AMC BV is the holding company for several of Airtel Africa’s mobile money operations and ultimately is intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries.
The Transaction values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt-free basis. QIA will hold a minority stake in AMC BV upon completion of the Transaction (alongside other minority investors), with Airtel Africa continuing to hold the majority stake. The Transaction is subject to customary closing conditions.
The logo of telecommunications company Airtel is pictured on an umbrella and chairs set up by vendors in Abuja. REUTERS/Afolabi Sotunde
Following the announcement on 18 March 2021 of a $200m investment in AMC BV by TPG’s The Rise Fund, on 1 April 2021 of a $100m investment in AMC BV by MasterCard and the sale of the Group’s telecommunication towers companies in Madagascar and Malawi on 23 March 2021, the Transaction is a continuation of the Group’s pursuit of strategic asset monetization and investment opportunities, and it is the aim of Airtel Africa to explore the potential listing of the mobile money business within four years.
The proceeds from the Transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries.
Airtel Africa mobile moneyservices
Operating under the Airtel Money brand, Airtel Africa’s mobile money services is a leading digital mobile financial services platform catering to a large addressable market in Africa (characterised by limited access to formal financial institutions with limited banking infrastructure) and includes mobile wallet deposit and withdrawals, merchant and commercial payments, benefits transfers, loans and savings, virtual card and international money transfers.
Mobile money services are available across the Group’s 14 countries of operation, however, in Nigeria, the Group offers Airtel Money services through a partnership with a local bank and has applied for its own mobile banking licence. It is the intention that all mobile money operations will be owned and operated by AMC BV.
In our most recent reported results for Q1’22, the mobile money services (corresponding to all the businesses that are intended to be transferred to AMC BV) delivered a strong operational performance:
Generated revenue of $124m ($496m annualised), and underlying EBITDA of $60m ($240m annualised) at a margin of 48.8%.
Year on year revenue growth for the quarter was 53.7% in constant currency, largely driven by 24.6% growth in the customer base to 23.1 million, and 25.4% ARPU growth.
Growth in transaction value was 64.4% (constant currency) to $14.7bn ($59bn annualised).
Chemical and Allied Products Plc (CAP), one of Nigeria’s leading paints and decorative companies, announced its unaudited results for the period ended 30th June 2021.
Gross profit of N1.7billion million, with a gross margin of 31%.
Operating Profit (EBIT) of N588 million, with EBIT margin of 10%. Revenue growth and higher other income (+ 399% YoY), due to profit from the sale of a non-core asset, offset higher operating expenses (+ 46% YoY).
Profit Before Tax of N697 million, with a PBT margin of 12%.
Profit After Tax of N509 million, with PAT margin of 9%.
Inventory of N2.3 billion, up 139% compared to N967 million in Dec 2020 driven by deliberate efforts to build stock levels to ensure we are able to meet demand.
Trade and other receivables of N668million, increase 45% compared to N461 million at Dec 2020 following increased sales.
Commenting on the performance, Managing Director, Chemical and Allied Products Plc (CAP), David Wright stated:
“In the first half of 2021, we grew top line by 62% year on year. However, the impact of the COVID19 pandemic on our business, which resulted in a global shortage of raw materials and a significant increase in input costs, continues to affect profitability margins.
Our focus remains to create shareholder value thus strategic actions taken to secure alternative raw material sources, cost management efforts, as well as improvements in operational efficiency, are expected to improve profitability in the second half of the year.
The merger between CAP and Portland Paints and Products Nigeria Plc (Portland Paints) became effective on the 1st of July 2021 with CAP being the surviving entity. We expect that the merger will help CAP achieve operational, governance and administrative efficiencies and access to new markets which will increase shareholder value in the short and long term”.
Profit before tax: up 1.4% to ₦11.5bn (₦11.3bn in H1 2020) driven by higher non-interest income.
Gross earnings: down 6.1% to ₦75bn (₦79.9bn in H1 2020) reflecting a low-interest
environment.
Net operating income after impairments: up 3.3% to ₦48.3bn (₦46.8bn in H1 2020) driven by higher net fee & commission income and recoveries.
Non-interest income: up 22.3% to ₦27.7bn (₦22.7bn in H1 2020) spurred by debt recoveries.
