2021 Grammy Awards: Complete List Of 2021 Grammy Award Winners

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2021 Grammy Awards: Complete List Of 2021 Grammy Award Winners

A complete list of 2021 Grammy Award winners has emerged.

Below is the complete list of Grammy Awards 2021 winners

Producer Of The Year, Non-Classical
Jack Antonoff
Dan Auerbach
Dave Cobb
Flying Lotus
WINNER: Andrew Watt

Best Country Song
Miranda Lambert – Bluebird
Maren Morris – The Bones
WINNER: The Highwomen – Crowded Table
Ingrid Andress – More Hearts than Mine
Old Dominion – Some People Do

Best Country Duo/Group Performance
Brothers Osborne – All Night
WINNER: Dan + Shay & Justin Bieber – 10,000 Hours
Lady A – Ocean
Little Big Town – Sugar Coat
Old Dominion – Some People Do

Best Country Solo Performance
Eric Church – Stick That in Your Country Song
Brandy Clark – Who You Thought I Was
WINNER: Vince Gill – When My Amy Prays
Mickey Guyton – Black Like Me
Miranda Lambert – Bluebird

2021 Grammy Awards Red Carpet-Brand Spur Nigeria
2021 Grammy Awards Red Carpet-Brand Spur Nigeria

Best Rock Album
Fontaines D.C. – A Hero’s Death
Michael Kiwanuka – Kiwanuka
Grace Potter – Daylight
Sturgill Simpson – Sound and Fury
WINNER: The Strokes – The New Abnormal

Best Rock Song
Phoebe Bridgers – Kyoto
Tame Impala – Lost in Yesterday
Big Thief – Not
Fiona Apple – Shameika
WINNER: Brittany Howard – Stay High

Best Metal Performance
WINNER: Body Count – Bum-Rush
Code Orange – Underneath
In the Moment – The In-Between
Poppy – Bloodmoney
Power Trip – Executioner’s Tax (Swing of the Axe) – Live

Best Rock Performance
WINNER: Fiona Apple – Shameika
Big Thief – Not
Phoebe Bridgers – Kyoto
HAIM – The Steps
Brittany Howard – Stay High
Grace Potter – Daylight

Best Rap Album
D SMOKE – Black Habits
Freddie Gibbs & The Alchemist – Alfredo
Jay Electronica – A Written Testimony
WINNER: Nas – King’s Disease
Royce 5’9” – The Allegory

Best Rap Performance
Big Sean Featuring Nipsey Hussle – Deep Reverence
DaBaby – Bop
Jack Harlow – What’s Poppin
Lil Baby – The Bigger Picture
WINNER: Megan Thee Stallion Featuring Beyoncé – Savage
Pop Smoke – Dior

Best Traditional Pop Vocal Album
(Burt Bacharach &) Daniel Tashian – Blue Umbrella
Harry Connick, Jr. – True Love: A Celebration of Cole Porter
WINNER: James Taylor – American Standard
Rufus Wainwright – Unfollow the Rules
Renée Zellweger – Judy

Best Pop Duo/Group Performance
J Balvin, Dua Lipa, Bad Bunny & Tainy – Un Dia (One Day)
Justin Bieber Featuring Quavo – Intentions
BTS – Dynamite
WINNER: Lady Gaga with Ariana Grande – Rain On Me
Taylor Swift Featuring Bon Iver – Exile

Best R&B Album
Ant Clemons – Happy 2 Be Here
Giveon – Take Time
Luke James – To Feel Love/d
WINNER: John Legend – Bigger Love
Gregory Porter – All Rise

Best Progressive R&B Album
Jhené Aiko – Chilombo
Chloe X Halle – Ungodly Hour
Free Nationals – Free Nationals
Robert Glasper – F*** Yo Feelings
WINNER: Thundercat – It Is What It Is

Best R&B Song
WINNER: Robert Glasper Featuring H.E.R. & Meshell Ndegeocello – Better Than I Imagine
Beyoncé – Black Parade
Tiana Major9 & EARTHGANG – Collide
Chloe x Halle – Do It
Skip Marley & H.E.R. – Slow Down

Best Traditional R&B Performance
The Baylor Project Featuring Jean Baylor & Marcus Baylor – Sit on Down
Chloe x Halle – Wonder What She Thinks of Me
Mykal Kilgore – Let Me Go
WINNER: Ledisi – Anything for You
Yebba – Distance

Best Latin Jazz Album
Afro-Peruvian Jazz Orchestra – Tradiciones
WINNER: Arturo O’Farrill & the Afro Latin Jazz Orchestra – Four Questions
Chico Pinhero – City of Dreams
Gonzalo Rubalcaba & Aimée Nuviola – Viento y Tiempo – Live at Blue Note Tokyo
Poncho Sanchez – Trane’s Delight

Best Large Jazz Ensemble Album
Gregg August – Dialogues on Race
John Beasley – Monk’estra Plays John Beasley
Orrin Evans and the Captain Black Big Band – The Intangible Between
John Hollenbeck with Theo Bleckmann, Kate McGarry, Gary Versace, and the Frankfurt Radio Big Band – Songs You Like a Lot
WINNER: Maria Schneider Orchestra – Data Lords

Best Jazz Instrumental Album
Ambrose Akinmusire – On the Tender Spot of Every Calloused Moment
Terri Lyne Carrington and Social Science – Waiting Game
Gerald Clayton – Happening: Live at the Village Vanguard
WINNER: Chick Corea, Christian McBride & Brian Blade – Trilogy 2
Redman Mehldau McBride Blade – Roundagain

Best Jazz Vocal Album
Thana Alexa – Ona
WINNER: Kurt Elling featuring Danilo Pérez – Secrets Are the Best Stories
Carmen Lundy – Modern Ancestors
Somi with Frankfurt Radio Big Band – Holy Room: Live at the Alte Oper
Kenny Washington – What’s the Hurry

Best Improvised Jazz Solo
Christian Scott aTunde Adjuah – Guinivere
Pachamama – Regina Carter
Gerald Clayton – Celia
WINNER: Chick Corea – All Blues
Joshua Redman – Moe Honk

Best Alternative Music Album
WINNER: Fiona Apple – Fetch the Bolt Cutters
Beck – Hyperspace
Phoebe Bridgers – Punisher
Brittany Howard – Jaime
Tame Impala – The Slow Rush

Best Musical Theater Album
Amélie
American Utopia on Broadway
WINNER: Jagged Little Pill
Little Shop of Horrors
The Prince of Egypt
Soft Power

Best Comedy Album
WINNER: Tiffany Haddish – Black Mitzvah
Patton Oswalt – I Love Everything
Jim Gaffigan – The Pale Tourist
Bill Burr – Paper Tiger
Jerry Seinfeld – 23 Hours to Kill

Best Spoken Word Album (Includes Poetry, Audio Books & Storytelling)
Flea – Acid For The Children: A Memoir
Ken Jennings – Alex Trebek – The Answer Is…
WINNER: Rachel Maddow – Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth
Ronan Farrow – Catch And Kill
Meryl Streep (& Full Cast) – Charlotte’s Web (E.B. White)

Best Children’s Music Album
WINNER: Joanie Leeds – All the Ladies
Justin Roberts – Wild Life

