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Sahara Group commissions 36 million litres petroleum storage facility in Tanzania

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A strategic hub for facilitating the distribution of petroleum products within Tanzania and other East African nations has emerged with the commissioning of a Terminal that has a 36 million litre storage facility by Sahara Group in Tanzania.

Operated by Sahara Tanzania Limited, an affiliate of leading African energy conglomerate Sahara Group, the Terminal is located in Vijibweni, Industrial area Kigamboni in Dar Es Salaam. It has a storage capacity of 18 million litres for Automotive Gas Oil (AGO) and 18 million litres for Premium Motor Spirit (PMS). The company also has 6 loading arms for PMS and 6 loading arms for AGO which gives it capacity to load up to 120 trucks per day.

Speaking at the official commissioning of the facility in Dar Es Salaam, Supply Manager, Petroleum Bulk Purchasing Agency (PBPA), Raymond Lusekelo, said the entry of Sahara Tanzania Limited into the oil and gas sector in Tanzania was remarkable at a period where the administration of His Excellency, Mr. John Magufuli was spearheading an unprecedented drive to bring about significant investment in the sector.

“I salute and congratulate the Board and Management of Sahara Tanzania Limited on the commissioning of its terminal which we are gathered to celebrate today. This is a strategic investment that signposts the commitment of the company to enhancing the profile of the sector through continuing investments across the entire energy value chain,” he said.

According to Taofik Lawal, Terminal Manager, Sahara Tanzania Limited, the company commenced operations in March 2016, with a “dynamic blend of young talent and state of the art technology that is redefining the oil and gas sector in Tanzania.”

“We bring smart solutions to energy needs by deploying the best possible technology as well as distribution and storage facilities that are world class. Our operations are guided by best international practice and we are passionate about total quality management and excellent service delivery,” he added.

He stated that the resilience and perseverance of the company’s workforce had made it a market leader in the importation, sale and distribution of petroleum products in Tanzania, with further prospects of being the preferred provider across the sub-region.

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“We are investing heavily in human capital development and currently have 25 Tanzanian professionals adding value to the great work we are doing in Tanzania. We are looking at increasing this number as we continue to embark on strategic expansion in Tanzania and beyond.”

Lawal said the formal launch of Sahara Foundation in Tanzania was an indication of the company’s commitment to promoting sustainable development in the nation.

Sahara Foundation projects in Tanzania include: School Sanitation Wash & Hygiene (SWASH) Project- Improving hygiene at Salma Kikwete Secondary School where more than 1264 students now have access to modern and hygienic toilet facilities.

The Foundation also upgraded the Library at Pugu Secondary School, transforming learning experience for over 900 students and 70 teachers.

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Concluding, Lawal said: “The energy sector in Tanzania has the potential to be the best in East Africa. Key investments like the one we are witnessing today are required in infrastructure and technology to enhance value and drive excellence. We believe the nation under the leadership and guidance of the current administration has what it takes to assume this leadership position in East Africa. We are here to ensure that thus happens and will be available to contribute our quota to the growth and development of Tanzania.”

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Christopher B. Pemu has a degree in Political Science from the University of Lagos. He joined Nairametrics in 2014 as News Editor and later as Managing Editor. He currently serves as the General Manager of Nairametrics.He takes pleasure in traveling, enjoys world politics and in sport, he loves watching football and tennis.

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Companies

Neimeth Pharmaceuticals to raise N5 billion in additional equity

The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.

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Neimeth Pharmaceuticals
The Board of Directors of Neimeth Pharmaceuticals has revealed plans to raise N5 billion in additional equity upon approval by shareholders of the company.
The information was contained in a press release published on the NSE and signed by the Company Secretary, Mrs. Florence Onhenekwe.

The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.

In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.

What you should know

  • The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
  • The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
  • The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
  • The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.

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Companies

Cutix Plc forecasts N148 million profit in Q4 2021

Cutix Plc has projected that its revenue will double and profit will increase by 9% to N148 million.

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Cutix Plc, dividend

Cutix Plc has projected that in the fourth quarter of its financial year 2021, its revenue will double and profit will increase by 9% to N148 million.

These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Company’s CEO and CFO.

READ: Vitafoam shares gain 9.6%, as company reports N4.11 billion as profit in 2020

Key highlights of the earnings forecast for Q4 ended April 30, 2021

  • Revenue to increase to N1.66billion, 100% Q-o-Q.
  • Cost of Sales to increase to N1.16 billion, 70% Q-o-Q.
  • Distribution, Admin & Other expenses to increase to N232.89 million, 14%% Q-o-Q.
  • Other Income to remain unchanged at N2.50 million,
  • Finance Charges to increase slightly to N47.38 million, 3% Q-o-Q.
  • Operating income to increase to N227.83 million, 14% Q-o-Q.
  • Taxation is projected at N79.74 million.
  • While Profit attributable shareholders is projected at N148.10 million.

READ: Royal Exchange Plc forecasts N500.83 million PAT in Q1 2021

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Bottom line

The earnings forecast was made on the ground that the Nigerian economy will continue improve, as the country recovers from the impact of COVID-19. In this regard, revenue in the fourth quarter of 2021 will be slightly higher than the revenue projected in the third quarter of 2021.

READ: Okomu Oil Plc records 27.01% decline in 2020 Q3 revenues

However, the increase in the cost of sales driven by the input cost will pressure profitability to the tune of N148.10 million, which is 9% higher than the profit after tax made in the corresponding quarter of 2020.

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Companies

PZ Cussons proposes dividend payout of N397 million to the shareholders

The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397 million to the shareholders of the company.

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PZ Cussons Plc, PZ Cussons Nigeria Plc

The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397.047 million to the shareholders of the company who currently hold the 3,970,477,045 fully paid ordinary shares of the company.

This disclosure was made public by the company in a notification issued and signed by the Company Secretary, Jacqueline Ezeokwelume, today the 7 January 2021.

She explained further that if the dividend of ten (10) Kobo per share recommended by Directors is approved by members at the Annual 72nd General Meeting, the dividend payments will be made on Monday, 1 February 2021.

What you should know

  • The Register of Members and Transfer Books of the Company will be closed from Monday, 11 January 2021 to Friday, 15 January 2021 (both dates inclusive) for the purpose of preparing an up-to-date Register of Members.
  • However, only shareholders whose names appear in the Register of Members and Transfer Books at the close of business on 19th October 2020 will receive the dividend on Monday, 1 February 2021.

What they are saying

Mr. Gbenga Oyebode, MFR, the Chairman of PZ Cussons Nigeria Plc, in his address said:

  • “Fellow shareholders, the Board of Directors is recommending to the shareholders at this AGM, a dividend pay-out of N397,047,700 representing 10 Kobo per share (2019: 15 Kobo per share). If approved, the dividend will be paid to shareholders on Monday, 1 February 2021 after deducting the appropriate withholding tax.”

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