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Business News

FBN Holdings profit after tax jumps by 34% in FY 2018

@firstbankngr full-year profit rose from N37.7 billion in 2017 to N59.6 billion in 2018.

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First Bank, Global transactions get easier with Firstbank’s Card Offerings

Tier one lender FBN Holdings has released its full year 2018 results. Here are highlights of the results.

Gross Earnings

Gross earnings dipped slightly from N595 billion in 2017 to N583 billion in 2018. This marks a 2% decline year on year.

Profit before tax

Profit before tax, however, rose from N54.5 billion in 2017 to N65.2 billion in 2018. This amounts to a 19.6% increase year on year.

Profit after tax

Profit after tax (from continuing operations) rose from N45.4 billion in 2017 to N59.7 billion in 2018. This marks a 31.4% increase year on year.

Earnings per share

Earnings per share rose from N1.15 in 2017 to N1.65 in 2018. This amounts to a 43.4% increase year on year.

FBN HOLDINGS FY 2018 RESULTS

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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    Hospitality & Travel

    Covid-19 protocol: FAAN insists that arriving passengers can only be picked up at car parks

    The directive is in accordance with laid down Covid-19 protocols which was issued by the Federal Government.

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    Murtala Muhammed Airport (MMA), FAAN recruitment, FAAN in recruitment scandal as politicians takeover, Federal Airports Authority of Nigeria, 2019: Lagos airport records growth in passenger, aircraft and cargo movement  

    The Federal Airports Authority of Nigeria (FAAN) has insisted that arriving passengers are to walk to designated car parks to board their vehicles as no driver would be permitted to pick up arriving passengers at the front of the airport terminal.

    The directive is in accordance with laid down Covid-19 protocols which was issued by the Federal Government to help contain the spread of the coronavirus disease across the country.

    This disclosure is contained in a press statement issued by FAAN and signed by its General Manager, Corporate Affairs, Henrietta Yakubu, on Monday, April 12, 2021.

    FAAN in its statement said that drivers are only permitted to park and wait at the car parks adding that they can only drop off the passengers in front of the terminals and are not permitted to wait for any reason.

    What FAAN is saying 

    The statement from FAAN reads, “The Federal Airports Authority of Nigeria (FAAN) hereby advises passengers, drivers and other airport users, particularly those at the General Aviation Terminal, Lagos, to always comply with all laid down protocols on Covid-19 to ensure the safety of all airport users,” the statement read.

    “No driver is permitted to pick up arriving passenger(s) at the frontage of the terminals. All drivers must park and wait inside the car parks, while arriving passengers walk down to the car parks to board their vehicles.

    “For departing passengers, drivers are only allowed to drop off passengers in front of the terminals. They are not permitted to wait for any reason after dropping their passengers, it is only a ‘Drop Off’ zone.

    “We will like to advise all our esteemed customers to strictly adhere to these rules, to ease facilitation and enhance the safety of all airport users.”

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    In case you missed it

    It can be recalled that FAAN, on Friday, advised passengers and airport users to arrive at the airports early, particularly those at the Nnamdi Azikwe International Airport, in order to complete their check-in procedures in good time and avoid unpleasant experiences associated with missing their flights.

    In July 2020, the Minister for Aviation, Hadi Sirika, announced that domestic passengers are expected to arrive an hour and a half before departure.

    FAAN had also said that anyone, including Very Important Personalities (VIP), who refuses to comply with Covid-19 protocols will not be allowed access to airport facilities.

     

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    Billionaire Watch

    How young Elon Musk started and sold 3 businesses for $1.9bn before Tesla

    We look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla.

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    Elon Musk needs $20 billion wealth gain to clinch world's richest man title

    Success is never an accident. It is most times the result of many years of hard work and consistent effort. Elon Musk is popular today for his electric car company Tesla and his space project SPACE X. But long before these, he was already a multi-millionaire and had founded 3 successful companies which he sold for a collective $1.9bn.

    The purpose of this article is to paint a clear picture of what it takes to be among the top 1% of any field. It takes years of consistent hard work to get there. Elon Musk is the perfect example of an individual with a very strong work ethic. His story below will prove that to you.

    This article will briefly look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla. Let’s go!

    READ: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy

    Blaster ($500)

    A 12-year-old Elon Musk facing bullying in high school and a not so friendly dad taught himself how to code. According to the Inc. Magazine, he mastered BASIC a general-purpose coding language making use of a commodore PC he acquired himself. He later that year, sold the code for his PC game Blastar to a PC magazine for approximately $500.

    This was his first business endeavour which he started and sold.

    READ: Tesla investor sues Elon Musk for causing problems with his tweets

    ZIP 2 ($340m)

    After the sale of Blastar for $500, Elon Musk and his brother Kimbal took a $28,000 seed money from their dad and started another internet venture, Zip 2. They rented an office and slept in it because they couldn’t afford a house.

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    Zip 2 was a web software startup that created online city guides for newspapers. The software was patronized by the New York Times and other notable media companies.
    Elon Musk and his brother Kimbal sold Zip 2 to PC giants Compaq for $340m. The year was 1999 and Elon Musk was 28 years old.

    READ: Reinvestment: The powerful strategy used by the 2 richest men in the world

    X.com/PayPal ($1.5bn)

    Elon Musk continued on his journey of starting companies and selling them. He took $10m out of his earnings from the Zip 2 deal and joined the internet boom.

    He founded x.com an online platform he envisioned to be the future of internet banking. In 2000 X.com merged with a Fintech startup, Confinity, founded by Peter Thiel, another would-be billionaire. Both companies combined to become what we know as PayPal today. Elon musk was named CEO of PayPal and had the highest number of shares in the company.
    In 2002 PayPal was acquired by eBay for a whopping $1.5bn.

    READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%

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    What you should know

    Elon Musk has often stressed the need to be consistent and have strong work ethics. In a graduation ceremony by the USC Marshall School Of Business, Elon Musk shared his opinion on work ethics according to CNBC.

    You need to work super-hard. Work hard every waking hour,” Musk said in 2014.

    “If you do the simple math, and say if somebody else is working 50 hours [a week] and you’re working 100, you’ll get twice [as much] done in the course of a year as the other company.”

    We hope this Monday article will inspire you to work harder and strive to get more work done in record time.

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