MultiChoice Ends Financial Year with 20.9 Million Subscribers

Brand Spur
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MultiChoice Ends Financial Year with 20.9 Million Subscribers

In a year that required careful navigation of COVID-19 challenges, MultiChoice Group (MCG), Africa’s leading video entertainment company, added 1.4m 90-day active subscribers to close the year ended 31 March 2021 (FY21) on 20.9m subscribers.

The group subscribers split is between 8.9m in South Africa and 11.9m in the Rest of Africa (RoA). This represents an accelerated 7% growth year-on-year (YoY), driven by heightened consumer demand for video entertainment products, continued penetration of the mass market and an easing of electricity shortages in southern Africa.

Further analysis by Brand Spur revealed that Multichoice’s revenue was resilient, growing by 4% (4% organic) to R53.4bn. This performance, coupled with a firm focus on cost containment and a R1.5bn (R2.7bn organic) reduction in trading losses in the Rest of Africa translated into a 28% (44% organic) increase in trading profit to R10.3bn.

MultiChoice

Multichoice Core headline earnings, the board’s measure of sustainable performance, was up a meaningful 32% YoY to R3.3bn, while free cash flow grew a solid 10% to R5.7bn.

The group reported R8.5bn in cash and cash equivalents at year-end. Combined with R4bn in undrawn facilities, this provides R12.5bn in financial flexibility to support dividends and growth initiatives.

“The COVID-19 pandemic taught us more about the art of the possible,” says Calvo Mawela, Chief Executive Officer. “We started the year confronted with severe disruptions to our programming schedules, bleak macro-economic forecasts for many of our markets and sharply weaker currencies. In the face of these challenges, our teams rallied together – this helped us deliver on all our key performance metrics and provide more value to our shareholders by declaring a R2.5bn dividend.”

The group continued its differentiation strategy by stepping up its investment in local content. Despite production stoppages and travel restrictions brought about by the pandemic, it produced 19% more content than last year – a sizeable 4 567 hours. As a result, the total local content library now exceeds 62 000 hours. Some 42% of the group’s general entertainment spend was on local content and it remains on track to reach its target of 45% by FY22.

To help manage US dollar-based costs, two major international content agreements (and several smaller ones) were renegotiated into the South African rand (ZAR). The group also launched 11 new local language channels across sub-Saharan Africa, completed five new co-productions with global content producers and sold 16 of its series to international buyers.

MultiChoice Announces Price Slash on DStv, GOtv Decoders

In addition to compelling local stories, MCG continues to broadcast the best of sport. This year, the group renewed the rights to the English Premier League and UEFA Champions League and also secured broadcasting rights to the FIFA World Cup 2022 in Qatar.

On the international content front, it maintains mutually beneficial relationships with its studio partners and has successfully added access to Netflix, Amazon Prime and more recently YouTube on its DStv Explora Ultra decoder.

In addition to the new products and services launched during the first half of the year (including Showmax Pro, DStv Communities, DStv Rewards and ADD Movies), the Group expanded its financial services portfolio, going beyond offering pure decoder insurance to include funeral cover, subscription waiver and debt waiver products.

“We have a highly engaged base of 20.9m subscribers and with an average of five people per household, this helps us reach approximately 100 million people. We see a great opportunity to keep enriching the lives of our customers by expanding our entertainment ecosystem with innovative offerings that will also enhance our revenue prospects,” commented Mawela.

MULTICHOICE

The Group made a 20% investment in the pan-African sports betting business BetKing and subsequent to year-end has announced its intention to increase this investment to 49%. This investment will increase the group’s shareholding in BetKing from 20% to 49% for a consideration of $282m (R4.0bn). This investment offer remains subject to preconditions being met.

