Professor Oladele Orimoogunje headline Yoruba Lakotun Special Edition at Lagos Books and Arts Festival

Brand Spur
-
0
Professor Oladele Orimoogunje headline Yoruba Lakotun Special Edition at Lagos Books and Arts Festival
A Professor of African Studies at the University of Lagos will deliver the keynote address at the special edition of Yoruba Lakotun, the quarterly cultural renaissance show. The special edition of the show is one of the events slated for the 21st Lagos Books and Arts Festival (LABAF) taking place at Freedom Park, Broad Street, Lagos, Nigeria on Thursday, 7th November 2019 by 12 noon.
The cultural show which began four years ago has been at the forefront of celebrating exceptional literary and cultural icons in the Yoruba language. This special edition is expected to attract cultural enthusiasts from corporate and social Nigeria.
According to a delighted host of Yoruba Lakotun, Olutayo Irantiola, he said, “we are glad to partner with the Lagos Books and Arts Festival organized by Committee for Relevant Arts is introducing a full-fledged cultural part to the festival which has gone global.
In his words, “We are not deterred in ensuring that cultural literacy and education are available to Yorubas across the globe and we would ensure that people have the opportunity of meeting Yoruba cultural icons. This particular event is dedicated to the late Yoruba veteran writer, Oladejo Okediji who passed on recently.”
The programme has celebrated many Yoruba creative icons such as Tunde Kelani; Mama Nike Okundaye; Olusesan Ajewole, Professor Taiwo Olunlade, Mrs Nike Adesanya, Kehinde Adepegba; Ayo Okedokun amongst others.

For this special edition, some of the line-ups of speakers include Professor Oladele Orimoogunje of the University of Lagos; Dr. Oyeleke Odoje of the University of Ibadan; Chief Gbemisoye Ayano amongst others.

LaLiga forms a choir with 42 fans to perform an exciting sound experiment

Brand Spur
-
0
LaLiga forms a choir with 42 fans to perform an exciting sound experiment

Under the slogan “When we feel together, we feel stronger,” LaLiga aims to foster unity among all fans and to value what unites them all – their passion for football

In order to do this, LaLiga recorded the rhythm of the LaLiga Santander and LaLiga SmartBank fans’ heartbeats while they sang the LaLiga soundtrack

Madrid, 31 October 2019.- LaLiga has conducted an experiment to prove that all fans are united by a common factor that goes far beyond the feelings they have for each of their clubs: their passion for football. Under the motto “When we feel together, we feel stronger,” the club association aimed to foster unity among all LaLiga Santander and LaLiga SmartBank fans. To this end, 42 supporters – one of each club – took part in a pioneering sound experiment in Spain: recording the rhythm of fans’ heartbeats to the tempo of the new LaLiga soundtrack, composed by Lucas Vidal.

“The passion for football is something that all fans share. Sometimes rivalry makes us lose sight of that. At LaLiga we are convinced that football is a great link that connects and brings together everyone who loves the sport,” said Enrique Moreno, LaLiga’s global brand and assets director.

In order to do this, LaLiga started a campaign a few months ago calling on those fans who always sing throughout the game in support of their team. More than 4,000 people signed up for the initiative and finally, 42 supporters were selected, from eight different nationalities. All of them enthusiastically went to Madrid, without knowing what surprise LaLiga had in store for them. When the fans arrived, they anonymously took part in the sound experiment, without knowing the origin or club of the supporter standing next to them.

A pioneering experiment in Spain 

This experiment was inspired by a scientific study carried out a few years ago by the University of Gothenburg (Sweden), which showed that if several people sang the same song simultaneously, their heart rates synchronize with each other, going up and down together, which is linked to their synchronized breathing when they sing the same song.

The protagonists of the experiment were a group of 18-year-old individuals with mixed gender.

In this case, LaLiga wanted to demonstrate this premise, by doing it with real fans in a single day, under the concept ‘When we feel together, we feel stronger.’ To do this, LaLiga established a series of parameters that ensured that the measurements were in accordance with the characteristics of each individual, marking a specific frequency range in which we expected all fans to be at the end of the experiment. This all took place under the supervision of Dr.Tania Rodríguez Gabella, a cardiologist at the Clínico University Hospital in Valladolid. Once this parameter was established, the frequency of each fan was measured using heart rate monitors, which sent the signal to a common screen in which Rodríguez Gabella and scientists monitored the evolution of the beats.