Operating expenses: up 3.9% to ₦36.8bn (₦35.4bn in H1 2020) an outcome of higher depreciation and amortisation costs for upgrading technology and operating systems.
Gross loans: up 6% at ₦778.1bn (₦736.7bn in Dec 2020)
Customer deposits: up 4% at ₦1.2trillion (₦1.1 trillion in Dec 2020)
Non-performing loans ratio: down to 4.3% (6.4% as of June 2020)
“I am pleased that our business has remained resilient in the face of a persistently challenging economic environment. The Bank delivered a 1.4% growth in Profit Before Tax (PBT), recording ₦11.5 billion in H1 2021 compared to ₦11.3 billion in H1 2020. This steady performance reflects our successful efforts in turbocharging transaction volumes, which have delivered higher net fees and commission income, as well as a concerted focus on debt recoveries.
While the industry continues to be impacted by a lower interest rate environment, we have reinforced our branches and the network to aggressively my opportunities and value across our entire geographic footprint. This is part of a deliberate shift towards being closer to the customer.
Consequently, we have seen our Retail loan book and revenues grow by 14% and 10% respectively and expect to continue to see robust growth across all business segments as this new structure becomes further entrenched.
In June, we launched the ‘’Save & Win Palli Promo,’’ a nationwide campaign to reward new and existing customers with up to N55 million. During the promo period (June to December), customers who save a minimum amount of N10,000 monthly will be eligible to win cash prizes and gifts to encourage a savings culture even in the current economic climate.
The campaign also provides an opportunity for the Bank to bring some relief to customers who have been impacted by the economic hardship brought on by the COVID19 pandemic.
Looking ahead to the second half of the year, we will continue to focus on driving productivity across the entire network to deliver our business objectives.”
Speaking on the H1 2021 numbers, Chief Financial Officer, Joe Mbulu said:
“Our focus on efficiency has helped drive growth in Profit Before Tax to N11.5 billion. Noninterest income increased by 22% during the period, driven by recoveries which grew by 226% to ₦8.6 billion from ₦2.6 billion, while net income from other financial instruments rose by 139% to ₦4.5 billion from ₦1.9 billion.
These achievements counteracted the impact of the low-interest rate environment seen in the market and its impact on net interest margins for the period. Deposits increased by 4% to N1.2 trillion while our risk assets also grew by 6% to ₦778.1 billion compared to year-end 2020.
Our capital position remains strong with a Capital Adequacy Ratio of 16.1% and nonperforming loan ratios at 4.3%. Furthermore, our coverage ratio remains robust at 166%.
We continue to sustain our strong foundation as we move into the second half of the year.”
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions.
The Bank has a network of over 260 Sales and Service Centers across Nigeria and over 930 automated teller machines spread across Nigeria.
Flame for Life performanceboosted by anexceptional starttotheyear in USPocket and Utility Lighters, which we don’t expect to repeat in the second half,as well as robust growth in Latin America and the successful integration of Djeep in Europe
Human Expressionresult was driven by Digital Writing, while Core Writing Instruments markets remainedchallenging in Latin America and India
Blade Excellencefueled by the successofBIC 5-blade andHybridshaversdespite a challenging competitive environment
BIC also reported strong growth in e-commerce in all regions, including developing markets. BIC’s recent acquisition of Lucky Stationery in Nigeria continues to perform well with H1 2021 Net Sales more than doubling, underpinning BIC’s efficient route-to-market strategy in the region.
H1 2021 HIGHLIGHTS
First Half 2021Net Salesincreased26.2% at constant currencies. The unfavourable impact of currency fluctuations (–7.2 points) was mainly due to the decrease of the US Dollar and Brazilian Real against the Euro. Excluding the impact of acquisitions and divestitures, growth on a comparative basis was 22.5%.
Growth was fueled by the Flame for Life division, with a robust performance in Europe, North America, and Latin America. Boosted by a strong start-to-the-year, performance in the US contributed approximately 10 points to H1 Group Net Sales growth on a comparative basis. This was driven by improved market trends in value (total US Lighter market grew 6.2% YTD June) combined with customers’ order calibration during the first four months of the year, in response to unforeseen consumer demand. BIC outperformed the US market in both volume and value, propelled by distribution gains, favorable mix, and increased pricing.