MultiChoice Reports Big Profit Boost, Gained 1.4M Active Subscribers

Esan Bolaji
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0
MultiChoice Reports Big Profit Boost, Gained 1.4M Active Subscribers

In a year that required careful navigation of COVID-19 challenges, MultiChoice Group (MCG), Africa’s leading video entertainment company, added 1.4m 90-day active subscribers to close the year ended 31 March 2021 (FY21) on 20.9m subscribers.

The group subscribers split is between 8.9m in South Africa and 11.9m in the Rest of Africa (RoA). This represents an accelerated 7% growth year-on-year (YoY), driven by heightened consumer demand for video entertainment products, continued penetration of the mass market and an easing of electricity shortages in southern Africa.

Further analysis by Brand Spur revealed that Multichoice’s revenue was resilient, growing by 4% (4% organic) to R53.4bn. This performance, coupled with a firm focus on cost containment and a R1.5bn (R2.7bn organic) reduction in trading losses in the Rest of Africa translated into a 28% (44% organic) increase in trading profit to R10.3bn.

MultiChoice

Multichoice Core headline earnings, the board’s measure of sustainable performance, was up a meaningful 32% YoY to R3.3bn, while free cash flow grew a solid 10% to R5.7bn.

The group reported R8.5bn in cash and cash equivalents at year-end. Combined with R4bn in undrawn facilities, this provides R12.5bn in financial flexibility to support dividends and growth initiatives.

“The COVID-19 pandemic taught us more about the art of the possible,” says Calvo Mawela, Chief Executive Officer. “We started the year confronted with severe disruptions to our programming schedules, bleak macro-economic forecasts for many of our markets and sharply weaker currencies. In the face of these challenges, our teams rallied together – this helped us deliver on all our key performance metrics and provide more value to our shareholders by declaring a R2.5bn dividend.”

The group continued its differentiation strategy by stepping up its investment in local content. Despite production stoppages and travel restrictions brought about by the pandemic, it produced 19% more content than last year – a sizeable 4 567 hours. As a result, the total local content library now exceeds 62 000 hours. Some 42% of the group’s general entertainment spend was on local content and it remains on track to reach its target of 45% by FY22.

To help manage US dollar-based costs, two major international content agreements (and several smaller ones) were renegotiated into South African rand (ZAR). The group also launched 11 new local language channels across sub-Saharan Africa, completed five new co- productions with global content producers and sold 16 of its series to international buyers.

MultiChoice Announces Price Slash on DStv, GOtv Decoders

In addition to compelling local stories, MCG continues to broadcast the best of sport. This year, the group renewed the rights to the English Premier League and UEFA Champions League and also secured broadcasting rights to the FIFA World Cup 2022 in Qatar. On the international content front, it maintains mutually beneficial relationships with its studio partners, and has successfully added access to Netflix, Amazon Prime and more recently YouTube on its DStv Explora Ultra decoder.

In addition to the new products and services launched during the first half of the year (including Showmax Pro, DStv Communities, DStv Rewards and ADD Movies), the Group expanded its financial services portfolio, going beyond offering pure decoder insurance to include funeral cover, subscription waiver and debt waiver products.

“We have a highly engaged base of 20.9m subscribers and with an average of five people per household, this helps us reach approximately 100 million people. We see great opportunity to keep enriching the lives of our customers by expanding our entertainment ecosystem with innovative offerings that will also enhance our revenue prospects,” commented Mawela.

The Group made a 20% investment in pan-African sports betting business BetKing and subsequent to year end has announced its intention to increase this investment to 49%. This investment will increase the group’s shareholding in BetKing from 20% to 49% for a consideration of $282m (R4.0bn). This investment offer remains subject to preconditions being met.

FINANCIAL REVIEW

Both advertising and commercial subscription revenues were significantly impacted by COVID-19. Advertising revenues were down 34% YoY (R0.6bn) at the interim stage but recovered well in the second half as COVID restrictions eased, ending 11% down YoY at R2.8bn.

Similarly, commercial subscription revenues started to recover in the latter part of the financial year but finished 35% lower than the prior year. The hospitality industry is expected to take some time to return to normal trading.

