Tantalizers Plc, a leading fast-food company in Nigeria, has disclosed that it suffered a pre tax loss of N245million between January 1st and September 30th, 2020.
This is according to the information contained in its unaudited financial statement for the period ended 30 September 2020, which was sent to the floor of the Nigerian Stock Exchange today.
Key highlights of its 2020 9M results
- Revenue was N655.93 million, compared to N1.26 billion it generated same period in 2019.
- Cost of Sales was N355.44 million, compared to N729.71 million it incurred same period in 2019.
- Other income was N114.94 million, compared to N268.27 million it made same period in 2019.
- Administrative Expenses was N606.19 million, compared to N940.90 million it incurred same period in 2019.
- Operating loss was N189.30 million, compared to operating profit of N127.05 million.
- Finance cost was N55.70 million, compared to N94.40 million it paid same period in 2019.
- Loss before tax was N245.00 million, compared to profit after tax of N22.17 million it made same period in 2019.
The on-trade-channel of the leading fast-food company with over 60 restaurants across Nigeria as of 30th April, 2017 was severely affected by the COVID-19 pandemic, as the widespread economic vulnerabilities in the nation disrupted the business segment of the company.
The lockdown and the restriction placed on businesses operating in the on-trade-market affected the on-premise demand and sales of these companies, which led to decline in the sales and net revenue of Tantalizers Plc.
However, the core business segment of Tantalizers was not the only segment affected, as other revenue-generating segments like Rent, advertisement and franchising declined over this period.
Lagos State seeks investors in aquatic and livestock agriculture value chain
The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap.
The Lagos State Government announced it is seeking private sector collaboration for Agriculture sector value chain development in livestock feed mills, fisheries and red meat.
This was disclosed by the State Commissioner for Agriculture, Ms Abisola Olusanya, in a statement on Sunday in Lagos.
The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap, as the State identified the 3 main sectors for value chain disruption.
She also added that investment in the sectors would also develop jobs for the industry and boost the State’s GDP growth, through Private Sector collaboration as Lagos residents consume over N5 trillion worth of food annually.
“The objective is to stimulate and encourage more public-private partnerships in the three value chains,” she said.
“When you consider this pool of transactions happening in Lagos, it shows that we are the market. For instance, we demand over 400,000 metric tons of fish on an annual basis.
“But our fishermen and our aquaculture farmers are only able to produce just about 174,000 metric tons with deficit of 200,000 metric tons,” she added.
She also disclosed that the state has 9,000 artisanal fishermen, and bringing more youths into the space will increase the level of fish and seafood being harnessed from our water bodies. Looking at the transactional value on an annual basis, the fisheries sector is worth well over N120billion according to her.
In case you missed it: Nigeria exported agricultural products worth N321.5 billion in 2020, representing a 19.16% increase when compared to N269.8 billion recorded in 2019 and a 6.27% increase compared to N302.28 billion recorded in 2018.
#DigitalSkillsTraining: FG announces conclusion of selection process
Only successful applicants that are contacted by the Ministry are to report at the training venue.
The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.
This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.
“The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.
The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.
“Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.
What you should know
Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.
Nairametrics | Company Earnings
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