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Nigerians hit with over 60% delayed and cancelled domestic flights in 2018

No fewer than 36,350 cases of delayed flights were recorded in 2018 from domestic airlines operating in Nigeria, the Nigerian Civil Aviation Authority said.

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Nigerians hit with over 60% delayed and cancelled domestic flights in 2018

No fewer than 36,350 cases of delayed flights were recorded in 2018 from domestic airlines operating in Nigeria, according to the figures released by the Consumer Protection Department of Nigerian Civil Aviation Authority (NCAA).

The News Agency of Nigeria reported that the number of delayed flights represents about 60.1% of all flights, even as 544 flights were cancelled.

There are about nine airlines operating in Nigeria, all of whom operated a total of 59,818 flights last year. These airlines are – Aero Contractors, Arik Air, Air Peace, Azman Air, Dana Air, First Nation, Med-View, Overland and Max Air.

Air Peace was most affected

Out of the nine airlines in operation, Air Peace topped the list in regards to the number of delayed flights in 2018. The airline scheduled 22,055 flights, with 14,067 delayed flights and 67 outright cancellations.

Similarly, it was reported that Arik air ranked second with the 8,073 delayed flights out of 15,205 and 152 outrightly cancelled schedules. It suggests 53% of scheduled flights were delayed.

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Dana Air scheduled 5,944 with 3,915  cases of delayed flights and 67 cancelled. Also, Aero Contractors operated 4,361 flights with 2,459 delayed and 70 cancellations; Overland, 601 flights with 1,960 delayed and 29 cancellations.

Medview, 2058 flights with 1,256 delayed and 42 cancellations. It was also reported that Max Air recorded 1,151 delays and five cancellations, out of the 2,205 flights operated by the airline.

Furthermore, First Nation Airways, whose licence operating license was recently suspended by the NCAA, recorded 137 delayed flights and three cancellations, out of 445 flights operated within the period under review.

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Reacting to this development, the NCAA’s General Manager in charge of Public Relations of NCAA, Mr Sam Adurogboye, stated that the construction of modern terminals and remodelling of old terminals to ease passengers facilitation is one of the major ways to reduce flight delays.

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“Some of these problems are infrastructural related. The government is remodelling most of the airports and this will ease passenger facilitation. By the time these modern facilities are deployed, it will curb unnecessary delays.”

“However, issues like adverse weather or a machine (aircraft) developing a problem cannot be ruled out, and you can’t expect them to fly with a machine that had developed problem. Those ones happen occasionally.”

Airline Patronage Increased by 20.8 Percent in 2018

Air travellers who went through Nigeria airports increased by 20.8 in between January and December 2018. The figure released by Consumer Protection Directorate of the Nigerian Civil Aviation Authority revealed that 14,171,722 air travellers went through Nigeria airports in 2018 as against 11,221,608 recorded in 2017.

NAN reported that the 34 airlines on the international routes operate 15,645 flights and flew 4,079,078 passengers during the period under review.

The nine domestic airlines operated a total of 59,818 flights and airlifted 10,092,648 passengers across the country, it added.

NCAA said that airlines on the domestic routes accounted for 72 per cent of the passenger traffic, while the international route recorded 28 per cent. Adurogboye further stated:

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“We are hoping and working harder to ensure that there is more movement of passengers. By the time those new terminals in Lagos and Kano come on stream, they will equally enhance more frequencies.”

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Companies

Multiverse forecasts N39.5 million profit in Q1 2021

The management of Multiverse Plc has projected a revenue of N76 million and a profit of N39.5 million in Q1 2021.

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Multiverse Mining and Exploration Plc has projected that in the first quarter of 2021, the mining and exploration company will generate N76 million in revenue, and post a profit of N39.5 million.

These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Corporate Secretaries of the company.

Key highlights of the earnings forecast for Q1 2021

  • Total revenue is projected at N76 million.
  • Turnover from agency sale is projected at N1 million.
  • Agency cost is s projected at N850 thousand.
  • Total expenses are projected at N7.8 million.
  • Operating Profit is projected at N67.3 million.
  • EBIT (Earnings Before Interest and Taxation) is projected at N67.3 million.
  • Interest Expense is projected at N27.8 million.
  • Profit after tax is projected at N39.5 million.

Key assumptions made to support the earnings forecast and projection of the company

The earnings forecast was made on the ground that there won’t be any significant change in the economic policies of the Federal Government, while the monetary policies of the CBN would not be altered significantly.

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The company also maintained that there would not be any industrial unrest that would affect its production and sales volume, while the profit of the company would not be pressured by rising costs of inputs, as prices of materials used in production shall be stable in the period under review.

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Companies

GCR affirms Dangote Cement issuer ratings of AA+(NG) and A1+(NG)

Global Credit Ratings has affirmed Dangote Cement issuer ratings of AA+(NG) and A1+(NG).

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Dangote Cement Plc has announced that Global Credit Ratings has affirmed the cement manufacturer a long-term and short-term national scale issuer ratings of AA+ (NG) and A1+(NG) respectively.

According to the press release issued by the company, the rating which maintains a stable outlook on Dangote Cement would expire by November 2021.

In line with this, GCR reviewed existing bonds of the company and assigned the N100bn Series 1 Fixed Rate Bond of Dangote Cement a rating of AA+.

Why this matters

  • The ratings reflect Dangote Cement Plc’s status as Africa’s leading integrated cement manufacturer with a group-wide installed capacity of 45.6 million metric tonnes per annum across ten countries.
  • The stable outlook which was maintained by GCR reflects the extensive distribution network, significant scale economies and position as the largest corporations on the Nigerian Stock Exchange, with sound access to capital.
  • It is important to note that a rebound is expected within 18-24 months, on the back of strong base domestic demand.

What they are saying

Michel Puchercos, Chief Executive Officer, said:

  • Dangote Cement has shown great resilience in 2020 despite the COVID-19 pandemic and a challenging environment. The Group continues to report strong cash generation while maintaining strong financial discipline. As Africa’s leading cement producer, we are committed to maximizing shareholder value creation.”

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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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