The group achieved its target of generating positive operating leverage by keeping revenue growth ahead of the growth in costs. Organic revenue growth of 4% combined with a 3% organic reduction in operating costs resulted in improved operating leverage of 7%, 2 percentage points higher than the prior year.

A focus on tight cost controls and the early implementation of cost cutting initiatives underpinned an expansion in the group’s trading margin from 16% to 19%. Cost savings amounted to R1.5bn for the year, exceeding the group’s stretch target of R1.4bn. Savings were largely fixed in nature with more than half relating to content and the balance to a broad range of initiatives such as sales and marketing and lower decoder unit costs.

Capital expenditure (capex) of R1.6bn was R0.7bn up on the prior year, primarily due to a multi-year investment programme to upgrade the group’s customer service, billing and data capabilities. As one of the largest taxpayers in Africa, MCG paid direct cash taxes of R4.1bn, slightly more than the prior year driven by higher group profitability.

The strength of the balance sheet remains critically important given the uncertain longer- term economic impact of COVID-19 and funding requirements for the Rest of Africa, which is also impacted by liquidity constraints in Nigeria. Of the reported cash balance of R8.5bn, holdings of R2.5bn (FY20: R1.7bn) in Nigeria, Angola and Zimbabwe remain exposed to weaker currencies.

To improve the group cost of capital and reinforce the statement of financial position, an amortising working capital loan of R1.5bn was concluded in November 2020. The loan has a three-year term and bears interest at an all-in fixed rate of 5.75%.

FMDQ Exchange Admits Mixta Real Estate PLC Series 36 Commercial Paper

Esan Bolaji
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0
FMDQ Exchange Admits Mixta Real Estate PLC Series 36 Commercial Paper

FMDQ Exchange Admits Mixta Real Estate PLC Series 36 Commercial Paper

The Nigerian commercial paper (CP) market continues to demonstrate resilience and consistency in providing succour to corporates across diverse sectors by offering a viable platform for these institutions to raise finance to fund their capital requirements.

As the leading organiser for the Nigerian debt capital market (DCM) and in its role as a catalyst for infrastructure development, FMDQ Securities Exchange Limited (FMDQ Exchange) is pleased to announce the approval of the quotation of the Mixta Real Estate PLC ₦1.02 billion Series 36 Commercial Paper under its ₦20.00 billion Commercial Paper Issuance Programme.

Mixta Real Estate PLC (Mixta), a subsidiary of Mixta Africa, is a leading real estate development company in Nigeria with a strong track record, diverse real estate portfolio, and operations spanning the residential, commercial, and retail sectors of the Nigerian real estate industry.

mixta real estate FMDQ Exchange

The admission of this CP on FMDQ Exchange, which is sponsored by FBNQuest Merchant Bank – a Registration Member (Quotation), serves to re-affirm FMDQ Exchange’s efforts in boosting investor confidence and reinventing the Nigerian CP market.

As an Exchange positioned to bring about revolutionary changes in the Nigerian capital market, FMDQ Exchange, through the collective efforts of its varied stakeholders shall continue to deliver value-adding initiatives, ranging from the continuous upgrade of its Listings & Quotations Service to product & market innovations, amongst others.

With a vision to be “the most attractive Exchange in Africa by 2025”; and a mission to “collaborate to empower markets for economic progress towards delivering prosperity”, FMDQ Exchange is committed to articulating and pioneering, innovative ways to improve and make the Nigerian financial markets globally competitive, operationally excellent, liquid, and diverse.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing & quotation services, seamless trading, clearing, settlement, risk management, and depository of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited and FMDQ Depository Limited.

LASACO Assurance Forecasts N3.95 Billion Gross Written Premium for Q3 2021

Brand Spur
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0
LASACO Assurance Forecasts N3.95 Billion Gross Written Premium for Q3 2021

LASACO Assurance Plc has released its earnings forecasts for the third quarter (Q3) of the year , ended 30 September 2021.