Hours after the start of the test, the initial objective was achieved, with figures of 95% or 100% of matched subjects were reached in some sections of the melody.

Unity, passion and a short film to enjoy 

One of the key points of the experiment was the anonymity of all participants. From the beginning, contact among them was prevented, with the intention of carrying out the initiative in the purest possible way, in order to avoid prejudices that could provoke historical sporting rivalries.

For this reason, all the fans arrived dressed in shirts and black trousers, without being able to see the team kits that the others were wearing underneath. At the end of the activity, when their hearts were beating in unison, the composer Lucas Vidal (who acted as a choir director) invited them to reveal their kits.

“It was amazing to see how they worked together, no matter where they came from or what club they represented. Everyone was under the spell of the LaLiga soundtrack. They felt it and made it their own,” said Lucas Vidal, the composer of the song.

The whole experiment was recorded and the film director Álvaro Brechner has been commissioned to create a short film that portrays this exciting experiment.

“It has been a beautiful project, we have all been infected with the energy and enthusiasm of the fans and this is something that can be seen in the result obtained: a video that speaks about harmony and passion for football,” said the laureate Uruguayan director.

It is a project that highlights the importance nowadays of extolling the aspects that unite us above those that separate us.

Photo News: Development Bank of Nigeria MSME Summit, Maiduguri, Borno State

Brand Spur
-
0
Photo News: Development Bank of Nigeria MSME Summit, Maiduguri, Borno State

The Development Bank of Nigeria (DBN) on Tuesday 29th October 2019 held for the first time in Borno, a summit for Medium and Small Scale Entrepreneurs (MSME).

Held in Maiduguri, the summit is a follow-up to Governor Zulum’s visit to DBN headquarters in Abuja on the 8th of October 2019, during which he made case for citizens of Borno state involved in small and medium-scale businesses so they can grow.

Governor Babagana Umara Zulum who is the special guest of honour was represented by the Chief of staff Dr. Babagana Wakil. The Governor is currently at Saudi Arabia attending the third edition of a Future Investment Initiative (FII) organized by the Saudi government on President Buhari’s invitation.

MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur11
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur9
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur4
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur5
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur3
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur7
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur6
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur1
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur12
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur2
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur8
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss Brandspur2
(L-R) Keynote speaker and Managing Director/CEO, Peugeot Automobile Nigeria, Mr Ibrahim Boyi; Chief of Staff to the Governor of Borno State, Babagana Wakil,mni and Managing Director, Development Bank of Nigeria, Mr. Tony Okpanachi at the maiden DBN MSME Summit Maiduguri, held yesterday.
(L-R) Keynote speaker and Managing Director/CEO, Peugeot Automobile Nigeria, Mr Ibrahim Boyi; Chief of Staff to the Governor of Borno State, Babagana Wakil,mni and Managing Director, Development Bank of Nigeria, Mr. Tony Okpanachi at the maiden DBN MSME Summit Maiduguri, held yesterday.
(L-R) Moderator and Assistant Chief Economist, Development Bank of Nigeria, Professor Joseph Nnanna; Panelist and Founder and CEO, Epicentre Global Events Limited, Mrs Romoke Adebo; Managing Director, Development Bank of Nigeria, Mr Tony Okpanachi ; Panelist and MD/CEO, IBBA 36 Global Concept, Ibrahim Balami; Panelist and Executive Secretary, Kaduna State Scholarships and Loans Board, Rilwan Hassan and Panelist and Founder, Santi Food and Beverages Limited, Fantis Mohammed, at the maiden DBN MSME Summit Maiduguri, held yesterday.
(L-R) Moderator and Assistant Chief Economist, Development Bank of Nigeria, Professor Joseph Nnanna; Panelist and Founder and CEO, Epicentre Global Events Limited, Mrs Romoke Adebo; Managing Director, Development Bank of Nigeria, Mr Tony Okpanachi ; Panelist and MD/CEO, IBBA 36 Global Concept, Ibrahim Balami; Panelist and Executive Secretary, Kaduna State Scholarships and Loans Board, Rilwan Hassan and Panelist and Founder, Santi Food and Beverages Limited, Fantis Mohammed, at the maiden DBN MSME Summit Maiduguri, held yesterday.

MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss

Brand Spur
-
0
MSMEs Crucial to Providing Employment to Growing Workforce – Peugeot Boss

The Managing Director/CEO, Peugeot Automobile Nigeria, Mr. Ibrahim Boyi has called for stakeholders support for Micro, Small and Medium Scale Enterprises (MSMEs) describing them as having the capacity to absorb the nation’s growing workforce.

(L-R) Moderator and Assistant Chief Economist, Development Bank of Nigeria, Professor Joseph Nnanna; Panelist and Founder and CEO, Epicentre Global Events Limited, Mrs Romoke Adebo; Managing Director, Development Bank of Nigeria, Mr Tony Okpanachi ; Panelist and MD/CEO, IBBA 36 Global Concept, Ibrahim Balami; Panelist and Executive Secretary, Kaduna State Scholarships and Loans Board, Rilwan Hassan and Panelist and Founder, Santi Food and Beverages Limited, Fantis Mohammed, at the maiden DBN MSME Summit Maiduguri, held yesterday.

Boyi made this call yesterday while speaking as the Keynote Speaker at the Development Bank of Nigeria (DBN) MSME Summit held in Maiduguri, Borno State where he also noted that the current supply of about $3.7trillion is low compared to the $8.9 trillion potential demand for MSME financing.

(L-R) Keynote speaker and Managing Director/CEO, Peugeot Automobile Nigeria, Mr Ibrahim Boyi; Chief of Staff to the Governor of Borno State, Babagana Wakil,mni and Managing Director, Development Bank of Nigeria, Mr. Tony Okpanachi at the maiden DBN MSME Summit Maiduguri, held yesterday.

The automobile group boss noted that the sector (MSMEs) has made a total employment contribution of over 60 million persons and if given the needed support, funding and enabling environment will do a lot more.

(L-R) Chief Operating Officer, Development Bank of Nigeria; Mr Bonaventure Okhaimo, Keynote speaker and Managing Director/CEO, Peugeot Automobile Nigeria, Mr Ibrahim Boyi; Chief of Staff to the Governor of Borno State, Babagana Wakil,mni and Managing Director, Development Bank of Nigeria, Mr. Tony Okpanachi and Chief Financial Officer, Development Bank of Nigeria, Mrs Ijeoma Ozulumba at the maiden DBN MSME Summit Maiduguri, held yesterday.

His words, “There are five major economic sectors that have thrived within the MSME sector in Nigeria, these are Wholesale/Retail Trade; Agriculture; Other Services; Manufacturing, Accommodation & Food Services. These sectors have made a total employment contribution of about 60 million persons, while 10 million persons from these statistics do not have Western Education”.

Noting that quick implementation of innovative ideas set MSMEs apart, Boyi enjoined participants at the summit and MSMEs, in general, formalize the operations of their various business as this will help them effectively position themselves to receive the necessary support to develop and scale up their businesses.

Affirming the bank’s continued support to MSMEs, the Managing Director, Development Bank of Nigeria (DBN), Mr Tony Okpanachi noted that the bank has disbursed over 100 billion naira this year to over 95,000 MSMEs across various sectors of the economy.

Committing to helping small and medium scale business owners in the State and region grow their business, Okpanachi noted that, “The bank is poised to enhance the access to finance for MSMEs in the commercial city of Maiduguri, Borno State and the North-East region of the country and thus rejuvenated to its blooming commercial city status after the insurgency experienced in the last 10 years.

The DBN boss corroborated the position of the automobile boss stating that, “MSME businesses owners need to get their businesses structured with bankable business plans”. The perceived absence of a bankable business plan and structure is responsible for their classification as high risk by banks and thereby unwilling to finance them.