Best Global Music Album
Antibalas – FU Chronicles
WINNER: Burna Boy – Twice As Tall
Bebel Gilberto – Agora
Anoushka Shankar – Love Letters
Tinariwen – Amadjar

Burna Boy Wins Global Music Album Of The Year At Grammy 2021-Brand Spur Nigeria
Burna Boy Wins Global Music Album Of The Year At Grammy 2021-Brand Spur Nigeria

Best Reggae Album
Buju Banton – Upside Down 2020
Skip Marley – Higher Place
Maxi Priest – It All Comes Back to Love
WINNER: Toots & the Maytals – Got to Be Tough
The Wailers – One World

Best Regional Roots Music Album
Black Lodge Singers – My Relatives “Nikso Kowaiks”
Cameron Dupuy and the Cajun Troubadours – Cameron Dupuy and the Cajun Troubadours
Nā Wai Ehā – Lovely Sunrise
WINNER: New Orleans Nightcrawlers – Atmosphere
Sweet Cecilia – A Tribute to Al Berard

Best Folk Album
Bonny Light Horseman – Bonny Light Horseman
Leonard Cohen – Thanks for the Dance
Laura Marling – Song for Our Daughter
The Secret Sisters – Saturn Return
WINNER: Gillian Welch & David Rawlings – All the Good Times

Best Contemporary Blues Album
WINNER: Fantastic Negrito – Have You Lost Your Mind Yet?
Ruthie Foster Big Band – Live At the Paramount
G. Love – The Juice
Bettye LaVette – Blackbirds
North Mississippi Allstars – Up And Rolling

Best Traditional Blues Album
Frank Bey – All My Dues Are Paid
Don Bryant – You Make Me Feel
Robert Cray Band – That’s What I Heard
Jimmy “Duck” Holmes – Cypress Grove
WINNER: Bobby Rush – Rawer Than Raw

Best Bluegrass Album
Danny Barnes – Man on Fire
Thomm Jutz – To Live in Two Worlds Vol. 1
Steep Canyon Rangers – North Carolina Songbook
WINNER: Billy Strings – Home
Various Artists – The John Hartford Fiddle Tune Project, Vol. 1

Best Americana Album
Courtney Marie Andrews – Old Flowers
Hiss Golden Messenger – Terms of Surrender
WINNER: Sarah Jarosz – World on the Ground
Marcus King – El Dorado
Lucinda Williams – Good Souls Better Angels

Best American Roots Song
The Secret Sisters – Cabin
Sierra Hull – Ceiling to the Floor
Sarah Jarosz – Hometown
WINNER: John Prine – I Remember Everything
Lucinda Williams – Man Without a Soul

Best American Roots Performance
Black Pumas – Colors
Bonny Light Horseman – Deep in Love
Brittany Howard – Short and Sweet
Norah Jones & Mavis Staples – I’ll Be Gone
WINNER: John Prine – I Remember Everything

Best Song Written for Visual Media
Taylor Swift – Beautiful Ghosts
Brandi Carlile – Carried Me With You
Idina Menzel & Aurora – Into the Unknown
WINNER: Billie Eilish – No Time to Die
Cynthia Ervio – Stand Up

Best Score Soundtrack for Visual Media
Max Richter – Ad Astra
Kamasi Washington – Becoming
WINNER: Hildur Guðnadóttir – Joker
Thomas Newman – 1917
John Williams – Star Wars: The Rise of Skywalker

Best Compilation Soundtrack for Visual Media
A Beautiful Day in the Neighborhood
Bill & Ted Face the Music
Eurovision Song Contest: The Story of Fire Saga
Frozen 2
WINNER: Jojo Rabbit

Best Contemporary Classical Composition
Thomas Adès – Adès: Concerto for Piano and Orchestra
Richard Danielpour – Danielpour: The Passion of Yeshua
Carlisle Floyd – Floyd, C.: Prince of Players
Ted Hearne – Hearne, T.: Place
WINNER: Christopher Rouse – Rouse: Symphony No. 5

Best Classical Compendium
Mark Stone & Christianne Stotijn – Adès Conducts Adès
Clément Mao-Takacs – Saariaho: Graal Théâtre; Circle Map; Nieges; Vers Toi Qui Es Si Loin
José Serebrier – Serebrier: Symphonic Bach Variations; Laments and Hallelujahs; Flute Concerto
WINNER: Isabel Leonard – Thomas, M.T.: From the Diary of Anne Frank & Meditations on Rilke
Matt Haimovitz – Woolf, L.P.: Fire and Flood

Best Classical Solo Vocal Album
Stephen Powell – American Composers at Play – William Bolcom, Ricky Ian Gordon, Lori Laitman, John Musto
Nicholas Phan – Clairières – Songs by Lili & Nadia Boulanger
Cecilia Bartoli – Farinelli
Brian Giebler – A Lad’s Love
WINNER: Sarah Brailey & Dashon Burton – Smyth: The Prison

Best Classical Instrumental Solo
Kirill Gerstein – Adès: Concerto for Piano and Orchestra
Igor Levit – Beethoven: Complete Piano Sonatas
Augustin Hadelich – Bohemian Tales
Daniil Trifonov – Destination Rachmaninov – Arrival
WINNER: Richard O’Neill – Theofanidis: Concerto for Viola and Chamber Orchestra

Best Chamber Music/Small Ensemble Performance
WINNER: Pacifica Quartet – Contemporary Voices
Brooklyn Rider – Healing Modes
Ted hearne, Steven Bradshaw, Sophia Byrd, Josephine Lee, Isaiah Robinson, Sol Ruiz, Ayanna Woods & Place Orchestra: Hearne, T: Place
Devonté Hynes & Third Coast Percussion – Hynes: Fields
Dover Quartet – The Schumann Quartets

Best Choral Performance
The Crossing – Carthage
WINNER: James K. Bass, J’Nai Bridges, Timothy Fallon, Kenneth Overton, Hila Plitmann & Matthew Worth; Buffalo Philharmonic Orchestra; Buffalo Philharmonic Chorus & UCLA Chamber Singers – Danielpour: The Passion of Yeshua
Joseph Charles Beutel & Anna Dennis; Orchestra Of St. Luke’s; Cathedral Choral Society, The Clarion Choir, Kansas City Chorale & The Saint Tikhon Choir – Kastalsky: Requiem
Joshua Blue, Raehann Bryce-Davis, Dashon Burton, Malcolm J. Merriweather & Laquita Mitchell; Oratorio Society Of New York Orchestra; Oratorio Society Of New York Chorus – Moravec: Sanctuary Road
Sarah Walker; Skylark Vocal Ensemble – Once Upon a Time

Best Opera Recording
Boston Modern Orchestra Project; Odyssey Opera Chorus – Dello Joio: The Trial at Rouen
Milwaukee Symphony Orchestra; Florentine Opera Chorus – Floyd, C.: Prince of Players

WINNER: The Metropolitan Opera Orchestra; The Metropolitan Opera Chorus – Gershwin: Porgy and Bess

Il Pomo D’Oro – Handel: Agrippina

Orchestra Of The Deutsche Oper Berlin; Chorus Of The Deutsche Oper Berlin – Zemlinsky: Der Zwerg