In Human Expression, Rocketbook continue to show outstanding results, with Net Sales up more than 90% in H1. All online channels contributed to growth, with sales to Amazon driven by the success of June’s Prime day. BIC’s H1 Core Writing Instruments performance was driven by Europe, where total Back-to-School sell-in is expected to grow mid-single digit in 2021. In North America, the lack of product availability resulting from supply chain challenges negatively affected shipments to customers and are expected to impact Back-to-School sell-in.
The Blade Excellence division performance was fueled by the success of our 3-blade products in Latin America. While the US in-store distribution remained increasingly competitive, particularly in the female 3-blade segment, we continued to grow our 5-blade business in both male and female and outpaced the fast-growing online market.
E-commerce (excluding Rocketbook) delivered a solid +26% growth compared to the same period last year, fueled by Pure Players channels (+21%) and Omniretailers (+30%). Growth in Latin America, Middle East and Africa, and India was driven by increased distribution and efficient promotional campaigns.
Commenting on the results, Gonzalve Bich, the Chief Executive Officer said,
“Robust top-line growth drove our strong first-half results, getting us back to pre-COVID levels on a comparative basis. A standout was the performance of our Flame for Life division, which grew across all key geographies, particularly in the U.S.
I am also pleased with the growth we are seeing from our recent acquisitions, as well as our robust e-commerce results, and the launch of several innovative and sustainable products into the market.
We expect the balance of the year to be more challenging as we continue to navigate through current worldwide supply chain disruptions and adverse input costs, but we remain focused on what we can control and the pursuit of our transformation journey, which I believe will drive our profitable growth trajectory and create value for all our stakeholders.”
We achieved more than 15.0 millioneurosincrementalbenefit from our Invent the Future plan in H1, of which approximately 4.0 million euros in direct and indirect procurement. BIC’s raw materials market prices soared 10% in Q2 compared to Q1 2021, the rebound in global consumption prompted a disruption in supply chains worldwide, resulting in a surge in sea freight costs, coupled with increased port to port lead-times. As previously communicated, we expect the current market conditions to weigh on Full Year 2021 margins.
H1 2021 Free Cash Flow before acquisitions and disposals totaled 103.7 million euros, including 30.3 million euros of CAPEX. Net Cash Position was 366.7 million euros, positively impacted by 173.9 million euros of proceeds from our headquarters’ sale.
H1 Gross Profit margin increased by 3.9 points to 51.7% compared to 47.8% in H1 2020. Excluding 2020 under-absorption of fixed costs due to the COVID-19 pandemic, the Gross Profit margin increased by 1.7 points. The improvement was driven by the strong increase in North America Lighter sales, a decrease in Brand Support above Net Sales, and manufacturing and raw material procurement efficiencies. This was partly offset by adverse Forex from Latin American currencies against the US Dollar.
H1 Adjusted EBIT was favorably impacted by operating leverage from Net Sales growth. Freight and Distribution costs were higher as a result of the increase in customer demand.
The results show a Profit-Before-Tax of N924Million, (and a Profit-After-Tax of N780Million). This result came even in the face of the serious negative impact that the Covid-19 pandemic continues to have on business operations in Nigeria and the rest of the world, which has caused a significant reduction in activities by International and Local Oil and Gas companies who are the major clients of Caverton.
“The result shows our continued determination to re-focus our operations in the face of the challenging economic conditions, to ensure continued business survival and profitability. To boost revenue, the marine service sector of the Group has also been restrategizing to position the company towards exploring further opportunities within and outside the oil and gas sector”.