  • Gross Written Premium by the end of Q3 2021 is projected at N3.95 billion which is expected to be greater than the premium generated in Q2 2021 which stood at N3.17billion.
  • Brand Spur noted that LASACO expects its Net premium income to stand at N2.98billion while it predicts that its Underwriting profit to be at N752.35million. Also, the company predicted that its Net claims will be at N906.63 million. The Investment income saw a projection of N254.5million with Profit after tax projected at N242.02million.

Q3 2021 GROSS PREMIUM PROJECTION PER REGION (N’000)

  • Head office 1,776,242
  • Public sector 513,137
  • South West 78,944
  • FCT/Northern region 631,553
  • Southsouth region 276,304
  • Special project 78,944
  • Agency 39,472
  • Direct 552,609

Lasaco Assurance

Conoil Rated Hold as Gross Earnings Declined By 15.95%

GTI
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0
Conoil Rated Hold as Gross Earnings Declined By 15.95%

Analysts at GTI Research maintained its hold or neutral rating on Conoil Plc, a leading Nigerian independent oil and gas exploration and production company with numerous licenses in the Niger Delta.

The company released its Full Year Audited Financial Statement for the period ended December 31st, 2020 to the investing public on Monday, 31st May 2021.

From the released result, Conoil’s Gross Earnings declined by 15.95%, as they recorded ₦117.47bn in FY’20, compared to ₦139.76bn recorded in FY’19. This was exclusively driven by the decline in the Revenue derived from the company’s domestic sales of petroleum products within the period under consideration. However, the company’s other operating income increased by 30.24% to print at ₦151.74m.

Conoil Profit Drops By 67% in H1 2020 Results

Also, the company experienced a decrease in its expense items, such as; Cost of Sales, Distribution expenses, and Administrative expenses, which dipped by 14.78% (from ₦126.32bn in FY’19 to ₦107.65bn in FY’20), 32.62% (from ₦3.07bn in FY’19 to ₦2.07bn in FY’20), and 21.51% (from ₦6.6bn in FY’19 to ₦5.18bn in FY’20) respectively.

There was also a decrease of 65.36% (from ₦1.11bn in FY’19 to ₦704.57m) in its Finance Cost due to a drop in the Interest on Bank Overdraft.

Also, the company experienced a decrease in its expense items, such as; Cost of Sales, Distribution expenses, and Administrative expenses, which dipped by 14.78% (from ₦126.32bn in FY’19 to ₦107.65bn in FY’20), 32.62% (from ₦3.07bn in FY’19 to ₦2.07bn in FY’20), and 21.51% (from ₦6.6bn in FY’19 to ₦5.18bn in FY’20) respectively.

There was also a decrease of 65.36% (from ₦1.11bn in FY’19 to ₦704.57m) in its Finance Cost due to a drop in the Interest on Bank Overdraft.

However, despite the decline in the aforementioned cost items, the company saw a drop in its PBT and PAT by 24.25% (from ₦2.83bn in FY’19 to ₦2.15bn in FY’20), and 26.98% (from ₦1.97bn in FY’19 to ₦1.44bn in FY’20) respectively, as a result of the impact of the COVID19 pandemic and lockdown measures in the country.

Consequently, the company reported an Earnings-Per-Share (EPS) of ₦2.08k in FY’20 as against ₦2.84k recorded in FY’19. As a result, the Board of Directors (BODs) has proposed a dividend of ₦1.50k/Share which represent a drop of 25%, compared to ₦2.00k paid in FY’19.

In addition, the company’s Current and Cash Ratio increased to 1.55x and 0.21x respectively in FY’20, as against 1.34x and 0.17x in FY’19. With the mentioned performance of the company in 2020, we can only envisage a better performance by the company moving forward, as global oil price continues to rise and the return to normalcy of economic activities in the country.