Best Orchestral Performance
Oregon Symphony – Aspects of America – Pulitzer Edition
Iceland Symphony Orchestra – Concurrence
San Francisco Symphony – Copland: Symphony No. 3
WINNER: Los Angeles Philharmonic – Ives: Complete Symphonies
Finnish Radio Symphony Orchestra – Lutosławski: Symphonys Nos. 2 & 3

Best Tropical Latin Album
José Alberto “El Ruiseñor” – Mi Tumbao
Edwin Bonilla – Infinito
Jorge Celedon & Sergio Luis – Sigo Cantado al Amor (Deluxe)
WINNER: Grupo Niche – 40
Victor Manuelle – Memorias de Navidad

Best Regional Mexican Music Album (Including Tejano)
Alejandro Fernández – Hecho en México
Lupita Infante – La Serenata
WINNER: Natalia Lafourcade – Un Canto por México, Vol. 1
Mariachi Sol de Mexico de Jose Hernandez – Bailando Sones Huapangos con Mariachi Sol de Mexico de Jose Hernandez
Christian Nodal – Ayayay!

Best Latin Rock or Alternative Album
Bajofondo – Aura
Cami – Monstruo
Culturo Profética – Sobrevolando
WINNER: Rito Paez – La Conquesta del Espacio
Lido Pimienta – Miss Colombia

Producer of the Year, Classical
Blanton Asplaugh
WINNER: David Frost
Jesse Lewis
Dmitriy Lipay
Elaine Martone

Best Engineered Album, Classical
JoAnn Falletta, James K. Bass, Adam Luebke, UCLA Chamber Singers, Buffalo Philharmonic Orchestra & Buffalo Philharmonic Chorus – Danielpour: The Passion of Yeshua
David Robertson, Eric Owens, Angel Blue, Metropolitan Opera Orchestra & Chorus – Gershwin: Porgy and Bess
Devonté Hynes & Third Coast Percussion – Hynes: Field
Gustavo Dudamel & Los Angeles Philharmonic – Ives: Complete Symphonies
WINNER: Riccardo Muti & Chicago Symphony Orchestra – Shostakovich: Symphony No. 13, “Babi Yar”

Best Remixed Recording
Phil Good – Do You Ever (Rac Mix)
Deadmau5 – Imaginary Friends (Morgan Page Remix)
Jasper Street Co. – Praying for You (Louie Vega Main Mix)
WINNER: Saint Jhn – Roses (Imanbek Remix)
Bazzi – Young & Alive (Bazzi vs. Haywyre Remix)

Best Engineered Album, Non-Classical
Devon Gifillian – Black Hole Rainbow
Katie Pruitt – Expectations
WINNER: Beck – Hyperspace
Brittany Howard – Jaime
Sierra Hull – 25 Trips

Best Historical Album
Unique Quartette – Celebrated, 1985-1896
Nat King Cole – Hittin’ the Ramp: The Early years (1936-1943)
WINNER: Mister Rogers – It’s Such a Good Feeling: The Best of Mister Rogers
Prince – 1999 Super Deluxe Edition
Orchestral Maneuvers in the Dark – Souvenir
Bela Fleck – Throw Down Your Heart: The Complete Africa Sessions

Best Album Notes
Various Artists – At the Minstrel Show: Minstrel Routines from the Studio 1894-1926
Various Artists – The Bakersfield Sound: Country Music Capital of the West, 1940-1974
WINNER: The Replacements – Dead Man’s Pop
Various Artists – The Missing Link: How Gus Haenschen Got Us from Joplin to Jazz and Shaped the Music Business
Nat Shusloff – Out of a Clear Blue Sky

2021 GRAMMYs Awards Show: Complete List Of Grammy Awards 2021 Winners
2021 GRAMMYs Awards Show: Complete List Of Grammy Awards 2021 Winners-Brand Spur Nigeria
2021 GRAMMYs Awards Show: Complete List Of Grammy Awards 2021 Winners
Grammy Award 2021 ceremony-Brand Spur Nigeria

Best Boxed or Special Limited Edition Package
Paul McCartney – Flaming Pie (Collector’s Edition)
Grateful Dead – Giants Stadium 1987, 1989, 1991
Depeche Mode – Mode
WINNER: Wilco – Ode to Joy
Various Artists – The Story of Ghostly International

Best Recording Package
Coldplay – Everyday Life
Lil Wayne – Funeral
Grouplove – Healer
Caspian – On Circles
WINNER: Desert Sessions – Vols. 11 & 12

Best Roots Gospel Album
Mark Bishop – Beautiful Day
The Crabb Family – 20/20
The Erwins – What Christmas Really Means
WINNER: Fisk Jubilee Singers – Celebrating Fisk! (The 150th Anniversary Album)
Ernie Haase & Signature Sound – Something Beautiful

Best Contemporary Christian Music Album
Cody Carnes – Run to the Father
Hillsong Young & Free – All of My Best Friends
We The Kingdom – Holy Water
Tauren Wells – Citizen of Heaven
WINNER: Kanye West – Jesus Is King

Best Gospel Album
Antony Brown & group therAPy – 2ECOND WIND: READY
Myron Butler – My Tribute
Ricky Dillard – Choirmaster
WINNER: PJ Morton – Gospel According to PJ
Kierra Sheard – Kierra

Best Contemporary Christian Music Performance/Song
Kari Jobe, Cody Carnes & Elevation Worship – The Blessing (Live)
Lecrae Featuring Kirk Franklin – Sunday Morning
We The Kingdom – Holy Water
Tauren Wells Featuring Jenn Johnson – Famous For (I Believe)
WINNER: Zach Williams & Dolly Parton – There Was Jesus

Best Gospel Performance/Song
Melvin Crispell III – Wonderful Is Your Name
Ricky Dillard Featuring Tiff Joy – Release (Live)
Rodney “Darkchild” Jerkins Presents: The Good News – Come Together
Travis Greene – Won’t Let Go
WINNER: Jonathan McReynolds & Mali Music – Movin’ On

Best New Age Album
Laurie Anderson, Tenzin Choegyal, and Jesse Paris Smith – Songs from the Bardo
Priya Darshini – Periphery
Superposition – Form//Less
WINNER: Jim “Kimo” West – More Guitar Stories
Cory Wong & Jon Batiste – Meditations

Best Music Film
Beastie Boys – Beastie Boys Story
Beyoncé – Black Is King
Freestyle Love Supreme – We Are Freestyle Love Supreme
WINNER: Linda Ronstadt – Linda Ronstadt: The Sound of My Voice
ZZ Top – That Little Ol’ Band From Texas

Best Music Video
WINNER: Beyoncé – Brown Skin Girl
Future Featuring Drake – Life Is Good
Anderson .Paak – Lockdown
Harry Styles – Adore You
Woodkid – Goliath

Best Arrangement, Instruments, and Vocals
John Beasley & Maria Mendes – Asas Fechadas
WINNER: Jacob Collier – He Won’t Hold You
Erin Bentlage, Sara Gazarek, Johnkaye Kencridk & Amanda Taylor – Desert Song
Alan Broadbent & Pat Metheny – From This Place
Talia Billig, Nic Hard & Becca Stevens – Slow Burn

