AXA Mansard Insurance forecasts N16.19bn claim payout in Q3 2021

AXA Mansard Insurance forecasts N16.19bn claim payout in Q3 2021

AXA Mansard Insurance forecasts N16.19bn claim payout in Q3 2021     AXA Mansard Insurance Plc, a member of the AXA Group, has released a forecast for its operating scorecards in the third quarter of this year wherein it envisaged paying N16.187 billion as claims to its policy holders. Details of the forecast sighted by Business Metrics show that in terms of profit and loss accounts information, the insurer envisages a gross premium written of N45.78 billion, net premium income of N26.96 billion, underwriting profit of N10.1 billion and investment…

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Conoil posts N424m profit in Q1 2021

Conoil posts N424m profit in Q1 2021

Conoil posts N424m profit in Q1 2021     Conoil Plc, chaired by Nigeria’s business mogul, Mike Adeuga has published it financial scorecards for the first quarter of the year 2021. According to the unaudited report released at the Nigerian Exchange Limited, the energy company posted profit after tax of N423.93 million in the three-month period, 63 per cent higher than that of Q1 2020. However, the company’s turnover tumbled by over N5 billion as the energy firm gained relief after paying up N4.3 billion damages in installments to a…

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11Plc shareholders approve N3.06bn dividend payment

11Plc shareholders approve N3.06bn dividend payment

11Plc shareholders approve N3.06bn dividend payment     Shareholders of 11Plc, a downstream oil and gas company, have approved the dividend payment of N3.06bn for the 2020 financial year. The approval was given at the 43rd Annual General Meeting (AGM) of the company in Abuja, the company said in a statement on Friday. Recall that the company recently completed its voluntary delisting from the Nigerian Exchange Limited during which it offloaded N82.22 billion from the local bourse. 11Plc, formerly Mobil Oil Nigeria Plc, assured the shareholders of its commitment to…

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Data, mobile money push Airtel Africa Q4 profit to $154m

Airtel Africa Q4 profit to $154m

Data, mobile money push Airtel Africa Q4 profit to $154m   Loses 2.5m active mobile customers in Q1   Bharti Airtel has said that its Africa’s operation reported a net profit of $154 million in the fourth quarter of last year, which doubled on-year and jumped 32.7 per cent sequentially on the back of strong growth in data and mobile money revenue. Revenue for the quarter ended March 31 rose 15.4 per cent to $1.04 billion, the company said in a statement released on Wednesday. Chief Executive Officer, Airtel Africa,…

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Data, fintech revenues drive MTN Group to impressive Q1 numbers

MTN pays shareholders better dividend of N9.40k per share

Data, fintech revenues drive MTN Group to impressive Q1 numbers     MTN Group today announced a strong and resilient operational and financial performance in the first quarter of 2021, with growth in service revenue exceeding medium-term guidance, driven by gains in data and fintech revenue. “The MTN Group has delivered a solid Q1 2021 trading performance, with service revenue and EBITDA margins expanding on the back of continued commercial momentum and resilient networks,” said MTN Group President and Chief Executive Officer Ralph Mupita. He added that the Group’s Ambition 2025…

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Nigerian Breweries posts 39.5% increase in Q1 profit

Nigerian Breweries posts 39.5% increase in Q1 profit

Nigerian Breweries posts 39.5% increase in Q1 profit     The first quarter of 2021 is a great start for the Nigerian Breweries Plc (NB) as the company reported a 39.5 per cent rise in its profit at the end of the quarter. The company disclosed that its profit after tax for the first quarter of 2021 financial year rose to N7.73 billion from the N5.54 billion recorded for the corresponding period in the previous year. The brewing company reported N105.7 billion as revenue for Q1 2021, up 27 per…

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Ecobank Group posts N40.3bn profits in Q1

Massive appetite as Ecobank $350m Eurobond receives 360% global oversubscription

Ecobank Group posts N40.3bn profits in Q1   It was a great start with renewed energy for Ecobank Transnational Incorporated (ETI) in 2021 as the financial institution delivered positive numbers at the end of the first quarter. The Bank reported that its profit before tax rose by 22 per cent to N40.3 billionn in the first quarter of 2021. Ecobank disclosed this in a statement on its unaudited results for the period ended March 31, 2021, titled ‘Ecobank Group declares superlative Q1 result; PBT up 22 per cent to N40.3…

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Cadbury Nigeria suffers 63%  profit losses in Q1 2021

Cadbury Nigeria suffers 63%  profit losses in Q1 2021

Cadbury Nigeria suffers 63%  profit losses in Q1 2021   Cadbury Nigeria Plc has recorded significant shortfall in its profit for the first three months of the year 2021 relative to the same period of 2020. According to its latest unaudited financial report for the Q1 2021 period, net profit plunged by 62.2 per cent year on year to N242 million from N639 million in the same period in 2020. However, Cadbury, Nigeria’s fast moving consumer goods manufacturer has posted revenue growth from N8.5 billion in Q1 2020 to N8.9…

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Wema Bank hits N1trn asset valuation despite N13.51bn revenue shortfall

Wema Bank hits N1trn asset valuation

Wema Bank hits N1trn asset valuation despite N13.51bn revenue shortfall     Despite a recorded decline in its revenue in 2020, Wema Bank Plc has grown its total assets to N1 trillion at the end of the same year. The lender recorded a sharp decline in revenue generated for the year on the back of the COVID-19 pandemic, its recently released financial statement shows. According to the bank’s financial statements released at the Nigerian Stock Exchange, the bank recorded a N13.51 billion shortfall in revenue for year 2020, as it…

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Unity Bank posts N43bn earnings; assets hit N492bn in 2020

Unity Bank posts N43bn earnings; assets hit N492bn in 2020

Unity Bank posts N43bn earnings; assets hit N492bn in 2020     Unity Bank Plc has disclosed that it netted N42.71 billion earnings in 2020  as its assets base grew to N492.02 billion at the close of financial year. Ebenezer Kolawole, executive director and chief financial officer of Unity Bank, while speaking during an investor call on Tuesday, said the asset growth represents a 67.9 percent increase from N293.05 billion of total assets value recorded in 2019. The bank also declared gross earnings of N42.71 billion during the period under…

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