close at 40,221.30 against 40,164.86 posted on Tuesday.

Accordingly, the month-to-date and year-to-date losses moderated to 5.2 per cent and 0.10 per cent, respectively.

In the same vein, the market capitalisation grew by N29 billion to close at N21.043 trillion from N21.014 trillion recorded on Tuesday.

The uptrend was also driven by price appreciation in medium and large capitalised stocks, amongst which are Oando, Associated Bus Company, Japaul Gold and Ventures, Royal Exchange and Academy Press.

Market sentiment, as measured by market breadth, was positive with 22 gainers against 20 losers.

Oando dominated the gainers’ chart in percentage terms with 10 per cent to close at N3.41 per share.

Associated Bus Company followed with a growth of 9.38 per cent to close at 35k, while Japaul Gold rose by 9.23 per cent to close at 71k per share.

Royal Exchange garnered 8.70 per cent to close at 25k, while Academy Press appreciated by 7.89 per cent to close at 41k per share.

On the other hand, Lasaco Assurance led the laggards’ chart in percentage terms, losing 9.49 per cent to close at N1.24 per share.

Consolidated Hallmark Insurance trailed with 8.33 per cent to close at 33k, while Cornerstone Insurance shed 7.81 per cent to close at 59k per share.

Flour Mills of Nigeria shed 6.94 per cent to close at N28.85, while Wapic Insurance depreciated by 6.90 per cent to close at 54k per share.

Transactions in the shares of Zenith Bank topped the activity chart with 154.62 million shares valued at N4.09 billion.

Guaranty Trust Bank followed with 48.79 million shares worth N1.53 billion, while FBN Holdings sold 25.27 million shares valued at N185.63 million.

Transcorp accounted for 25.14 million shares worth N23.42 million, while United Capital transacted 22.01 million shares worth N136.804 million.

In all, investors traded 469.56 million shares valued at N7.08 billion in 5,470 deals, indicating an increase of 38.94 per cent.

This was in contrast with a turnover of 337.96 milliin shares worth N3.85 billion exchanged in 5,232 deals on Tuesday. (NAN)