Best Arrangement, Instrumental, or Acappella
Hildur Guðnadóttir – Bathroom Dance
WINNER: John Beasley – Donna Lee
Remyle Boef- Honeymooners
Alvin Chea & Jarrett Johnson – Lift Every Voice and Sing
Jeremy Levy – Uranus: The Magician

Best Instrumental Composition
Arturo O’Farrill & the Afro Latin Jazz Orchestra – Baby Jack
Christian Sands – Be Water II
Alexandre Desplat – Plumfield
WINNER: Maria Schneider – Sputnik

Best Contemporary Instrumental Album
Christian Scott Atunde Adjuah – Axiom
Jon Batiste – Chronology of a Dream: Live at the Village Vanguard
Black Violin – Take the Stairs
Grégoire Maret, Romain Collin & Bill Frisell – Americana
WINNER: Snarky Puppy – Live at the Royal Albert Hall

Best Dance/Electronic Album
Arca – Kick I
Baauer – Planet’s Mad
Disclosure – Energy
WINNER: Kaytranada – Bubba
Madeon – Good Faith

Best Dance Recording
Diplo & SIDEPIECE – On My Mind
Disclosure Featuring Aminé & Slowthai – My High
Flume Featuring Toro y Moi – The Difference
Jayda G – Both of Us
WINNER: Kaytranada Featuring Kali Uchis – 10%

Wizkid And Burna Boy Become Grammy Awards Recipients

Brand Spur
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Wizkid And Burna Boy Become Grammy Awards Recipients

Nigerian superstars Ayo ‘Wizkid’ Balogun and Burna Boy, real name Damini Ogulu have become 2021 Grammy Award recipients.

Wizkid for the first time won for his role on ‘Brown Skin Girl’ off the 2019 album, ‘The Lion King’, at the 63rd Grammy Award.

He won the award alongside Beyonce, who owns the song and featured artists, Saint Jhn and Blue Ivy.

Wizkid And Burna Boy Become Grammy Awards Recipients
Wizkid Becomes Grammy Awards Recipient- Brand Spur Nigeria

The award will also go to Jenn Nkiru who directed the video.

Burna Boy won the Best Global Music Album category while Wizkid won the Best Music Video for his song with Beyoncé; Brown Skin Girl, from Lion King: The Gift album.

Beyoncé’s daughter Blue Ivy was also a winner on the song.

Burna Boy, real name Damini Ogulu, a nominee for a second consecutive year, won with his Twice As Tall album.

Wizkid And Burna Boy Becomes Grammy Awards Recipients- Brand Spur Nigeria
Burna Boy Becomes Grammy Awards Recipient-Brand Spur Nigeria

The Grammys described Twice As Tall as “a masterclass in the vibe and hustle that have made Burna Boy an international musical force”.

“[He] continues to torch limitations, seamlessly blending styles and genres and fearlessly fuelling the fire heating the melting pot of pop, Afrobeat, dancehall, reggae and more,” it said.

The album features a wide range of international artists such as Stormzy, Youssou Ndour, Naughty By Nature, and Chris Martin of Coldplay, and had Sean Combs as executive producer.

Brand Spur Nigeria recalls that Burna Boy was nominated in the same category in 2019 – then known as Best World Music Album – but lost out to Angelique Kidjo at the awards ceremony in 2020.

However, Kidjo dedicated her win to him, saying: “Burna Boy is among those young artists that come from Africa that is changing the way our continent is perceived and the way that African music is the bedrock of all music.”

Born in Nigeria’s Port Harcourt, Burna Boy released his first album, LIFE, an acronym for Leaving an Impact For Eternity, in 2013.

That album was followed by the release of Redemption in 2015 and Outside in 2018 that included the international hit track, Ye.

 

2021 GRAMMYs Awards Show: How To Live Stream 2021 Grammy Awards

Brand Spur
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2021 GRAMMYs Awards Show: How To Live Stream 2021 Grammy Awards

Brand Spur Nigeria shares how to live stream the 2021 Grammy Awards.

After a two-month delay due to COVID-19 precautions, the 2021 Grammy Awards finally air this tonight, with what promises to be an unpredictable, Covid-conscious production airing live from Los Angeles.

Brand Spur Nigeria reports that Beyoncé leads the pack with nine nominations, with Dua Lipa, Taylor Swift, and Roddy Ricch following close behind with six nods each. Other nominees include Megan Thee Stallion, Post Malone, Phoebe Bridgers, Brittany Howard and country star Ingrid Andress.

Grammy Awards Date, Time, Location

The 63rd Annual Grammy Awards air live from Los Angeles tonight, Sunday, March 14th at 8 pm EST / 5pm PST with host Trevor Noah. Unlike the recent Prince Harry and Meghan Markle interview, which aired at 8 pm on both coasts, Sunday’s Grammy Awards will be simulcast live on both the East Coast and West Coast.

2021 GRAMMYs Awards Show: How To Live Stream 2021 Grammy Awards- AllNews Nigeria
Burna Boy, Wizkid Arrive 2021 Grammy Awards- Brand Spur Nigeria

While the Grammy Awards have typically been held at the Staples Center in downtown LA, organizers tell Rolling Stone that this year’s event will be held at an undisclosed building in LA that has been cleaned and vetted to be as Covid-safe as possible.

What Channel Are the Grammys On?

If you have cable, you can watch the Grammy Awards on CBS or stream the show on CBS.com by signing in with your TV provider. Check your local CBS listings to see what channel the Grammys are on for you.

How To Stream 2021 Grammy Awards Online

If you want to stream the 2021 Grammy Awards online free, you’ll need to sign-up for a Paramount+ account. Paramount+ (formerly CBS All-Access) is currently offering a free trial that you can use to watch the Grammys online for free.

Paramount+ lets you stream the 2021 Grammys live on your computer, smartphone, tablet, or smart TV through the Paramount+ website or the Paramount+ app. Launch the Paramount+ app and tap “Live TV” on the menu at the bottom of the screen to connect to the show.

2021 GRAMMYs Awards Show: How To Live Stream 2021 Grammy Awards- Brand Spur Nigeri
CBS To Live Stream 2021 Grammy Award- Brand Spur Nigeria

You can also stream the Grammys for free with a 7-day trial to fuboTV. The live TV streaming service gets you more than 100 channels, including CBS. You’ll also get channels like E! for Grammys red carpet and post-show coverage. Use this link to get a free trial to fuboTV to watch the Grammys online without cable; you can cancel at anytime.

Stream the Grammys free on fuboTV here depending on your location

Your other hack for streaming the Grammys online free is signing up for a Hulu + Live TV trial. In addition to all the Hulu content (shows, movies, etc.), the Hulu + Live TV plan gives you access to 60+ live TV channels, including CBS. Use the Hulu trial to watch the Grammys online free. The free trial works for both new sign-ups and people who already have Hulu and just want to try out the Live TV features.

2021 Grammy Awards Performers List

Taylor Swift, Cardi B, Bruno Mars, and BTS are just some of the stars announced as 2021 Grammy performers.

