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Nigeria’s Caverton Group posts ₦4.3 billion profit

Similarly, the firm’s Profit Before Tax (PBT) also grew from ₦3.91 billion in 2017 to ₦5.75billion during the period under review.

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Nigeria’s Caverton Group posts ₦4.3 billion profit | News Central TV
Photo credit: Twitter / @CavertonGroup

Foremost indigenous Nigerian offshore logistics provider, Caverton Offshore Supports Group, announced a Profit After Tax (PAT) of ₦4.30 billion against ₦2.62 billion posted in the corresponding period in 2017 –for the financial year ended December 31, 2018.

Similarly, the firm’s Profit Before Tax (PBT) also grew from ₦3.91 billion in 2017 to ₦5.75billion during the period under review.

Recall that the firm was listed on the Nigerian Stock Exchange (NSE) in 2014, with PAT of ₦980 million and PBT of ₦2.73 billion, representing an increase of 338 per cent in four years.

At the time of the listing, the group’s asset base was ₦36.63billion at year-end but has since risen 56 per cent to ₦56.06billion in 2018.

Similarly, shareholders’ fund, which reflects the confidence of investors in the firm, grew 54 per cent in the five-year period from ₦11.93billion in 2014 to ₦18.38billion in 2018.

Caverton Offshore Chairman, Aderemi Makanjuola, attributes the improved performance to the group’s ability to improve its revenue base as well as maintaining its cost levels.

He explained that shareholders’ funds, which grew 16 per cent to close at ₦18.38billion in 2018, provided ample cushion for business growth.

Makanjuola expressed optimism that the company will record improved performance in the current financial year, especially following new contracts from the Nigerian National Petroleum Corporation (NNPC), and its subsidiary, Nigeria Petroleum Development Company (NPDC), which will boost the group’s revenue.

“We were awarded a three-year (2+1) contract for the provision of aviation services to the NPDC, operating out of facilities at the NAF Base in Port- Harcourt, Rivers State, he adds.

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Zimbabwe’s business community calls for economic reform

The Movement for Democratic Change (MDC) had initiated a massive protest against worsening economic conditions

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Zimbabwe’s business community calls for economic reform
Zimbabwe President Emmerson Mnangagwa. (Photo by Jekesai NJIKIZANA / AFP)

The Zimbabwe business community has called on its government to urgently address ordinary people’s concerns in order to avoid continuous loss of production time through protest shutdowns.

The Movement for Democratic Change (MDC) had initiated a massive protest in central Harare to express growing impatience with the government’s failure to remedy a deepening economic crisis that has pushed many to the edge.

The government, however, insists that the pain caused by its tough policy measures was necessary for an economy which is reeling from decades of mismanagement under former President, Robert Mugabe.

Police moved on Thursday to impose an unpopular ban on the demonstration, setting the stage for ugly clashes with MDC followers.

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Nigeria’s state oil firm awards crude oil swap deals to 15 firms

The awarded oil firms include Vitol, Trafigura, oil major, BP and local downstream companies

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Nigeria's state oil firm awards crude oil swap deals to 15 firms
NNPC Towers, headquarters of Nigeria's state oil firm in Abuja, Nigeria. (File photo)

Nigerian state oil company, NNPC, has announced that 15 companies have won the right to swap the country’s crude oil for fuels, following a tender for the deals.

About 132 companies made a bid for the deals. The tender for the one-year contracts effective from the 1st of October and dubbed direct sale, direct-purchase (DSDP), was issued in March.

Nigeria is almost entirely reliant on imported fuel due to years of neglect at its own refineries.

It has leaned heavily on the swap arrangements to get fuel, particularly gasoline, as other would-be importers struggle to make money due to price caps.

The Nigerian National Petroleum Corporation says the companies that won the bids are made up of a consortium of 15 companies including Vitol, Trafigura, oil major, BP and local downstream companies.

Since the scheme’s inception in 2016, replacing a program that paid subsidies to importers, the NNPC has said it had saved the country $2.2 billion and supplied some 90 per cent of its import requirements.

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Zambia rejects donor aid amid its worst drought

The government says it has enough corn, the country’s staple food, to last until the next season and won’t need to import

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Zambia declines donor aid amid its worst drought
(File photo)

Zambia is experiencing its worst drought since 1981, but its government insists that a state of national emergency will not be declared.

Neither will donor assistance be accepted. A Southern Africa Development Community report last month, forecast 2.3 million Zambians will be food-insecure by March after large parts of the southern and western areas of the country received the lowest rainfall since 1981.

Over the same period, the report forecast Zambia will experience an 888,000-ton cereal deficit.

The Zambian government says it has enough corn, the country’s staple food, to last until the next season and won’t need to import.

Retail prices for the cornflour that Zambians consume mostly are already the highest since at least, 2003, according to data from the national statistics agency.

In July, prices were 41 per cent higher than the same time last year, helping to push inflation to 8.8 per cent, the highest since November 2016.

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