Despite the challenges brought by COVID-19 pandemic and other economic headwinds,
The spread of the Covid-19 pandemic to
At the stock market, for instance, most investors have been adopting cautious trading, awaiting the results of companies for the half year(H1) ended
As expected, companies have been releasing their H1 results with mixed grill. While some have posted positive performances despite the covid-19 challenges, others suffered reduced fortunes due to the pandemic and other economic headwinds.
However,
The company reported a revenue of N101.3 billion in 2020, up by 12.7 per cent from N89.9 billion posted in the corresponding period of 2019. Operating profit grew by 7.0 per cent from N38.1 billion to N40.8 billion, while profit before tax (PBT) rose 9.8 per cent to N39.2 billion, from N35.7 billion. Profit after tax (PAT) grew faster by 13.7 per cent, from N30.61 billion in 2019 to N34.8 billion in 2020.
Earnings per share printed at N1.03 in 2020, showing an increase of 14.4 per cent compared with N0.90 recorded in 2019, thereby raising the hopes of higher dividend payout at the end of the full year.
A further breakdown of the results showed that cement volume dispatched rose by 7.9 per cent from 2,282 kt in'2019 to 2,463 kt in '2020, underpinned by the growing market acceptance of the company's COVID-19 business continuity plan.
Also during the review period, the company entered into strategic alliances for the supply of
Speaking on the results, Managing Director of
He said: "Our resilient performance continues to showcase the value and strength in our product offering alongside our strategic business model. Our revenues increased by 12.7 per cent to N101.3 billion from the corresponding period in 2019 whilst operating profits increased by 7.0 per cent, from N38.1 billion in 2019 to N40.8 billion in 2020. Equally, EBITDA margin improved in this quarter to 48.1 per cent - an improvement from 45.6 per cent in first quarter (Q1), 2020."
Binji explained that in a bid to further drive cost efficiencies and sustainability, they entered into strategic alliances for the supply of
Speaking on the on impact of the pandemic on the business, MD said: "Despite the prevailing economic conditions, we are quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development. We will continue to push to new markets aided by a focused distribution strategy"
Binji disclosed that
"
In an apparent move to expand its operations and boost its performance going forward,
The Chairman of BUA,
According to Rabiu, preliminary findings show that the two local governments are reputed to have good quality of limestone deposits, stating that
The chairman stressed that the Guyuk Cement Plant will be the major investment in the North East by BUA and solicited for support of Governor Fintiri to set up the factory.
Rabiu said the company made a decision to source its raw materials locally and it has invested billions of dollars in various sectors across
Before now, Rabiu has always stressed the company's commitment to the creation of value for the benefit of shareholders and maintaining its focus on outperforming the Nigerian cement industry across key indices through a laser-like commitment to excellent products and service delivery, operational efficiency as well as maintaining leadership position in their home markets.
This commitment, he said, led to the merger of Cement Company of
Rabiu had said: "The merger with
He noted that in addition to meeting the demand from customers in their core regions in the country, the enlarged company would be positioned to distribute its products in new geographical markets, creating the potential for additional shareholder value creation.
In terms of operational efficiencies, Rabiu noted that merger would provide opportunities for significant cost savings and improved operational efficiencies by streamlining operations and optimising the use of combined resources.
On economies of scale, Rabiu said: "The merger will provide a platform where the enlarged company benefits from economies of scale in procurement, distribution and manufacturing of the products offered to our customers. We expect the benefits accruing from greater economies of scale to accrue to many stakeholders."
Entrepreneur Unveils Fellowship Program
As a way of giving back to the society and to encourage aspiring and fledgling entrepreneurs,
The initiative is a global fellowship program for those passionate about solving some of
Savvy Fellowship is for those who want to build their own impact-driven business without much knowledge and for those who own an early-stage business with the zeal of growing and scaling their impact into new markets.
This initiative is a 12-week e-learning, assessment, and mentorship program, where individuals learn everything from ideation to venture-scaling with successful fellows at the end of the program receiving a certificate of completion to share with their professional network.
Asking Nwaogu, why he decided to venture into starting a fellowship at this difficult time in the world, he explained that COVID-19 pandemic has rendered many people jobless.
"I have decided to start the Savvy Fellowship with the main aim of equipping passionate individuals with the necessary knowledge and skill they need to start their own impact-driven business and succeed as entrepreneurs.
"It's no news that every day, I love sharing with others what I've learned from my experience as an entrepreneur, and Savvy is just an extension of that personal journey of sharing for me," Nwaogu, co-founder at Savvy, multi-award-winning serial entrepreneur, and author of the 'Dear Entrepreneur' book series said.
He further explained that, Savvy is a 12-week-long virtual fellowship program that runs throughout the year.
Some of the things to learn as Savvy Fellows include fundraising for their business, building the right team to execute their business strategies, building buzz around their product or service, achieving product-market fit, scaling into new markets and verticals, and building customer loyalty and retention adding that Savvy Fellowship will kick off with a rigorous 12-weeks e-learning experience for successful applicants. Savvy Fellows get to learn how to start, build, and scale an impact venture. Using visual presentations, they get to answer all the relevant questions they need to kick start their impact venture, gain early traction, achieve product-market fit, and scale into newer markets.
Additional benefits for the participants will include 'understanding their customer', 'building a product or service that effectively solves their key challenges' and 'effectively positioning their solution in the market.' While Savvy is for every impact entrepreneur, no matter what stage their venture is', Nwaogu explained.
Savvy Fellowship launches on
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