Presco Plc, a palm-oil processing and agro-industrial firm, has said the its revenue for 2019 Half-Year dipped by 9.5%, moving from N11.6 billion in 2018 to N10.5 billion at the end of June this year.
The Company’s Board of Directors announced this in its interim financial statements for the period under review, posted on the website of the Nigerian Stock Exchange (NSE) on Wednesday.
Presco’s Profit After Tax (PAT) took a similar turn, shedding 32.3% or N973.1 million within the two periods. In specific terms, it nosedived from the 2018 figure of N3.9 billion to N3 billion in 2019.
Beyond the conspicuous drop in Presco’s turnover, an upsurge in the firm’s Selling, General and Administrative Expenses by as much as N431.2 million contributed to the fall in its bottom-line. It leapt from N3 billion in 2018 to N3.5 billion in 2019, a 14% rise as a matter of fact. In essence, Presco’s operational efficiency worsened during the period, causing its spending on the day-to-day running of business to increase significantly.
Also responsible for Presco’s slump in profit was considerable growth in the firm’s Financial Expenses. From N603 million in 2018, it hit N997.810 million in 2019, signalling a 65.5% jump.
The drop in the company’s PAT had negative implications on its Earnings Per Share (EPS), which tumbled from N3.99 to N3.02, representing a 24.3% decrease.
What you need to know: Earnings Per Share is the profit that each unit of a company’s ordinary share yields during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares. Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.
Presco currently trades on the floor of the Nigeria Stock Exchange at N44.80 per share.
Togo, Niger, Benin remit N2.04 billion to Nigeria for power supply
Nigerian Electricity Regulatory Commission says international electricity customers remitted the sum of N2.04billion to Nigeria in three months.
Nigeria’s international electricity customers – Togo, Niger, and Benin, remitted the sum of N2.04billion in the first quarter of 2020, as their outstanding electricity bill to the Market Operator (MO) of the sector in Nigeria.
This was found in the Nigerian Electricity Regulatory Commission 2020 first quarter report, which was released recently.
According to the report, a total of N4.05billion ($13.22million) invoices were issued by the MO to international customers including Societe Nigerienne d’electricite or NIGELEC; Societe Beninoise d’Energie Electrique (SBEE); and Compagnie Energie Electrique du Togo (CEET).
The commission stated that during the quarter, NIGELEC made a payment of ₦1.61billion ($5.27million) as part of its outstanding bills for the energy received from NBET and services rendered by the MO.
It stated, “Similarly, SBEE paid ₦0.43billion ($1.39million) in respect of services received from MO.
“It was noteworthy that tariff shortfall (represented by the difference between actual end-user tariffs payable by consumers and the cost-reflective rates approved by NERC) had partly contributed to liquidity challenges being experienced in the industry.
“The settlement ratio to the expected Minimum Remittance Thresholds, having adjusted for tariff shortfall, indicated that power distribution companies needed to improve on their performance.”
Special customers like Ajaokuta Steel Co. Ltd and others in its environs did not make any payment in respect of the N0.27billion and N0.05billion invoices issued to them by the Nigerian Bulk Electricity Trading Plc and the MO respectively, during the period under view.
Meanwhile, the power distributors failed to remit N119.88billion to the sector within the same period.
“Whereas Discos were expected to make a market remittance of 46.09% during 2020/Q1, only 32.53% settlement rate was achieved within the timeframe provided for market settlement in the Market Rules,” it added.
What it means: The Discos’ remittance level, regardless of the prevailing tariff shortfall, was still below the expected MRT and they are expected to improve on their performances.
#EndSARS: Protests may return if panels do not address all issues in 2 weeks – Former Nigerian Minister
Akinyemi says the #EndSARS protesters would return to the streets if their demands are not addressed in two weeks.
COVID-19: Jason Njoku and wife test positive
iROKOtv CEO and wife have contracted the novel coronavirus.
Jason Chukwuma Njoku, the co-founder and CEO of iROKOtv and his wife has tested positive for COVID-19. However, Mrs. Mary Njoku is feeling well.
Jason, disclosed this via his Twitter handle stating that “My enemies are hard at work in 2020. Mrs. Njoku and I tested positive for Covid-19. I’m not feeling great, but Mary is well. Literally no idea how I caught it. But we shall see this pass too.”
The media mogul did not reveal if his children caught the virus too.
My enemies are hard at work in 2020. Mrs Njoku and I tested positive for Covid19 😩. I'm not feeling great but Mary is well. 😷🤢. Literally no idea how I caught it. 🤷🏾♂️. But we shall see this pass too🙏🏾. pic.twitter.com/tnsP1BCPBB
— JasonNjoku (@JasonNjoku) October 28, 2020