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Business News

May & Baker reports N196.4m as Profit Before Tax in Q1 2019

May & Baker Nigeria Plc have just recently disclosed its financial statement for Q1 period ended March 31st. Below are the key highlights of the results:

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May & Baker Nigeria Plc

May & Baker Nigeria Plc has just disclosed its financial statement for the first quarter (Q1) period ended March 31st. Below are the key highlights of the results.

Revenue: Revenue declined significantly from N2.1 billion in 2018 to N1.8 billion in 2019. This indicates a reduction of 14.67%.

Gross Profit: Gross profit fell from N725.8 million in Q1 2018 to N600 million in Q1 2019, representing a downturn of 17.24%.

Profit Before Tax: There was also a cutback in profit before tax from N249.3 million in 2018 to N196.4 million in 2019. This also shows that it reduced by 21.28%.

Profit After Tax: Profit after tax dropped from N162 million in 2018 to N133.5 million in 2019, representing a decrease of 17.90%.

Earnings Per Share: Earnings per share reduced from 16.54 kobo in 2018 to 7.74 kobo in 2019.

Current Share Price: May & Baker Plc is currently trading at N2.25 on today’s trading session on the floor of the Nigerian Stock Exchange (NSE).

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Energy

Nigeria breaks transmission record again, hitting 5,801.60 MW

The TCN has broken its own transmission record three times in the space of a week.

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FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

The Transmission Company of Nigeria announced another record, as grid transmission hits a peak of  5801.60 MW.

This was disclosed by the Minister of Power, Engineer Sale Mamman in a statement on Tuesday evening.

“Back-to-Back Peak Transmission, Yesterday, 1st of March at 9:30 pm, we hit a new HIGH,” he said.

He added that 5801.60 MW transmitted at a frequency of 50.09 hz.

“Next Level heights for the Power Sector. Kudos to all at the TCN & MoP striving towards stable energy for Nigerians,” he added.

In case you missed it 

  • Nairametrics reported yesterday that the Transmission Company of Nigeria (TCN) announced that it hit another record milestone on transmission, as it recorded a national peak of 5,615.40MW.
  • On March 1st that the TCN announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.

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Coronavirus

COVID-19 Update in Nigeria

On the 2nd of March 2021, 479 new confirmed cases and 8 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 156,496 confirmed cases.

On the 2nd of March 2021, 479 new confirmed cases and 8 deaths were recorded in Nigeria.

To date, 156,496 cases have been confirmed, 134,551 cases have been discharged and 1,923 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 2nd, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 2nd March 2021,

  • Total Number of Cases – 156,496
  • Total Number Discharged – 135,136
  • Total Deaths – 1,923
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 479 new cases are reported from 22 states- Lagos (153), Enugu (75), Rivers (50), FCT (40), Kaduna (18), Ebonyi (17), Plateau (17), Edo (17), Borno (16), Oyo (12) Kano (11), Abia (10), Cross River (10), Taraba (9), Nasarawa (7), Bauchi (4), Bayelsa (3), Delta (3), Ekiti (2), Niger (2), Ogun (2) and Akwa Ibom (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,001, followed by Abuja (19,274), Plateau (8,911), Kaduna (8,531),  Oyo (6,746), Rivers (6,544), Edo (4,607), Ogun (4,398), Kano (3,764), Ondo (2,983), Kwara (2,931), Delta (2,576), Osun (2,433), Nasarawa (2,234), Enugu (2,078), Gombe (2,051), Katsina (2,030), Ebonyi (1,881), Anambra (1,726), and Abia (1,530).

Akwa Ibom has recorded 1,519 cases, Imo (1,497), Borno (1,292), Bauchi (1,232), Benue (1,188), Niger (917), Taraba (813), Ekiti (804), Bayelsa (772), Sokoto (769), Adamawa (762), Jigawa (496), Kebbi (377), Cross River (334), Yobe (268), Zamfara (219), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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