Panel discussants at the summit include Romoke Adebo, Founder/CEO, Epicentre Global Events Limited; Rilwan Hassan, Executive Secretary, Kaduna State Scholarships and Loans Board; Fantis Mohammed, Founder, Santis Foods and Beverage Limited and Ibrahim Balami, MD/CEO, IBBA 36 Global Concept.

Rights Issue: Red Star Express Slashes Price to N4

Brand Spur
-
0
Rights Issue: Red Star Express Slashes Price to N4

The board of Red Star Express Plc, a world-leading courier and package delivery company in Nigeria and also a licensee of FedEx in the country, has revised both the volume and value of shares it is offering for sale in the proposed rights issue of the company.

Further to the Market Bulletin with Reference Number: NSE/RD/LRD/MB47/19/08/21, dated 21 August 2019 on the above subject, Dealing Members are hereby notified of revised terms to the proposed Rights Issue by Red star Express Plc (the Company).

Consequently, the revised terms of the Rights Issue as stated in the SEC approved Rights Circular are now Three Hundred and Thirty-six Million, Eight Hundred and Fifty-five Thousand, Two Hundred and Ninety-one (336,855,291) ordinary shares of Fifty Kobo (N0.50) each at Four (4) Naira per share, on the basis of Four (4) new share for every seven (7) ordinary share held.

Red Star Express is a world-leading courier and package delivery company in Nigeria and also a licensee of FedEx in the country. The leading logistics solution provider has offices in over 160 locations in Nigeria.

Red Star Express is now offering for sale 336,855,291 ordinary shares of 50 Kobo each at N4 per unit on the basis of four new ordinary shares for every seven ordinary shares held as at the close of business on August 21, 2019.

IHS Tower Appoints Two New Non-Executive Independent Directors

Brand Spur
-
0
IHS Tower Appoints Two New Non-Executive Independent Directors

IHS Holding Limited (“IHS”), one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world and leader in EMEA by tower count, has announced two new appointments to its Board of Directors. John Ellis (Jeb) Bush, the current President of Jeb Bush & Associates LLC, has joined IHS’ Board of Directors as a Non-Executive Independent Director. Mr Bush was the Governor of Florida between 1999 and 2007, and the Florida Secretary of Commerce from 1986 to 1988. Mr Bush currently serves as the Chairman of Dock Square Capital and of the Foundation for Excellence in Education. He was a senior adviser for Barclays in 2014 and a board member of Tenet Healthcare Corp.

Nick Land, a chartered accountant, retired as Executive Chairman of Ernst & Young LLP in 2006 following 36 years with the firm. Mr Land has joined IHS’ Board of Directors as a Non-Executive Independent Director and Chair of IHS’ Audit Committee. Mr Land also serves as the Deputy Chair of Thames Water Utilities Ltd and chairs the Audit and Risk Committee. He is Chairman of The Instant Group and is also a Non-Executive Director of the Financial Reporting Council and chairs its Codes and Standards Committee. He also sits on the board of Astro Lighting Ltd. Mr Land has previously been a Non-Executive Director of Vodafone Group, Royal Dutch Shell, Alliance Boots, Ashmore Group and BBA Aviation. Moreover, Mr Land is Chair of the Board of Trustees of the Vodafone Group Foundation, is an adviser to the Board of Dentons UK EMEA and chairs the Private Equity Reporting Group of the British Venture Capital Association.

Sam Darwish, IHS Chairman and Group Chief Executive Officer, said: “We are delighted to welcome Jeb and Nick to our Board. We look forward to the wealth of expertise and insight that they will each bring to IHS. Their advice and counsel will prove invaluable as we seek to pursue our strategic goals, continue our corporate governance evolution and cement our position as one of the largest independent telecommunications infrastructure owners in the world. The Board and I would like to extend our warmest welcome to them.”

Jeb Bush, Non-Executive Independent Director, said: “Through bold innovation and investments, IHS is playing a critical role in accelerating Africa’s technological revolution. I am thrilled to be joining IHS’s Board and look forward to working with Sam and the management team at IHS as they continue to transform connectivity and telecommunications throughout emerging markets globally.”