He further stated that
“Our Maintenance Repair and Overhaul (MRO) facility and our Simulator Training facility, both in Lagos, have officially commenced business operations in the 2nd half of 2021. This heralds a new age in the Nigerian aviation sector and a better fortune for the Group. As expected with new projects, the income stream from these two new projects will gradually grow over the years ahead”
Below are some of the highlights of the Quarter 2, 2021 Unaudited Results:
Group Financial Highlights:
Revenue is N18.07B (N16.08b in 2020)
Gross Profit N6.37B (N5.62B in 2020)
Total Operating Profit, (excluding Finance Cost), is N3.24B, (N2.68B in 2020)
EBITDA for the period is N3.85B (N3.71B in 2020)
Profit-Before-Tax is N0.93B, (N0.89B in 2020)
Profit-After-Tax is N0.78 B, (N0.77 B in 2020)
EPS is 23 kobo, (23 kobo in 2020)
Profitability Ratios
Gross Margin is 35.25% (34.95% in 2020)
EBITDA Margin is 21% (23% in 2020)
Net Profit Margin is 4.32% (4.76% in 2020)
EBIT/Interest Expense is 1.58 %, (2.03 % in 2020)
Capital Structure ratios
Net debt/Equity is 1x (1.04x in 2020)
Net debt/EBITDA is 5.85x (6.12x in 2020)
Long-Term Debt/Total capitalization is 0.59x (0.42x in 2020)
Asset turnover is 0.23x (0.24x in 2020)
EBIT/Capital Employed is 12 (15 in 2020)
Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services
The half-year financial report of Nestle Nigeria Plc for the period ended June 30th, 2021 reveals that the company appreciated by 21.57% in Revenue closing the period at N171.440 billion away from the previous close of N141.025 billion in 2020.
With about 800 million shares outstanding, the Shareholders’ earnings per share declined by 0.43% from N27.53 in the corresponding period of 2020 to N27.42 in the period under review.
The company has declared an interim dividend of N28.139 billion, a 21% lower than N35.670 declared in H1 2020. At a reference price of N1540.00, the company’s PE Ratio stood at 56.17x with an earnings yield of 1.78%.
Prior to this appointment, Funke Ijaiya-Oladipo was UAC’s Group Chief Financial Officer, with overall responsibility for the Company’s finance function. Her previous roles with UAC include serving as Head Investor Relations, responsible for strategic stakeholder management and aligning UAC’s capital market activities with its strategic priorities.
Mrs. Funke Ijaiya-Oladipo, UACN Group Finance Director | Brand Spur Nigeria
Funke is a high-achieving, results-driven, finance professional. She has over 14 years of operational finance, corporate finance and capital markets experience. She has advised local and international companies on raising equity capital, mergers and acquisitions, restructurings, and divestments in Nigeria, South Africa, and the United Kingdom.
Funke began her career in investment banking at Goldman Sachs in London. Her experience also includes working with Standard Bank Group, where she completed over 25 transactions in 10 years.
She holds a B.Sc. in Economics and an M.Sc. in Project and Enterprise Management, both from University College London. She is a CFA charter holder, and a member of the advisory board of Sponsors for Educational Opportunity Africa, a non-profit leadership development organization.
The Board is confident that her appointment as Group Finance Director will be of great value to UAC.
The world biggest brewer, Anheuser-Busch InBev (AB InBev), reported a strong performance in its second-quarter results after organic revenue grew by 27.6% to $13.53 billion, despite the ongoing impact of the Covid-19 pandemic.
AB InBev’s premium portfolio grew by 28% in 2Q21 with its global brands – Budweiser, Stella Artois and Corona – delivering 19.3% revenue growth outside their home markets, where they typically command a price premium.
The brewer saw its own beer volume grow by 20.5%. Additionally, its ‘Beyond Beer’ business continued to rise, with a growing revenue of 45% in Q2, delivering an average gross profit per hl that is 20% higher than the firm’s traditional beer business.
Africa excluding South Africa: Underlying consumer demand for its brands remains resilient in many of their markets, though the operating environment remains challenging due to ongoing COVID-19 related restrictions. AB InBev grew top-line ahead of pre-pandemic levels in the majority of its key markets, with double-digit beer volume
growth versus 2Q19 in Nigeria, Mozambique and Zambia.
Michel Doukeris, CEO commented:
“The consistent execution of our commercial strategy – centred around winning brands, category development and digital transformation – delivered continued momentum in the second quarter with top-line growth 3.2% ahead of 2Q19 pre-pandemic levels, even in light of ongoing COVID-19 impacts. Looking forward, we will continue to build upon our customer- and consumer-first approach to drive growth and value creation.”