Therefore, we recommend a HOLD on the stock as against the closing of ₦18.70 on Thursday, 3rd June 2021.

RAK Unity Petroleum to wind up business, appoints liquidator

Esan Bolaji
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0
RAK Unity Petroleum to wind up business, appoints liquidator

The proposed voluntary winding up of RAK Unity Petroleum Company has been approved by shareholders of the organisation.

The major distributor of petroleum products in Nigeria announced the folding up of the company at its 18th Annual General Meeting (AGM) held on Friday, June 4, 2021, at the Shell Hall, Muson Centre, Onikan, Lagos.

  1. THAT the Company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020 subject to the approval of the members of the Company in the general meeting; and
  2. THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.

In its 2021 FY results, Rak Unity Petroleum Company Plc reported total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier. The company saw its operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY.

RAK Unity Petroleum

The company reported a loss after tax of N63.02 million in 2020 compared to a N14.52 million loss after tax in 2019 while it reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019. No dividend announcement was made in their press release. The company share price of N0.30 unchanged YTD.

Rak Unity Petroleum Company Plc sells and distributes a range of petroleum products in Nigeria and has business interests in storing oil, gas and kerosene. The company’s Bulk division sells petroleum products in bulk which includes premium motor spirits, automotive gas oil, dual-purpose kerosene and lubricants.

The Retail division sells petroleum products through a network of retail outlets in the major towns and cities of Nigeria. The Dump division sells petroleum products through dumpsites at customers’ premises. Lubricants are marketed in partnership with an international lube manufacturer.

RAK Unity Petroleum

Netflix Kicks Off Skills Development Initiative In Partnership With Realness Institute

Brand Spur
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0
Netflix Kicks Off Skills Development Initiative In Partnership With Realness Institute

…Strengthening The Foundation Of Quality Storytelling In Africa

Netflix kicks off 2 creative industry skills development initiatives in Africa: a 3-month training program with 12 participants in partnership with Realness Institute and an APost Lab post-production workshop for film & TV professionals 

There’s an African humanist philosophy called ‘Ubuntu’ which broadly means, ‘I am, because you are’. This idea that ‘we are, because of others’ aptly captures the essence of Netflix’s approach to its partnership with Africa’s creative industries because, without the existence of our storytellers, our favourite Netflix stories wouldn’t be possible.

Africa has an amazing pool of talent – both in front and behind the camera – and we’re committed to investing in African stories and talent long-term. We also recognise that being part of the creative communities comes with responsibilities, in particular, the need to develop the talent pipeline and give new voices a chance to be heard.

This can only happen through concerted efforts and investment in talent development – which is extremely important for us – as well as knowledge transfer or skills enhancement programmes which are all supported by Netflix’s Grow Creative team.

Last year, Netflix partnered with the Realness Institute on two programmes:  an Episodic Writers Lab focused on South Africa, Kenya and Nigeria, and a Development Executive Traineeship (DET) for candidates across the Sub-Saharan Africa region. From over 500 applications, 12 creatives from Kenya, Nigeria, Mozambique, South Africa and Zimbabwe were chosen to participate in these two inaugural three-month programmes which will run until September 2021.

At the Episodic Lab (EPL), the writers were selected based on their story ideas and will develop these concepts alongside expert story consultants and creative producers. They will also undergo creative training and receive feedback from the Netflix team. At the end of the lab, each writer will have an opportunity to pitch their incubated concept to Netflix to have their series further developed for production.

Meet the three Nigerian EPL writers, (L-R): Ayoade Adeyanju, Ololade Okedare and Kehinde Joseph-Brand Spur Nigeria
Meet the three Nigerian EPL writers, (L-R): Ayoade Adeyanju, Ololade Okedare and Kehinde Joseph-Brand Spur Nigeria

Simultaneously, the six participants in the Development Executive Traineeship (DET) will fully immerse themselves in the story development process. Their training will include bolstering their technical skills by partnering them with the EPL writers to develop story concepts into quality productions. This skill creates opportunities for professionals to work with national film bodies, film commissions, philanthropists, story consultants and critics.