The full performer’s list includes Bad Bunny, Black Pumas, Cardi B, Brandi Carlile, DaBaby, Doja Cat, Billie Eilish, Mickey Guyton, Haim, Brittany Howard, Miranda Lambert, Lil Baby, Dua Lipa, Chris Martin, John Mayer, Megan Thee Stallion, Maren Morris, Post Malone, Roddy Ricch and Harry Styles. Organizers have promised more surprises too, on music’s biggest night.

NPFL Results: Match Day 15 Results In 2020/2021 NPFL

Esan Bolaji
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NPFL Results: Match Day 15 Results In 2020/2021 NPFL

Following are the results of seven Match Day 15 fixtures in the 2020/2021 Nigeria Professional Football League (NPFL), played today Sunday, March 14, 2020:

Dakkada FC 1-0 Katsina United

Abia Warriors 4-1 Kano Pillars

Kwara United 0-0 Heartland FC

Rangers International 1-0 Adamawa United

Lobi Stars 3-2 Plateau United

Wikki Tourists 1-0 Warri Wolves

FC IfeanyiUbah 0-0 Rivers United

Postponed:

MFM FC vs Enyimba International

Jigawa Golden Stars vs Akwa United

3 Things You Need To Know About Naira4dollar Scheme

Oreoluwa Aderinkomi
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3 Things You Need To Know About Naira4dollar Scheme

The Central Bank of Nigeria (CBN) recently launched a scheme named Naira4dollar.

Brand Spur Nigeria understands that the Naira4dollar Scheme was created with the aim to attract Nigerians in the diaspora to invest and send funds.

Here are 3 things you need to know about the scheme:

– The purpose of the scheme is to attract Nigerians in the diaspora to invest and send funds but the real beneficiaries are those who would redraw the money. Therefore the beneficiaries are most likely close associates, family, and friends of those who send the money.

– This initiative from the Central Bank of Nigeria would encourage Nigerians to receive money in Dollars, thereby boosting the economy of Nigeria. To accomplish this, Central bank of Nigeria will pay ₦5 for every $1 you receive from overseas. If you are paid by foreign employees in Nigeria or Multinationals in dollars or you work and provide services for companies outside Nigeria you can now receive your dollars with interest.

– The Scheme runs from March 8, 2021 to May 8, 2021, so you have to make use of this opportunity as soon as you can.
Kindly note that the incentive works whether you transfer the money to your domiciliary account or get in cash from the bank.

Making use of this opportunity is a way to boost your money and it is one opportunity that you should be prepared to exploit.

UBA Focus On Retail Space Drives Solid Earnings Performance

WSTC Research
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UBA Focus On Retail Space Drives Solid Earnings Performance

The United Bank for Africa Plc (‘UBA’ or the ‘Group) reported an 11% YoY growth in gross earnings, from N559.81bn in FY’2019 to N620.38bn in FY’2020. Operating income grew by 16% YoY from N328.04bn in FY’2019 to N380.64bn in FY’2020.

Profit after tax rose by 28% YoY from N89.09bn in FY’2019 to N113.77bn in FY’2020.

However, despite the double-digit growth recorded across major income lines, the Group
declared a lower dividend payout (16% in FY’2020 vs 38% in FY’2019), attributed to the need to be conservative amid the challenges and risks that the coronavirus pandemic poses.

Policy-Driven Balance Sheet Growth Supports Earnings

Total assets grew by 37% YoY from N5.62trn as of FY’2019 to N7.69trn as of FY’2020. The growth in total assets was majorly funded by a 48% YoY increase in customer deposits from N3.83trn as of FY’2019 to N5.68trn as of FY’2020. The sustained accommodative monetary policy stance of the monetary policy authorities induced an excess liquidity in the financial system during the period.

Therefore, the excess liquidity in the financial system drove increased inflows in the form of deposits for the Group. The Group’s increased focus on the retail segment yielded results, as reflected in the Group’s 900 basis points increase in its CASA (current accounts/savings account) from 73% as of FY’2019 to 82% as of FY’2020.

UBA Focus On Retail Space Drives Solid Earnings Performance 2-Brand Spur Nigeria

Given the increased funding during the period, the Group’s loan book (customer loans)
expanded by 24% YoY from N2.06trn as of FY’2019 to N2.55trn as of FY’2020. The composition of the Group’s loan book showed that loans to corporates grew by 21% YoY from N1.96trn to N2.37trn, while loans to individuals grew from N105.77bn to N181.07bn which further emphasisesthe increased focus of the Group to drive increased activities in the retail space.

In terms of sectoral distribution, the Group’s highest loan book exposures were in the oil and gas (19%), public sector (17%), manufacturing (12%), general commerce (10%), and power and energy (9%). The top five sectors contributed 67% to the Group’s total loan book distribution.

Non-performing loan lowered by 60 basis points from 5.30% as of FY’2019 to 4.70% as of FY’2020, despite the loan book growth. The sector distribution of the Group’s NPLs include oil and gas (37%), consumer loans (23%), general commerce (15%), public sector (13%), and manufacturing (4%).

The Group’s investments in financial securities rose by 64% YoY, from N1.57trn as of FY’2019 to N2.58trn as of FY’2020, with the majority of the investments(c.72%) in treasury bills.

Low-Yield Environment Limits Upsides

Total interest income grew by 6% YoY from N404.83bn in FY’2019 to N427.86bn in FY’2020.

Interest income on loans and advances, which contributes c.52% to total interest income, grew by 8% YoY. A breakdown of interest income on loans and advances to customers revealed that loans to corporates grew by 2% YoY, while loans to individuals grew by 138% YoY. The Group launched a new financial product ‘Click Credit’ during the period, aimed at driving retail lending.

We attribute the growth in retail loans to the rollout of the financial product. On the other hand, we attribute the weak growth in corporate lending to increased competition in the market amid a low-yield environment and fewer quality risk assets. Nonetheless, corporate lending accounted for 74% of the total interest income on loans to customers.

Interest income on investment securities grew by 8% YoY from N163.68bn in FY’2019 to
N176.00bn in FY’2020, despite a 64% YoY growth in investment securities. The low-yield
the environment during the financial year impacted total interest income.

UBA Focus On Retail Space Drives Solid Earnings Performance 2-Brand Spur Nigeria

Excess Liquidity Drive Down Funding Cost

Driven by increased financial system liquidity (which resulted in the repricing of deposits) and an aggressive drive on its retail business, the Group’s cost of fund lowered from 4.0% in FY’2019 to 2.90% in FY’2020. Specifically, interest expense declined by 8% YoY from N182.96bn in FY’2019 to N168.39bn in FY’2020, despite a 39% YoY increase in interest-bearing liabilities from N4.89trn as of FY’2019 to N6.79trn as of FY’2020.

Nonetheless, the decline in cost of fund, the Group’s net interest margin declined by 60 basis points from 6.0% in FY’2019 to 5.40% in FY’2020. Net interest income grew by 17% YoY from N221.88bn in FY’2019 to N259.47bn in FY’2020. A 48% YoY rise in impairment losses from N 18.25bn to N27.01bn lowered net interest income growth to 14% YoY.