Nick Land, Non-Executive Independent Director and Chair of IHS’ Audit Committee, added: “I am excited to join IHS at a time of continued corporate governance development. Together with Jeb and the existing Board members, I look forward to supporting the Company’s sustainable growth strategy focused on enhancing telecommunications infrastructure in Africa and beyond.”

Gage Awards Set to Recognise and Reward Icons in Nigeria’s Digital Space

Brand Spur
-
0
Gage Awards Set to Recognise and Reward Icons in Nigeria’s Digital Space

Gage Awards, a flagship online initiative designed to annually celebrate and reward individuals, brands and corporates who have done astonishingly well in the digital space is poised to kick-off. The event, scheduled for the first quarter of 2020, promises to reward the very best of the digital world, including businesses & brands, influencers, apps & web developers, entertainers and many more.

Scheduled to hold February 22nd, 2020 at the prestigious Lagos Continental Hotel (former Intercontinental Hotel), the Gage Awards promises a night of celebration filled with memories that would be captured by the web and shared all over the world.

According to the event convener, Johnson Anorh, Gage Awards is the first of its kind in Nigeria and is strategically positioned to be the most coveted prize for excellence in Africa’s digital ecosystem.

“This is a flagship event that would become a yearly tradition. The Gage Awards prides itself on an astute panel that comprises hard-workers and achievers in the industry. Having expressed their willingness to contribute to this history-making project, the experience of the jurors and their transmissible charisma would be brought to bear on the overall perception of the awards.

“The Gage jury includes John Ajayi, Nkemdilim Uwaje Begho, Tajudeen Adepetu, Obi Asika, Amaechi Okobi, Osayi Alile, Kunmi Demuren and Kamil Olufowobi. These are industry leaders in their various capacities who have mostly worked behind the scenes in creating businesses on the social and economic landscape in Nigeria,” he explained.

It was further highlighted that awards would be given in various categories of excellence on the night under 5 key areas which include entertainment, innovation, inspiration, information and business for the 2019 year in review.

The award categories are: social moment of the year, special moment of the year, online news platform of the year, web series of the year, online show of the year, content creator of the year, best data service provider, online person of the year, artiste of the year, entrepreneur of the year, content promoter of the year, best use of digital in financial service, online film/video of the year, banking app of the year, breakout app of the year, online campaign of the year, agency of the year, online comedian of the year, blog of the year, podcast of the year, agency of the year, app of the year and best influencer endorsement.

Anorh also noted that the Gage Awards possessed a long-term potential to put Nigerian web players on the global stage, adding that it would accelerate the pace of innovation and growth in the digital ecosystem by recognising outstanding players in the country’s emerging digital industry.

“The premier digital ceremony is set to identify, highlight and reward activities online that help shape the pace of human development in Africa and especially Nigeria, in innovation, information, inspiration and entertainment.

“With the professional auditing process managed by one of the top 4 Global Management Companies, including PwC, a retinue of high calibre panel of Judges and the beautiful gala night, Gage Awards will become and remain one of the most prestigious awards in Nigeria,” he assured.

To learn more, visit www.gageawards.com

Ekiti Bags FG Award As Best Performing State On Domestication Of Women Rights Instruments

Brand Spur
-
0
Ekiti Bags FG Award As Best Performing State On Domestication Of Women Rights Instruments

Ekiti State Government has been recognised as the best-performing state on the domestication of Women Rights Instruments by the Federal Ministry of Women Affairs and Social Development.

In a letter signed by the Minister of Women Affairs and Social Development, Dame Pauline Tallen, the Federal Government commended the Governor of Ekiti State, Dr Kayode Fayemi for his efforts in the domestication of the Violence Against Persons Prohibition (VAPP) Act 2015.

Ekiti is the first state in the country to have a strengthened and consolidated GBV Law, harmonizing the VAPP Act with existing GBV legislation.

Dame Pauline lauded Dr Fayemi for his visionary leadership in creating an enabling environment for women and girls to access fair justice.

