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Daily Business News Brief – February 2nd, 2024

2
Feb

Equity market rebounds with N902bn gain – Punch
Bullish trading resurfaced on the stock market on Thursday leading to a gain of N902bn.
This came after two bearish sessions on the back of profit-taking activities.
A similar trend was recorded on NASDAQ, Dow Jones Industrial Average and S&P 500 as stocks on the platforms posted their worst day of 2024 on Wednesday after the Federal Reserve decided to hold interest rates steady……………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
FBN Holdings posts unaudited profit of N309.89bn
. lists Oba Otudeko as major shareholder – Dailytrut
FBN Holdings, yesterday, posted its Unaudited Consolidated Financial Statements for the period ended December 31, 2023, recording a profit of N309.89 billion, representing 128% increase from the N136.17 billion reported in FY 2022.
The report submitted to the Nigerian Exchange Group, also revealed that Oba otudeko’s Barbican Capital Limited owned majority shares of 4,886,062,743 units representing 13.61% ……..,……. … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Airtel Africa plans $100 million share buyback as FX crises weigh on results
• Revenues down by 8.3% on naira depreciation – Guardian
Airtel Africa has revealed plans to launch a share buyback worth up to $100 million after posting a strong underlying performance in the results for nine months ending December 31, 2023.
While currency movements weighed heavily on growth, the firm disclosed that revenues at constant currency were up 21 per cent year-on-year in the three months to December 31, but fell by 8.3 per cent due to the devaluation of naira…………… ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Sugar lifts BUA Foods revenue to N728bn – Punch
Fortified Sugar brought in the highest revenue to BUA Foods of its different business segments in 2023.
The firm’s total revenue rose by 74.13 per cent to N728.48bn in 2023 from N418.35bn in the prior year, underpinned by 153 per cent growth in income from fortified sugar to N327.55bn.
This was revealed in the unaudited financial statements for the year ended December 2023 filed with the Nigerian Exchange Limited………………………………………………., ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Cadbury operating profit up by 4,228% – Punch
Cadbury Nigeria Plc grew its operating profit by 4,228 per cent to N8.40bn in 2023 from N195m it recorded in the previous year.
According to the unaudited financial statement approved by Cadbury’s board of directors, the company’s gross profit also rose by 130 per cent to N17.79bn from N7.72bn in 2022………………………………………………., ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Flour Mills new products boost sales by 39% – Punch
Flour Mills Nigeria has said that its food division sales expanded 39 per cent, driven by factors like new product development, optimised distribution channels, and production enhancements.
The company, in a statement on its Q3 2023/2024 financial year, said its largest division — food, accounted for over 60 per cent of Group revenue………………………………………………., ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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