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FG, Siemens to sign electricity deal today

FG @AsoRock, Siemens @Siemens to sign electricity deal today

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President Buhari to sign deal with Siemens, President Buhari and Angela Merkel meeting, German Chancellor Angela Merkel, Siemens, Egypt megaproject

All is set for the signing of electricity road map agreement between the Federal Government of Nigeria and German-based Siemens. The deal is the product of a meeting President Muhammadu Buhari held with German Chancellor, Angela Merkel on August 31, 2018.

The Global Chief Executive Officer of Siemens, Joe Kaeser, will meet with President Buhari today in Nigeria to sign a Letter of Agreement on the Nigerian Electrification Roadmap which was submitted to President Buhari last year November.

[READ ALSO: Akin Alabi questions Jumia’s operating model, Jumia responded]

According to reports, several meetings have been held by power distribution companies, other stakeholders in the power sector and the Chief of Staff to the President, Abba Kyari. The meeting focused on the key areas where the help of the German government is needed.

The partnership on the road map for power generation will aid the activities of the Transmission Company of Nigeria (TCN) and the eleven DisCos within the country, including software maintenance and support for four years, with a source claiming the project can be compared to that of Egypt megaproject.

“This project is similar to the Egypt megaproject and the Iraq electrification project recently awarded to Siemens,” the report quoted a source.

President Buhari to sign deal with Siemens, President Buhari and Angela Merkel meeting, German Chancellor Angela Merkel, Siemens, Egypt megaproject

Siemens managed Egypt megaproject

The Egypt megaproject was handled by Siemens, and according to a statement on the company’s website, Siemens successfully managed to boost Egypt’s power generation capacity by over 40% by connecting 14.4 gigawatts to the Egyptian national grid. This is enough power to supply over 40 million Egyptians with reliable electricity and provide a much-needed power to different industrial sectors.”

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The leading supplier of systems for power generation has been in and out of Nigeria, holding several meetings and consultation, as well as electricity field observation dating back to October last year, a month after the meeting between President Buhari and the German Chancellor.

[READ ALSO: Pepsi acquires Pioneer Foods Group Ltd, makers of Butterfield Bread]

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Why it matters: Nigeria has been struggling with power distribution, limited distribution networks, limited transmission line capacity, huge metering gap, and fall of gas supply, despite the privatisation of the power sector which produced six generation companies and eleven DisCos.

The roadmap by Siemens is expected to resolve these challenges. Part of the roadmap is a workshop facilitated by Siemens in October with the Federal Ministry of Power, Works and Housing, the Nigerian Electricity Regulatory Commission and the TCN.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Companies

Unilever earmarks N62 million as remuneration to its Non-Executive Directors in 2021

Unilever Nigeria has fixed its remuneration to the Non-executive Directors of the company in 2021 at N62 million.

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Unilever Overseas increases stake in Unilever Nigeria Plc

One of Nigeria’s leading FMCG companies, Unilever Nigeria Plc, is set to pay out a total of N62 million as remuneration to its Non-Executive Directors for the year ended December 31, 2021.

This disclosure was made by the leading consumer goods company as one of the key resolutions that would be considered and passed at the Company’s ninety-sixth (96th) Annual General Meeting, which will hold on Thursday 6 May 2021 at 10.00 am.

The famed manufacturer of Sunlight detergent also revealed that in addition to the N62 million remuneration, sitting allowances will be paid at standard agreed rates for each meeting attended and the Chairman of the company will be entitled to a vehicle allowance of N12 million gross per annum.

READ: Heavy sell-off in PZ & Unilever shares leads to N6.09 billion market value loss

Short-term benefits paid by Unilever in 2020 to its Directors

Despite the fact that Unilever Nigeria Plc has not paid its shareholders dividends for about two years now, the FMCG company paid out short-term benefits of about N511 million and N73 million to its Executive and Non-Executive Directors in 2020 respectively, compared to a sum of N590 million and N59 million it paid out in 2019 respectively. The members of the leadership team, excluding the Executive Directors of the company, were paid a total of N867 million short term benefits in 2020, down from the N1.04 billion they received in 2019.

On the flip side, the total payout as wages and salaries to the company’s employee in 2020 was N5.05 billion, this is down from the N5.99 billion which the company paid out in 2019.

READ: Abdulsamad Rabiu set to earn N39.4 billion from his cement business

In case you missed it

According to a recent result by Unilever Nigeria Plc, the company made a loss of about N492 million in the first quarter of 2021. This figure is 144.1% lower when compared to the profit of N1.114 billion made by the company in the corresponding quarter of 2020.

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Unilever’s revenue however surged by 45.7% during the quarter. However, the growth in the cost of sales, and the huge 63.3% increase in marketing and administrative expenses pressured the profits down to a loss of N492 million in the first quarter of 2021.

READ: Guinness shares surge by 9.89%, lifting the brewer’s capitalization by N5.9 billion

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What you should know

  • Shares of Unilever Nigeria Plc are currently valued at N12.95 per share, placing the YTD loss in the shares of the company at -6.83%.
  • Unilever Nigeria Plc is the sixth most valuable consumer goods company listed on the Nigerian Stock Exchange, with a robust market valuation put at N74.4 billion, higher than Guinness Nigeria Plc, NASCON Allied Industries Plc and PZ Cussons.
  • The shares of the top FMCG brand is trading 23.8% lower than its 52-week high price of N17, and 23.3% higher than its 52 week low of N10.5.

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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.

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Heineken scoops more Nigerian Breweries shares in insider disclosure

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

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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.

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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.

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