Companies
Farmcrowdy opens the year with new prices for poultry farm units
Onyeka Akumah, the Founder and CEO of Farmcrowdy says that Farmcrowdy’s primary mission is to enable everyone participate in the achievement of global food security.
Farmcrowdy, Nigeria’s foremost digital agricultural tech company founded by serial entrepreneur, Onyeka Akumah, has been effectively empowering farmers by providing farm input, training, finance and successfully increasing farmers’ income by an average of 80% since 2016 through their digital platform.
Since inception, Farmcrowdy has empowered over 7,000 farmers across 10 states in Nigeria, has a record of over 20,000 farm sponsorships from all over the world, over 64,000 farm followers and has reared over One Million chickens through its poultry farms.
This year, the digital agricultural platform has decided to make good on its promise of enabling everyone to participate in the achievement of global food security by lowering the barrier of entry into the agriculture space. For the first time since inception, the company has launched a Poultry Farm for only 50,000 NGN per farm unit with a Return After Harvest (RAH) of 11% and a 6-month farm cycle. This is a huge slash from the previous price of 96,000 NGN.
Farmcrowdy closed the previous year 2018 with sold-out farm units on all crops and chickens and was the recipient of numerous awards including Digital Business of the Year 2018 by the Global African Business Awards (GABA) in Ethiopia, they were conferred with the National Productivity Order of Merit Award 2018 by His Excellency Muhammadu Buhari, President of the Federal Republic of Nigeria, awarded with the Best African AgriTech Solutions Awards at the Apps Africa Innovation Awards 2018 in South Africa, AgriTech Company of the Year 2018 at the Meet the Farmers Conference in Dubai, one of the Top 100 Fastest Growing SMEs in Nigeria in 2018 by BusinessDay and AgriTech Company of the Year Award at the Nigeria Technology Awards 2018.
Onyeka Akumah, the Founder and CEO of Farmcrowdy says that Farmcrowdy’s primary mission is to enable everyone participate in the achievement of global food security by encouraging every individual to contribute to the agriculture landscape by becoming a digital farmer.
Regardless of nationality, race, culture or status, you too can now sponsor and empower a rural farmer.
Curious about how to sponsor a farm? The process is easy:
- Visit the online platform www.farmcrowdy.com OR download Farmcrowdy’s mobile app on Google Play Store https://bit.ly/2mZeZiB or the iOS App Store https://apple.co/2M6BsD4
- Register as a farm sponsor
- Select a farm type and any number of farm units you want.
- Sponsor as many farm units as you want.
After sponsorship, you will get video and picture updates on a monthly basis showing you the progress on your farm.
Want more news from Farmcrowdy? You may follow them on all social media platforms www.instagram.com/farmcrowdy, www.facebook.com/farmcrowdy, www.twitter.com/farmcrowdy and www.linkedin.com/farmcrowdy for more information.
Companies
COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says
NB Plc’s operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase and FX devaluation.
The management of Nigeria’s leading brewer, Nigerian Breweries Plc has revealed that its operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.
This statement was made by the Managing Director of Nigerian Breweries, Mr Jordi Borrut Bel, at the company’s pre-AGM media briefing for the financial year-end 2020, which held in Lagos this week.
He noted that the increase in the brewer’s cost in 2020 was due to the COVID-19 pandemic which disrupted the company’s operations, as well as the increase in VAT, devaluation and FX scarcity which has put pressure on input cost.
READ: Alcoholic beverage makers on NSE lose a total N27.7 billion in a single day
The Nigerian Breweries boss explained further that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity.
He explained that the increase in costs of goods sold, as reported in its audited financial results, could also be linked to the increase in the volume of goods sold, as the company’s sales volume in 2020 increased by almost the same percentage as the cost of goods sold.
To deal with this challenge going forward, he revealed that the company is focused on the supply chain, and will continue to seek out ways to mitigate any of the price increases coming from FX scarcity.
READ: Brewery sector: A quarter to forget
The company’s profitability in question?
An analysis of the company’s result revealed that despite the 4.3% increase in net revenue from N323.00 billion recorded in 2019, to a total of N337.01 billion in 2020, the company’s profit declined significantly by 53.3% to N7.53 billion.
Speaking on this, Jordi Borrut in his statement at the press briefing noted that the brewer’s business performance in 2020 was quite impressive especially in the face of the COVID-19 pandemic and economic recession. Despite these challenges, the company maintained a strong and healthy balance sheet.
“There was a slight reduction in profitability but compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that the business became more stable and healthier,” he said.
READ: Nigeria’s triangular beer war on the rise with the arrival of Budweiser
What you should know
- Nigerian breweries, being the largest brewer in the country, maintained its stance in terms of generating profits year-on-year. The company emerged as the only brewer to record a profit of N7.37 billion from its operations in 2020, 54.3% lower than 2019 figures (N16.1 billion).
- From this, the leading brewer was able to pay shareholders a total dividend of N7.5 billion, translating to a dividend of 94 kobos per share – a dividend payout in which exceeds 100%.
- While Guinness and International Breweries made a loss of N12.6 billion and N24.9 billion respectively, this reality impacted their ability to pay their shareholders dividends in 2020.
Business News
Highest paid Nigerian bank MD/CEOs of 2020
Bank MD/CEOs in Nigeria earned a combined N1.5 billion in salaries in 2020.
The banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.
Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.
Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.
READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank
In typical Nairametrics fashion, we bring to you a list of the highest-ranking bank CEOs for 2020 based on their executive compensation (exec comps). The bank MD/CEOs under our review earned over N1.5 billion in salaries in 2020.
The data was sourced from the published audited accounts of the bank and verified by Nairametrics Research.