In the first half of 2021, Danone’s consolidated sales stood at €11.8 bn, up +1.6% on a like-for-like basis, led by +2.6% in value and -1.0% in volume. On a reported basis, sales were down -2.9%, mainly driven by the negative impact of exchange rates (-5.5%) that resulted from currencies’ depreciation against the euro in the United States, Latin America, Indonesia, Turkey and Russia.
On the other hand, reported sales benefited from a slightly positive scope effect (+0.5%), as well as the +0.4% organic contribution of hyperinflation geographies to growth.
In the second quarter, Danone sales increased by +6.6% on a like-for-like basis, with value up +4.7% and volumes +1.8%. Reported sales rose +3.6%, mainly impacted by a still strong negative effect of -4.0% from exchange rates.
In terms of regional dynamics, strong growth was broad-based in the second quarter. Europe and North America sales were up +6.4% on a like-for-like basis, led by the recovery in Waters, as well as sustained solid momentum for EDP, and a return to growth for Specialized Nutrition. Sales in the Rest of the World increased by +6.9% on a like-forlike basis, notably led by the softer basis of comparison in EDP and Waters.
Key Highlights:
Danone net sales of €6,171m in the second quarter, up +6.6% on a like-for-like (LFL) basis, and +3.6% on a reported basis, leading H1 sales to grow +1.6% on a like-for-like basis
Return to growth driven by focus on execution and delivery: core portfolio renovation and innovation, acceleration in strategic channels and selected investments in key battles
Recurring operating margin at 13.1%: selective pricing initiatives, coupled with efficient product mix management and stepped-up productivity partially offsetting adverse category mix and higher inflation
Reported EPS up +5.1% at €1.63 and recurring EPS down -9.3% at €1.53
Continued disciplined cash management, with free cash flow reaching €1.0 bn in H1, and further progress on portfolio management with the disposal of Mengniu stake and sale of Vega
Launch of a share buyback program of up to €800m in the second half of the year
2021 guidance reiterated: return to profitable growth in H2, and FY recurring operating margin broadly in line with 2020
Véronique Penchienati-Bosetta and Shane Grant: interim co-CEOs statement
“We are pleased to report a return to growth across all our categories this quarter, thanks to the teams’ commitment and focus on execution and delivery. On a two-year basis, our like-for-like sales growth is also positive, on both Q2 and H1.
We maintained strong momentum in our EDP business, led by growth in Dairy, and Plant-based reporting its 6th consecutive quarter of double-digit growth, and a solid performance in Europe and Noram.
Specialized Nutrition returned to growth in Q2, with notably a consistent high single-digit performance in Adult Nutrition and a positive growth in Infant Nutrition. Waters was also back to growth in Q2 as restrictions in some parts of Europe lifted and thanks to market share gains in the region, yet emerging geographies are still more impacted by the negative effect of covid-related restrictions on out-of-home trends.
Our continued focus on core portfolio renovation and innovation, supported by selective reinvestments and channel execution focus, has helped our leading brands such as Alpro, Actimel, Neocate, evian and Oikos grow market share, playing into global trends towards health and immunity.
Margin held up well despite an adverse category mix and accelerated inflation. Strong productivity delivery coupled with selective pricing and mix management allowed us to partially offset headwinds.
Looking ahead, we reiterate our guidance for the full year. Although the macro context is still uncertain, we have strong foundations across our categories, geographies and brands. Local First project is progressing according to plan. We will continue to adopt a disciplined approach to capital management and remain focused on delivering on our growth priorities and plans in the second half.”
Leading stakeholders in Nigeria’s manufacturing and waste management sectors have applauded the Nigerian Bottling Company Limited (NBC), a leading consumer packaged goods company and a member of the Coca-Cola Hellenic Bottling Company (CCHBC), for its innovative initiatives aimed at optimising plastic packaging and waste management in the country.
Speaking during the annual NBC Stakeholders Forum themed ‘Packaging & Waste Management: Key Drivers, Challenges & Solutions’, they commended the company for leading efforts to ensure the eradication of the menace of plastic waste in the country.
The Keynote speaker and Special Adviser to the Ogun State Government on Environment, Ola Oresanya, applauded NBC for holding the forum which will go a long way in entrenching the culture of internal self-regulation in the fight against waste.