UBA Focus On Retail Space Drives Solid Earnings Performance-Brand Spur Nigeria
UBA Focus On Retail Space Drives Solid Earnings Performance-Brand Spur Nigeria

Solid Non-Interest Income Growth Boost Bottomline

Non-interest income recorded a 19% YoY growth from N124.42bn in FY’2019 to N148.18bn in FY’2020, driven by a 58% YoY increase in net trading income from N37.63bn to N59.45bn, and a 3% YoY growth in net fee and commission income from N80.00bn to N82.61bn.

The total contribution of non-interest income to total operating income increased by 100 basis points from 38% in FY’2019 to 39% in FY’2020.

The combined performance of a 14% YoY growth in net interest income and a 19% YoY growth in non-interest income gave rise to a 16% YoY growth in total operating income, from N328.04bn in FY’2019 to N380.64bn in FY’2020. On the back of a relatively unchanged cost-to-income ratio of 66%, profit before tax rose by 18% YoY from N111.29bn to N131.86bn. Profit after tax, however, advanced by 28% YoY from N89.09bn to N113.77bn due to a lower effective tax rate in FY’2020 (14% in FY’2020 vs 20% in FY’2019).

Conservative View Towards Dividend Payout

The Group surprised the investing public with its decision to declare an N0.35 final dividend, representing a 56% decline relative to N0.80 declared in FY’2019. The Group’s management attributed the lower dividend payout to the need to be conservative amid the lingering impact of the coronavirus pandemic. Also, the Group emphasized that regulatory restrictions across its other African markets boost capital levels contributed to the low dividend payout.

Business Outlook

We expect to see a sustained loan book growth, amid regulatory stances. Although we are beginning to see an upward trend in yields, we yet expect the Group’s deposits to grow on the back of continued aggressive drive in its retail business. Based on our expectations of a retail deposit drive, we see the possibility of a higher yield on assets relative to the cost of the fund.

We believe that the introduction of the financial product ‘Click Credit’, which grants salary earners access to quick loans at 1.58% monthly, will further drive interest income growth.

We also expect to see a significant improvement in non-interest income, expected to be driven by initiatives implemented and strategic e-banking infrastructure developed by the Group in FY’2020. Some of the initiatives include direct integration of chatbot ‘Leo’ to WhatsApp, implementation of Mobile Money for Rest of Africa (a geographical operating segment), which allows customers to link their wallets to a UBA account, launch of cardless cash withdrawal on ATMs for Nigeria & Rest of Africa, which provides withdrawal on all UBA ATMs without the use of ATM debit/credit cards.

We expect all these initiatives to drive increased transaction value and income for the Group. In the medium term, we expect the Group to take advantage of the opportunities that come with the AfCTA, given the Group’s significant presence across major countries of the continent.

Valuation

We estimate an N11.89 fair value for the stock (previous: N14.33), using a blend of dividend discount model and residual income valuation methodologies.

The lower fair value relative to our previous estimate resulted from an increase in the cost of equity used to discount our projected numbers. We note the rising yield environment, hence, the pass-through effect in the form of a higher risk-free rate drove an overall increase in the discount rate.

Also, we revised our dividend projections. Although the Group attributed the conservative dividend payout in FY’2020 to regulatory restrictions, we expect to see a normalized payout in the future.

However, we lowered our future expectations from an average dividend payout of 37% to an average payout of 27%.

At the current market price of N7.15, the stock trades at 1.94x forward price-to-earnings (P/E) ratio, relative to our 3.23x justified P/E ratio, which implies an expected price return of 66%.

Based on our expectations of an N1.00 dividend for FY’2021, the dividend yield on the stock is estimated at 14%. Overall, we expect to see an 80% total return on the stock. Hence, we recommend a BUY.

Dangote Sugar Refinery: Double-Digit Earnings Growth Underpins Solid Performance

WSTC Research
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Dangote Sugar Refinery: Double-Digit Earnings Growth Underpins Solid Performance

Dangote Sugar Refinery (‘DSR’ or the ‘Group’) closed the 2020 financial year (FY’2020) on an impressive note, attributed to a double-digit price and volume growth.

Revenue grew by 33% YoY from N161.09bn in FY’2019 to N214.29bn in FY’2020.

Operating profit grew by 48% YoY from N29.93bn in FY’2019 to N44.44bn in FY’2020, while profit after tax grew by 33% YoY from N22.36bn in FY’2019 to N29.78bn in FY’2020.

As a result of the stronger operating performance in FY’2020, the Group declared a N1.50 dividend for FY’2020, representing a 36% increase relative to N1.10 dividend declared in FY’2019.

Improved Access To Market Drive Topline Growth

On the back of the efforts of the regulators to curtail smuggling activities, which was a major factor in the Group’s market share erosion in recent times, the Group had improved access to market during the financial year.

Following the land border closure policy by the government, the Group was able to supply more of its products to the market.

As a result, the Group recorded a 14% growth in production volume from 13.10mn bags in FY’2019 to 14.9mn bags in FY’2020. However, the COVID-19 induced contraction in national sugar consumption limited the sales volume growth to 7% YoY from 13.70mn bags in FY’2019 to 14.60mn bags in FY’2020.

The Group raised prices during the period, to reflect increased cost pressures induced by
exchange rate volatilities and shortage. Energy costs also increased during the period.

Hence, the combination of price and volume increases culminated in the strong topline growth in FY’2020. Other developments that positively impacted on the Group’s topline growth were improved crop yield, and injection of new trucks to strengthen distribution capacity.

FX Scarcity Drive Input Costs Upwards

Cost of sales grew by 31% YoY from N122.80bn in FY’2019 to N160.55bn in FY’2020, driven by the impact of FX scarcity during the period. We note that the Central Bank of Nigeria adjusted the exchange rate, driven by COVID-19 induced collapse in crude oil prices.

The increase in VAT also contributed to the higher costs incurred during the period. Cost margin, however, lowered by 100 basis points from 76% in FY’2019 to 75% in FY’2020, resulting from an effective transfer of cost burden to the consumers in the form of higher prices.

As a result, gross profit grew by 40% YoY from N38.29bn in FY’2019 to N53.75bn in FY’2020.

Margins Further Expand on the Back of Operating Efficiency

Operating expense margin declined by 100 basis points from 6% in FY’2019 to 5% in FY’2020, due to a 14% YoY increase in operating expenses relative to a 41% YoY growth in operating income.

Therefore, the operating efficiency resulted in a 48% YoY increase in operating profit
from N29.93bn in FY’2019 to N44.44bn in FY’2020.

Bottomline Gets Support From Non-Operating Income

The Group recorded an 871% YoY increase in fair value adjustment gain from a loss of N313mn in FY’2019 to N2.42bn in FY’2020. The fair value adjustment gain related to the Group’s biological assets. Although net finance cost stood at N1.23bn in FY’2020, from a net finance income of N204mn in FY’2019; the fair value adjustment gain offset the net finance cost during the period. Hence, profit before tax grew by 53% YoY from N29.82bn in FY’2019 to N45.62bn in FY’2020.

However, a higher effective tax rate (34% in FY’2020 vs 25% in FY’2019) lowered the net bottom-line growth to 33%.