Identifying gaps in skills has been one of our biggest learnings and, together with our creative partners, we want to do more to educate and empower those in the industry, and those hoping to breakthrough. In June, Netflix will host a 5-day workshop focusing on post-production.

The APost Lab is aimed at training film & television professionals from across Africa on technical best practices, technical and creative support methods, and methods to facilitate the best creative process. Thirty-two participants have been invited to participate in the workshops while more than 100 film & TV professionals from across the continent will be part of the Masterclasses.

We want to be a good partner for Africa’s creative industries. We’re energized and excited by the many opportunities that lie ahead for us to help strengthen the quality of African storytelling and to bring fresh voices to our members in Africa and around the world.

NRC Releases Timetable For Lagos-Ibadan Railway Service

Brand Spur
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0
NRC Releases Timetable For Lagos-Ibadan Railway Service

The Nigerian Railway Corporation (NRC) has released the timetable for the operation of the standard gauge railway service from Lagos to Ibadan.

Brand Spur Nigeria reports that NRC Management disclosed this via an official statement signed by the Lagos District Manager, Mr Jerry Oche, in Lagos on Sunday.

According to him, the Lagos Ibadan Train Services will now be available in the mornings on weekdays and evenings on weekends.

The standard gauge train schedule to commence movement from Monday 14th June 2021 is as follows;

• Lagos to Ibadan: 8.00 am from Mobolaji Johnson Station.

• Ibadan to Lagos: 8.00 am from Obafemi Awolowo Station at Moniya.

• Lagos to Ibadan: 4.00 pm from Mobolaji Johnson Station Alagomeji.

• Ibadan to Lagos: 4.00 pm from Obafemi Awolowo Station at Moniya.

 Lagos-Ibadan Railway Service Schedule For Saturday:

• Lagos to Ibadan: 8.30 am from Mobolaji Johnson Station at Alagomeji

• Ibadan to Lagos: 8.30 am from Obafemi Awolowo Station at Moniya

• Lagos to Ibadan: 6.00 pm from Mobolaji Johnson Station at Alagomeji

• Ibadan to Lagos: 6.00 pm from Obafemi Awolowo Station at Moniya

The NRC management further noted that Alagomeji, Agege, Kajola, Olodo, Papalanto, Abeokuta, and Moniya are now the stop stations of the Lagos Ibadan Train Services.

 

Honeywell Flour Mills Introduces Nigeria’s First Spaghetti Mini Pack (PICS)

Esan Bolaji
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0
Honeywell Flour Mills Introduces Nigeria’s First Spaghetti Mini Pack (PICS)

In fulfilment of its determination to secure food safety by providing quality products for the convenience of the Nigerian consumer market, leading food manufacturer, Honeywell Flour Mills Plc has introduced its new Spaghetti Mini pack — the first of its kind in Nigeria.

Honeywell Flour Mills
L-R: Head of Operations Sagamu, Honeywell Flour Mills Plc., Tunde Adebayo; Managing Director, Honeywell Flour Mills Plc., Lanre Jaiyeola; Consumer Marketing Manager, Honeywell Flour Mills Plc., Esther Tontoye and Director of Manufacturing Operations, Honeywell Flour Mills Plc., Ifeanyi Abadom at the product launch of the Honeywell ‘Spaghetti Mini’ at the Honeywell Flour Mills Sagamu Factory, on Thursday, June 10, 2021. | Brand Spur Nigeria

The product was introduced at an unveiling ceremony held on Thursday, June 10, 2021, at the company’s factory in Sagamu, Ogun State. The launch was attended by key executives in the company — Lanre Jaiyeola, Managing Director of Honeywell Flour Mills; Ifeanyi Abadom, Director of Manufacturing Operations; Tunde Adebayo, Head of Operations, Sagamu and Esther Tontoye, Consumer Marketing Manager.