“This is truly commendable as measures put in place such as the sex offenders’ register will serve as a deterrent mechanism,” she said.

In a separate letter, the Minister also recognized the Wife of the Governor, Erelu Bisi Fayemi, In her personal capacity, for the tremendous supporting role she played in ensuring the state’s performance in women’s rights is unrivalled. The First Lady of Ekiti State is a globally renowned Gender Activist and she chairs the State’s Committee on Gender-Based Violence Prohibition, amongst other women and child rights advocacy programmes she is actively involved in.

The award will be conferred on Governor Fayemi at the annual meeting of the National Council for Women where all gender machinery in the country will converge on the 30th October 2019 in Akure, Ondo State.

The event will also have in attendance all Commissioners for Women Affairs from the 36 states and the FCT.

It could be recalled that Ekiti State hosted the annual meeting of the National Council for Women during the first term of Dr Kayode Fayemi in office.

Zenith Bank Plc 9M-19: Non-interest income supports earnings…

Brand Spur
-
0
Zenith Bank Plc 9M-19: Non-interest income supports earnings…

Zenith Bank Plc reported YoY a topline growth of 4% from N474.61bn to N491.23bn in its 9M 2019 result for the period ended September 30, 2019. Interest income declined YoY by 5% while non-interest revenue grew YoY by 22% during the period. Profit before tax (PBT), as well as profit after tax (PAT), advanced YoY by 5%, with EPS at N4.80k (9M 2018: N4.58k).

Loan book recovers but yet to reflect on interest income

Interest income declined YoY by 5% from N339.06bn to N321.94bn in 9M 2019 on the back of the decrease in interest on loans and advances to customers as well as interest on treasury bills. Interest on loans and advances declined markedly by 18% occasioned by the declining loan book of the Group in the first half of the year. However, following the CBN directive on July 2019 that all deposit money banks (DMBs) should maintain a minimum loan-to-deposit ratio (LDR) of 60% by September 30, 2019, to promote investment in the real sector and enhance economic growth, the Group turned constructive on its risky assets. Specifically, loans and advances to customer grew by N252.80bn in Q3 2019 alone and rose YoY by 7% from N2.07tn to N2.20tn in 9M 2019. Despite the impressive run, the bank failed to meet the requirement and was slammed with an onerous cash reserve requirement of N135.63bn. However, the fund would be released as the Group ramps up its LDR to the minimum regulatory threshold (now 65% with December 31, 2019, as the new deadline).

On the bright side, interest expense declined YoY by 3% from N110.55bn to N107.31bn in 9M 2019 notwithstanding the robust growth of 20% in the Group’s customers deposit base from N3.28tn to N3.95tn as at 9M 2019. Though, interest on savings accounts surged YoY by 42% from N12.79bn to N18.21bn in 9M 2019, the combined effect of the decline in interest on time deposit and borrowed funds by 5% and 13%, respectively, was enough to tame the impact. But owing to the steeper decline of 5% in interest income compared with 3% decrease in interest expense, net interest income declined YoY by 6% from N228.52bn to N214.63bn in 9M 2019, with net interest margin moderating by 91bps to 9%. However, riding on the strength of increased customers deposit base amid lower interest expense, cost of funds declined YoY by 35ps to 3% in 9M 2019, consolidating on the Group’s drive towards funding cost optimization.

Non-interest revenue expanded YoY by 22% from N128.73bn to N156.76bn in 9M 2019 as net income on fee and commission, trading income, as well as other operating income grew by double-digit of 19%, 26%, and 16%, respectively. The 19% growth in net income on fee and commission from N62.01bn to N73.85bn in M 2019 was driven by 100% growth in fees from electronic products from N17.66bn to N35.32bn in 9M 2019 as the Group continues to improve on its digital platforms and share in the retail business. A 6% growth in income from treasury bills trading informed the increase in trading income while receipts from loan recoveries of N4.68bn drove the growth in other operating income.

On the back of continued cost reduction strategies of the Group, operating expenses grew mildly YoY by 1% from N175.61bn to N176.94bn in 9M 2019 anchoring cost-to-income at 50% (9M 2018: 51%). Consequently, PBT rose to N176.18bn (9M 2018: N167.31bn) while PAT settled at N150.72bn (9M 2018: N144.18bn), delivering a return on average equity of 24%.