Outlook

We expect to see continued volume growth in FY’2021, on the back of sustained market share and increased demand for the products amid an economic recovery. However, we also expect to see persistent cost pressures due to rising crude oil prices. According to the management, a rising crude oil price tend to drive raw input prices upwards due to the preference to produce ethanol from sugar cane instead of raw sugar. We maintain a positive business outlook for DSR, on the back of the strong industry fundamentals and the Group’s continued investments in Backward Integration, which are expected to drive value for the Group, in the form of lower-cost pressures, and a higher scale.

Using a blend of Discounted Cash Flow, Dividend Discount Model, Residual Income Model, and EV/EBITDA valuation methodologies, we estimate a N15.93 fair value for the stock (previous: N18.85). The decline in our fair value estimate resulted from the application of a higher cost of equity in discounting our projected earnings and cash flows.

At the current market price of N17.95, the stock offers a -1% total return (price return: -12%, dividend yield: 10%). Hence, we recommend a HOLD.

ARDOVA: Non-Recurring Income From Prior Year Overwhelms Bottomline

United Capital Research
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ARDOVA: Non-Recurring Income From Prior Year Overwhelms Bottomline

…Adjusted EBIT Up 46% y/y

In its recently released FY-2020 audited financials, ARDOVA Plc (“ARDOVA” or “the Company”) reported a 3.1% y/y growth in revenue, printing at N181.9bn, from N176.5bn in FY-2019.

Revenue growth was driven by increased sales of petroleum products, which grew by 3.4% y/y in FY-2020. Cost of sales grew at a slower pace, up 2.6% y/y to N169.7bn in FY-2020. As a result, gross profit recorded a decent 12.1% y/y growth to print at N12.1bn in FY-2020.

However, Operating income dropped by 16.0% y/y to N4.1bn, largely driven by the 2019 high base due to gain on disposed assets recorded. As such, Profit before tax and Profit after tax declined by 37.6% and 52.6%, to N2.9bn and N1.8bn, respectively, in the period under review. Earnings per Share (EPS) fell 52% to N1.4 per share in FY-2020.

The firm proposed a dividend of N0.19 per share. We review our forecasts for the company and present our outlook below.

Reasonable growth despite tough operating environment In 2020, the economic lockdown brought about by the Covid-19 pandemic hampered fuel demand in Nigeria.

However, due to the price hikes and increased market share, Ardova Plc reported a relatively strong year. Total revenue grew by 3.1% in 2020, primarily driven by growth in sales of fuel products, which grew by 3.4% y/y to N164.4bn in FY-2020 from N159.2bn in FY-2019. Lubricant sales fell by 1.6% y/y from N17.2bn in FY-2020 to N16.9bn in FY-2019.

Solar system business performed poorly as it recorded a 74.4% y/y decline in revenue to printed at N10.0m in FY-2020 from N39.0m in FY-2019. At the company’s FY-2020 analyst presentation, it stated that its rising sales numbers were due to its increased market share to become the market leader, citing data from Nigeria’s Major Oil marketing association (MOMAN).

READ ALSO: Ardova To act as Main Distributor For Shell Lubricants Branded Products

Cost of sales printed higher at N169.7bn in FY-2020 from N165.2bn in FY -2019, representing a 2.6% y/y growth. The growth in cost of sales was mainly driven by an increase in petroleum product costs, which grew 3.0% y/y to N157.0bn in FY-2020 from N152.3bn in FY-2019. In addition, the company booked N25.0m in direct costs due to the unveiling of its haulage business as part of its efforts to bolster operating efficiency. Consequently, gross margins rose 3bps to 6.7% y/y.

We note that the marginal improvement in gross margin was driven by the higher margins in its Lubricant (26.2%) segment compared to Petrol or PMS(4.2%). Profit margins in the PMS segment remained low, as the firm does not hold any wholesaler privileges, which would have allowed for improved margins.

However, ARDOVA’s drive to increase its market share in the lubricant market by signing an agreement with Shell lubricant is laudable as it looks to support its more profitable segment. Overall, operating expenses fell 11.7% y/y in FY-2020 due to a 16.6% y/y decline in administrative expenses to N7.3bn.

Improved Performance On An Adjusted Basis

Despite the marginal uptick in revenue and improved cost efficiency, operating profit fell
16.0% y/y to N4.1bn in FY-2020. However, adjusting for the non-recurring profit of N2.6bn booked on disposal of the company’s stake in Amperion Power Distribution Company Limited (Amperion), Forte Upstream Services Limited (FUS), and AP Oil and Gas Ghana, Operating profit was up 46.6%, in the period under review, better projecting Ardova’s performance in FY-2020.

Moderation in the yield environment in 2020 saw finance cost moderate by 68.9% y/y to N1.5bn in FY-2020. Finance income also declined by 94.1% y/y, mainly due to interest on subsidy booked of N3.9bn in 2019. Overall, net finance cost increased by 356.1%. Consequently, profit before tax and profit after tax declined 37.6% y/y and 52.6% y/y, to N2.9bn and N1.8bn in the period under review. EPS fell to N1.4 per share in FY-2020. The firm proposed a dividend of N0.19N per share, representing a 1.3% dividend yield at the current price, subject to shareholders’ approval at its AGM.

Balance Sheet- Expansions In PPE Drive Balance Sheet Growth

ARDOVA’s total assets in the period under review grew 10.4% to N68.4bn , mainly due to
increases in building under construction, as the company continues to expand on its base (retail stations). Hence, PPE rose 49.0% to N15.2bn in the period.

The company extended its debt/borrowing lines in the period under review, as total debt grew 121.1% y/y to N11.8bn. However, finance costs fell by -68.9% though average cost of borrowing settled at 10.5% mainly because the bulk of the borrowing was accessed via overdraft facilities.

At 10.5%, ARVODA’s cost of borrowing is well above discount rates on commercial papers which tumbled to a record low in 2020, with several large corporates issuing capital at sub -3%. As such, we opine that ARDOVA would benefit from a capital market program to optimize its funding cost, considering that the yield environment remains relatively friendly for private sector capital raise.

Interest coverage was stronger at 3.9x in FY-2020 vs. 1.5x in FY-2019, respectively. Net cash flows from operations printed at N4.8bn in FY-2020, from N4.7bn in FY-2019.

Outlook For Ardova Is Moderate Following Uncertainty In The Downstream Oil And Gas Sector

ARDOVA outlook remains moderate, considering the firm’s cost improvement and efficiency management drive observed in recent quarters; Operating margin and profit before tax margin was up 100bps and 47bps y/y, respectively, due to a 166bps
moderation in operating costs y/y (adjusting for gain on assets in 2019). However, due to the continued uncertainty around the adjustment of Petrol (PMS) prices, we have also
tempered our optimism around full price recovery.

Although the FGN made efforts to partially deregulate and moved away from its regulated pricing regime in 2020, recent dynamics in the market points to another episode of policy backflip.

According to the PPPRA pricing framework, the landing cost of PMS should be in the range of N209-N212 per litre, considering the rising spot FOB Rotterdam prices. The FX challenges and the continuation of the NNPC direct sale, direct purchase program (DSDP) means the NNPC through the PPMC remains the sole importer of PMS. As such, ARDOVA and other downstream players will continue to earn a retailer’s margin for PMS sales.

Recently, the company disclosed its intentions to acquire Enyo. Clearly, the Enyo
the acquisition fits nicely into ARDOVA’s expansion drive and would complement its retail
base.

