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Business News

Okomu Oil Palm ‘s profit declines by 43.22% as at Q3 2019  

Okomu Oil Palm Plc has reported a 43.22% decrease in its profit after tax for the period ended 30 September 2019.  

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Okomu Oil profit drops by 57% at half year 2019

Okomu Oil Palm Plc has reported a 43.22% decrease in its profit after tax as at the period ended 30 September 2019.

This was disclosed in the company’s interim financial statements published earlier today on the website of the Nigerian Stock Exchange.

Gross Profit: The financial statement shows that Okomu Oil generated N13.32 billion in Gross Profit over the past nine months of 2019. This is indicative of 7.37% decrease compared to N14.38 billion which was generated in Q3 2018.

Profit Before Tax: This also declined by 30.16% to N6.09 billion in Q3 2019, down from N8.72 billion in Q3 2018.

Okomu Oil Palm 's profit declines by 43.22% in Q3 2019  

[READ ALSO: United Capital records 2% profit increase in Q3 2019]    

Profit After Tax: The firm’s profit for the period dipped by 43.23% to N4.11 billion, down from N7.24 billion in Q3 2018.

Earnings Per Share: The company’s earnings per share for the period stood at N4.31, as against N7.59 in the third quarter of 2018.

About Okomu Oil Palm Company Plc: The Okomu Oil Palm Company Plc was established in 1976 as a Federal Government pilot project aimed at rehabilitating oil palm production in Nigeria.

In 1990, the Technical Committee on Privatisation and Commercialisation (TCPC) privatized the company on behalf of the Federal Government of Nigeria.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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    Business News

    SpaceX says it’s pursuing necessary licenses to bring Starlink to Nigeria

    Broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025.

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    Telecoms sector remains resilient as broadband subscriptions climb

    American private space exploration company founded by Elon Musk, SpaceX says it is working to pursue all necessary licenses needed to bring the Starlink Satellite internet services to Nigeria.

    This was disclosed by Mr Ryan Goodnight, SpaceX’s Starlink Market Access Director for Africa in a meeting with NCC’s Executive Vice-Chairman (EVC), Prof. Umar Danbatta on Friday in Abuja.

    What SpaceX is saying about Starlink in Nigeria

    “SpaceX has been in discussion with NCC virtually over the past several months to begin the process of pursuing all necessary licences to bring Starlink, its satellite-based broadband services, to Nigeria.

    Having made substantial progress in the discussion, the commission granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects,” they said.

    The NCC stated that it has listened to SpaceX’s presentation and will review it vis-à-vis its regulatory direction of ensuring an effective and sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.

    “As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest,” they said.

    NCC added that broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025. This is also in line with its National Digital Economy Policy and Strategy (NDEPS), 2010-2030.

    What you should know

    Starlink is an internet service launched by SpaceX to improve internet coverage in rural and underserved areas globally. Starlink satellites are over 60 times closer to Earth than traditional satellites, resulting in lower latency and the ability to support services typically not possible with traditional satellite internet.

    Nairametrics also reported this month that the  Federal Government announced a deal with Microsoft through the Federal Ministry of Communications and Digital Economy for the development of high-speed internet infrastructure across the six regions in the country.

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    Columnists

    What FGN Free Meter Program means for the power sector

    Without effective penalties for erring DisCos and consumers, progress may still remain very slow.

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    Electricity, Buhari moves against Discos and agents that collect money for prepaid meters

    According to news reports, the Minister of Power, Mamman Saleh on Wednesday said the distribution of the four million free electricity prepaid meters pledged by the Central Bank of Nigeria would soon begin across the country.

    According to him, the government is wrapping up the distribution of its initial one million meters, which he labelled phase zero, and would soon begin the distribution of the four million sponsored by CBN, which he tagged phase two. He also noted that the Federal Executive Council approved N3bn for the execution of six major electricity projects in the country to upgrade Nigeria’s electricity facilities and improve power supply across the country.

    Ineffective metering remains a major drawback to the success of power sector reforms in Nigeria. While some consumers avoid paying for power consumed through meter bypass, some other consumers are made to pay for what they have not consumed through estimated billing by DisCos.

    DisCos have been largely unsuccessful with metering their customers.

    As far as inadequate metering is concerned, DisCos over time, have used this situation to their advantage via estimated billings. It appears that fully metering customers are currently being viewed as a disincentive, given that estimated bills can easily be manipulated.

    According to a report by the Nigerian Electricity Regulatory Commission (NERC), only 4,234,759 (40.27%) of the total customer population of 10,516,090 were metered as of 30 June 2020. Clearly, this validates the widely held view that there are a wide number of customers on estimated billing which gives room for illegal connection to the networks and in turn corrupt practices. NERC further revealed that only three out of 11 Electricity Distribution Companies in the country had metered more than 50% of electricity customers under their coverage areas as of June 2020.

    Effective metering in our view is one step ahead in solving the myriad of problems embattling the Nigerian power sector. Though supposed to be unpaid for, many customers in a bid to avoid the bureaucracy associated with getting meters have paid to get their own meters. We believe the provision of meters to all end-use customers will go a long way in ameliorating the liquidity squeeze in the power sector whilst also providing cashflow to the DisCos for investment in equipment needed to evacuate unused electricity to consumers nationwide.

    We laud the FG’s efforts at distributing meters freely to end-users, but we note that without effective penalties for erring DisCos and consumers, progress may still remain very slow.

    Hotflex

    CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

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