Recommendation

We continue to maintain our constructive view on the Group as its funding cost optimization and cost reduction strategies continue to yield results. Given the Group’s LDR at 56% in 9M 2019, we expect management to continue to create viable risk assets within its risk management framework to support interest income.

We have a revised forward EPS of N6.37k with a fair value estimate of N27.57k. At the current market price of N17.00k, the stock is trading at a discount of 62% to our fair value estimate. Thus, we uphold our BUY recommendation.

WSTC Research

Airtel Africa Earnings Review 9M 2019 – Healthy half year sets course for solid 2020 financial year

Brand Spur
-
0
Airtel Africa Earnings Review 9M 2019 – Healthy half year sets course for solid 2020 financial year
  • Strong growth recorded with an increase of 9.8% y/y
  • Impressive Revenue growth in Nigeria by 23.2% y/y
  • Interim dividend declared US 0.03/share (N10.86/share) which implies a dividend yield of 3.5%

Growing subscriber base sustains Revenue growth

Airtel Africa recorded an 8.4% y/y growth in Revenue to US$1.6bn from US$1.5bn in H1 2020. Growth within the quarter remained strong, climbing higher by 6.0% q/q and 9.8% y/y. Revenue growth was driven by an impressive increase in total customer base which rose 10.4% y/y to 103.9m from 94.1m. The data customer base grew impressively recording upper bound double-digit growth of 17.7% to 31.9m from 27.1m. Across business segments, growth was broad-based with Mobile Money leading the way surging 46.5% y/y while Data Revenue was up 37.8% y/y. Voice Revenue grew the slowest at 3.2% y/y. Across regions, growth in Nigeria was the most impressive with Revenue growing by 23.2% y/y to US$640.0m. Also, East Africa Revenue was up 5.8% y/y to US$578.0m while the Rest of Africa region saw Revenue fall 6.5% y/y to US$426.0m.

Operation efficiency sustained on sub-inflationary OPEX growth

Total business expenses grew but at a slower rate to Revenue, growing at a sub-inflationary rate of 5.7% y/y to US$931.0m for H1 2020 from US$881.0m in H1 2019. Consequently, EBITDA grew impressively by 10.9% y/y to US$719.0m in H1 2020 from US$649.0m in H1 2019. We like to note a modest improvement in operating efficiency evidenced in EBITDA margin expansion of 0.9ppt to 43.8%.

Lower leverage…Good Cheer

The sticking point of concern for us on Airtel Africa has been the high leverage of the company. However, the company has taken significant efforts at deleveraging its books during this financial period. Net Debt to EBITDA was down to 2.3x as at H1 2020 as against 5.1x as at H1 2019. This was evident in the 50.4% y/y decline in Net Debt to US$3.2bn as at H1 2020 from US$6.4bn in H1 2019. Against this backdrop, Net finance costs edged lower by 32.0% y/y to US$148.0m for H1 2020 from US$218.0m in H1 2019. Consequent on this, Profit before tax surged 159.0% y/y to US$228.0m for H1 2020.

Interim dividend declared…Dividend yield of 3.5%

Airtel Africa was able to declare an interim dividend to investors in line with the company policy of a dividend payout of 80.0% if Net Debt to EBITDA prints at 2.5x or below. The company declared a dividend of US$0.03 (N10.86) per share which implies a dividend yield of 3.5% based on last Friday’s closing price of N308.

Overall view – Efficient Operations, Sustained Growth, Solid Company

Overall, we are very impressed with the numbers posted by the company. Key operating metrics, particularly on the subscriber base, continue to climb, the company has sustained efficiency while Revenue from growth supporting business units continue to accelerate. What impresses us the most is the significant decline in leverage level which is significantly healthy for profits. Going forward, we remain very optimistic about the company’s future growth which should result in better returns for investors.

Airtel Africa H1 2020 Earnings Highlights

FSDH RESEARCH

1...4,2904,2914,292...5,509Page 4,291 of 5,509