ARDOVA currently has a network of about 450 or more stations, Enyo will add to this strong base with about 90 or more retail outlets in 15 Nigerian states. While we are unable to factor in the potential impact of the acquisition into our model estimates for now due to the non-availability of the official data, we expect this to further bolster volumes and improve overall performance due to a potential benefit from economies of scale.

In view of the foregoing, our expectations for the performance of ARDOVA in 2021 remain moderate. As such, we retain our model assumption while awaiting details about the proposed acquisition. Nevertheless, adjusting our valuation estimates for a higher risk-free rate, we adjust our Target Price for ARDOVA to N17.63 compared to the current market price of N14.85. This portends an upside of 19.6% thus we retain our BUY rating on the ticker.

Dangote Sugar Refinery Forging Forward On Favourable Drivers

Vetiva Research
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Dangote Sugar Refinery Forging Forward On Favourable Drivers

Dangote Sugar Refinery released its Audited reports for FY’20, which showed an impressive performance for the sugar producer as it reported its highest Revenue figure ever of ₦214.3 billion.

Although this figure was 1% less than our forecast of ₦217.3 billion, it was still a 33% improvement on the previous year’s performance.

We had mentioned in our FY’21 outlook, the increased attention to the National Sugar Master Plan (NSMP) which was established to protect local raw sugar production. In light of this, during the year, the government imposed a 20% import duty on refined sugar while also reversing an earlier 5% duty hike on the importation of raw sugar for investors in the Backward Integration Program (BIP).

Additionally, we believe that the closed borders policy implemented during the year supported expansions in volumes and price for sugar manufacturers. Thus, for Dangsugar, volumes grew 7% to 732,000 Metric Tonnes while price per Tonne averaged ₦330,000 (from ₦276,000 in billion), due to the impact of FX challenges on raw material sourcing. For context, Sugar refiners in Nigeria import c.90% of their raw sugar needs.

This, combined with increased production volumes and the currency devaluations in the period, underlie the 35% increase in raw material expense. However, prices, supported by the limited foreign supply of refined sugar, increased to mitigate this hike.

Dangote Sugar Refinery Forging Forward On Favourable Drivers-Brand Spur Nigeria
Dangote Sugar Refinery Forging Forward On Favourable Drivers-Brand Spur Nigeria

Thus, unlike the industry trend we have observed so far, DSR’s gross margin improved c.1 ppt y/y to 25% (Vetiva: 22%). EBIT also strengthened 47% y/y to ₦45.1 billion despite a 5% increase in Opex to ₦10.1 billion. On the whole, the company reported a 33% rise in PAT to ₦29.7 billion and has proposed a dividend of ₦1.50 (FY’19:1.10).

Outlook

Our outlook for DSR’s Revenue in FY’21 is based on three key assumptions: the border restrictions, traffic and logistics constraints vis-à-vis the Apapa congestion situation, and expansion initiatives of the firm.

Trade Restrictions

While the borders have been reopened, the return of strong competition from smuggled and other imported sugar is less likely. Firstly, given the changes in the FX market that have happened in the past year, FX sourcing remains a challenge. Secondly, Sugar remains on the exclusive list under the AfCFTA. Thus, no special privileges are applied to its importation under the agreement. Furthermore, as mentioned earlier, the 20% import duty in place on refined sugar imports which will curtail the influx of imported competition. This also keeps the pricing power dynamic in favour of local producers.

Apapa Congestion

After several attempts to alleviate the traffic situation at the Apapa port – where one of the Dangote Sugar Refineries is located, an e-call up system has been implemented. While it remains to be seen whether this system will be effective in the long run, some reports have stated that the congestion at the ports has eased considerably. With this development, we believe that the turn-around time for sales could improve significantly and positively impact volumes.

Expansion Initiatives

Lastly, we had mentioned in an earlier report that the milling capacity of the Savannah Sugar mill was undergoing an expansion and was projected to be completed by Q4’20.

However, management has updated this to an extended timeline of Q4’21 – due to the impact of the pandemic. Thus, we revise our earlier projection of increased volumes in line with this revised timeline.

Thus, for FY’21, we adjust our projections and forecast a 6% y/y growth in Revenue (Previous expectation: +7% y/y) to ₦229 billion.

Will Margins Remain Stable?

Next, looking at costs, DSR imports raw sugar from Brazil; so in addition to FX, we look at the outlook for the country’s trade in fully determining our outlook for the company’s raw material costs in the year. Although global food outlook reports had indicated increased production expectations from Brazil this year, possible shipping challenges in the country may keep prices stable at current levels.

Thus, in line with this and considering the current performance, we expect gross margin to decline slightly to 24%. This brings our EBIT projection to ₦46.3 billion (previous estimate: ₦41.4 billion), 3% higher y/y. Based on this, we expect PAT to print at ₦30.2 billion (+1% y/y). We maintain a BUY rating on the stock with an upward revised target price of ₦21.08.

End Inequality: IITA Promotes Gender-Balanced Environment

Esan Bolaji
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End Inequality: IITA Promotes Gender-Balanced Environment

The International Institute of Tropical Agriculture (IITA) has always maintained a policy of zero tolerance for discrimination. As usual, IITA joined the rest of the world to celebrate Zero Discrimination Day on 1 March by organizing a virtual seminar themed “End Inequality,”.

The purpose was to create awareness of the concept of discrimination and how to guard against it in the workplace and society at large.

On behalf of the management team, Hilde Koper, Deputy Director-General, Corporate Services, gave the opening address, noting that the need for awareness was due to the growing rate of inequality.

She stated that IITA has and is still standing up for zero discrimination against women and the staff have been supportive in working against inequality. ‘Let us maintain an environment that women would love to work in. Think of what an equal world would look like and let us all work towards it,” she said.

End Inequality: IITA Promotes Gender-Balanced Environment
End Inequality: IITA Promotes Gender-Balanced Environment-Brand Spur Nigeria

Helen Adeniji, IITA Organizational Development Manager, gave an overview on the concept of harassment and discrimination and their various forms.

Wale Oladokun, IITA Employee Services Manager, emphasized how to get help on harassment and discrimination-related issues. He stressed the need to speak up and politely state one’s case when harassed or discriminated against, especially since IITA has a policy against harassment and discrimination.

While highlighting staff’s roles and responsibilities in maintaining zero discrimination, Lade Oke, Human Resources Manager, stated that everyone is involved because maintaining zero discrimination is beyond one unit or even the management alone.

Oke emphasized the need for all staff to be aware of IITA policy to not behave in ways that promote harassment and discrimination in the workplace. “Let everyone contribute to promoting a good work environment by maintaining respectful relationships with all staff, avoiding gender jokes, and seeking to promote dignity,” she said.

In conclusion, Oladokun highlighted some key take-away points, reiterating the need to speak up when necessary as nobody is infallible and IITA has zero-tolerance for harassment and discrimination regardless of status.

To crown the event, a man—Olusegun Ajao, HR Technician; and woman—Ayooluwami Omoloye, HR Intern; were delegated as IITA ambassadors for Zero Discrimination and Harassment, after which staff embarked on a “walk for a purpose.”

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