“I want to congratulate NBC for their consideration for the environment. In putting together this forum for open conversations around issues affecting the environment, NBC has demonstrated its commitment towards finding a solution to the issue of waste management in Nigeria. This is commendable because not many manufacturers have this kind of forum where the facts can be laid out” he said.
The Special Guest of Honour at the virtual session and Honourable Minister of Environment, Mahmood Abubakar, represented by the Director of Pollution Control and Environmental Health, Charles Ikeah, echoed similar sentiments and commended the company for organizing the Stakeholders Forum and for being at the forefront of the fight against environmental waste.
Abubakar highlighted the Federal Government’s commitment to awareness creation, enforcement of relevant regulations, as well as provision of an enabling environment for private sector participation.
President of the Manufacturers Association of Nigeria (MAN), Ahmed Mansur, urged other organizations, particularly in the manufacturing sector, to emulate NBC’s ambitious commitment to rid the environment of plastic wastes and prioritize the lifecycle of their packaging materials in their production processes.
In his remark at the virtual forum which held on Tuesday, Managing Director of NBC, Matthieu Seguin, said the company will continue to collaborate with key stakeholders in the plastic packaging and waste management value-chain to ensure that challenges in the waste management ecosystem are converted to viable economic opportunities for Nigeria’s teeming population.
Seguin, who spoke on the economic significance and reusability of plastic bottles, said: “We believe every package has value and life beyond its initial use and that it should be collected and recycled into a new package”.
He further reiterated the company’s recycling sustainability policy thrust saying that “as manufacturers that use plastic packaging, we want to be part of the solution. The message here is clear: we want all our pet bottles back. Our goal is that we will recover 100% of our primary packaging and recycle 50% by 2030”.
Seguin, who is also the chairman of the Food and Beverage Recycling Alliance (FBRA), an industry coalition dedicated to building a sustainable recycling economy for food and beverage sector, also called for industry-wide collaborations to ensure the sustainable management of plastic waste. “We also recognize that we need to drive a larger, industry-wide discussion if we want to see the level of change in society that will make a difference in the environment and go a long way towards advancing our World Without Waste agenda, and shape the future of waste management in Nigeria,” he said.
Commenting on its recycling strategy, Sustainability Director for The Coca-Cola Company Africa, David Drew, said the beverage giant plans to achieve a world without waste by ensuring recyclability of plastic bottles, reduction of plastic in secondary packaging, reduction of weight of bottles and building collection points for proper waste disposal and sorting.
Affirming the Lagos Waste Management Authority’s (LAWMA) contribution to environmental sustenance, the Lagos State Commissioner for Environment, Tunji Bello, represented by the Permanent Secretary Ministry of the Environment, Belinda Aderonke Odeneye commented on the importance of proper and continuous recycling of all recyclable waste as this will save society from filth and diseases.
Odeneye revealed that LAWMA has now moved the waste management war to the schools for inclusion. “We have a manual for teachers to train students on how to sort waste in their schools and dispose them properly”, she said. She also called for collaboration amongst all stakeholders to ensure environmental sustainability is fully achieved in Lagos State and Nigeria as a whole.
In her remarks, Executive Secretary, Food and Beverage Recycle Alliance (FBRA), Agharese Onaghise, extolled the social responsiveness of NBC to societal cause, particularly in the environmental sustainability space and charged all stakeholders to take an active part in the battle to mitigate plastic pollution in Nigeria.
“This is a collective responsibility, a whole value-chain. FBRA is working with over ten collectors across Nigeria but, we need to do more, we need to work in all states in Nigeria”, she said, and pleaded for more support from investors. “We need funding to do that, we need more members in the food and beverage sector and more organizations to join FBRA and expand the collection centres in each geo-political zone”.
The event was attended by prominent personalities drawn from various stakeholder groups, including officials of Federal and State ministries of Environment, industry leaders, regulators, NGOs, recycling agencies, customers, and consumers.
The annual NBC stakeholders’ forum is designed to address critical issues of concern to stakeholders in the consumer-packaged goods industry and the society. Conceived as part of NBC’s contribution to national development as a responsible and forward-looking organization, the event serves as a platform for robust discourse, exploration of new ideas and knowledge sharing on some of the most important issues facing businesses and society, especially in the manufacturing sector.
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