Honeywell Flour Mills
Nigeria’s First Spaghetti Mini Pack | Brand Spur Nigeria

According to the company, the launch of Honeywell Spaghetti Mini was based on extensive research and insight into Nigerian consumer behaviour over the past decade. The product was specifically developed to meet the expectations of today’s Nigerian consumer market. The Spaghetti Mini 200 gm pack has a retail price of N100, fulfilling the company’s drive for affordability.

Honeywell Flour Mills
L-R: Head of Operations Sagamu, Honeywell Flour Mills Plc., Tunde Adebayo; Managing Director, Honeywell Flour Mills Plc., Lanre Jaiyeola; Consumer Marketing Manager, Honeywell Flour Mills Plc., Esther Tontoye and Director of Manufacturing Operations, Honeywell Flour Mills Plc., Ifeanyi Abadom at the product launch of the Honeywell ‘Spaghetti Mini’ at the Honeywell Flour Mills Sagamu Factory, on Thursday, June 10, 2021. | Brand Spur Nigeria

Commenting on the launch of Honeywell Spaghetti Mini, the Managing Director of Honeywell Flour Mills Plc, Lanre Jaiyeola said;

“Honeywell Flour Mills is a key player in the food manufacturing business in Nigeria today and our consumers play a pivotal role in this regard. This new product is the first of its kind in the pasta category and we are happy to have introduced it to the Nigerian market. We are more than delighted to launch this innovative product in response to our observation and findings into Nigeria’s consumer behaviour and the push for convenience.”

As a customer-centric organisation, we continue to look for diverse and innovative ways to satisfy our consumers optimally. Innovation for us remains the yardstick which we believe will allow us to deliver even more superior products. And we will continue to fulfil our core objective — to support the food security agenda of the government by producing good quality, nutritious and affordable food products for the complete satisfaction of Nigerians.”

Buttressing Jaiyeola’s statement, Ifeanyi Abadom, Director of Manufacturing Operations at Honeywell Flour Mills Plc emphasized that 

“The Honeywell Spaghetti Mini is a unique product that will satisfy a yearning for convenience in Nigerians. And with the development of this product, we have ensured that the policies, desired standards and quality set for ourselves are being surpassed.”

Honeywell Flour Mills Plc, in its recently published FY 2021 financial results reported over 100 billion Naira in revenue for the period ending March 31, 2021. The Company’s range of products that have become staples in Nigerian homes includes Honeywell Superfine Flour, Honeywell Bakers Delight Flour, Honeywell Pastry Flour, Honeywell Semolina, Honeywell Whole Wheat Meal, Honeywell Macaroni, Honeywell Spaghetti and the popular variety of Honeywell Noodles.

eTranzact Forecasts N5.9Billion Revenue for Q3 2021

Brand Spur
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0
eTranzact Forecasts N5.9Billion Revenue for Q3 2021

E-tranzact International Plc, a Processing Systems company in the ICT sector has predicted gross earnings of N5.925 billion for the third quarter (Q3) ended 30 September 2021. The Earning Forecast for the third quarter was approved by the Board of Directors on 7th June 2021.

eTranzact Pledges to File its H1 2020 Results Latest September 30

E-tranzact projected N307.52 million profit after tax while the Operating expenses was estimated at N510.49 million. The company estimated Investment income to hit NGN 17,744,000.

ETRANZACT Declared N72.6m Loss in Q3 2020 Result

In Q3 2020, eTranzact International Plc saw its revenue decline by 16% to N5.4bn from N6.5bn in the previous quarter. The company’s Loss before tax stood at N72.6m, Loss after tax stood at N72.6m and its Net Assets also stood at -N67m.

eTranzact

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