Business
BUA Cement posts N460bn in FY 2023
The management of BUA Cement Plc has announced an increase in net revenue of N460 billion in 2023, a 27.4 per cent increase from the N361 billion recorded in 2022.
Chairman of BUA’s Board of Directors, AbdulSamad Rabiu, during its eighth AGM, said the company improved its capacity utilisation to 61.2 per cent in 2023 from 59.8 per cent in 2022 due to an increase in cement volumes dispatched.
He said the increase in volumes dispatched also increased market share but that profit after tax declined by 31.2 per cent due to foreign exchange losses.
He said, “Furthermore, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose to N169bn from N155bn recorded in the prior year.
However, profit after tax declined by 31.2 per cent to N70bn from N101bn recorded in the corresponding period in 2022.
This was impacted by foreign exchange losses, which arose from the devaluation and the continued depreciation of the naira.”
While disclosing that the company was committed to shareholder value despite the reduction in its bottom line, he announced a dividend of N2 per share for the year ended December 31, 2023, to be distributed to shareholders.
BLACK/ PARALLEL MARKET RATES
₦1370 DOLLAR (USD)
₦1800 POUND (GBP)
₦1510 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 WEST AFRICAN CFA F.(XOF)
₦2200 CENTRAL AFRICAN CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)
CBN OFFICIAL RATES
DOLLAR (USD)₦1331.61
POUND (GBP)₦1764.26
EURO (EUR)₦1490.48
SWISS FRANC (CHF)₦1608.23
JAPANESE YEN (JPN)₦8.4
CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33
CHINESE YUAN (CNY)₦199.01
SAUDI RIYAL (SAR)₦354.83
SOUTH AFRICAN RAND (ZAR)₦80.49
Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
JUST IN: Mob Sets BRT Bus Ablaze After Motorcyclist’s Death in Lagos
BREAKING: DSS Arrests Fugitive Maina Son, Hands Him to EFCC
BREAKING: 5 Arrested Over Imo NYSC Abduction
BREAKING: Lagos Govt Declares Today, Thursday Work-Free to Mark 2026 Ìṣẹ̀ṣe Day
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
-
Business2 days agoNaira Exchange Rates For Thursday, October 15
-
Sports2 days agoCAF Increases Annual Funding for Member Federations to $700,000
-
News2 days agoASCON To Be Rebranded “National School Of Government”
-
Business2 days agoGermany plans tax on sugary drinks
-
Business2 days agoWEF could appoint Lagarde as its next chair, sources say
-
International2 days ago“Mother of all bombs,” Trump Plans To Hit Iran
-
News3 days agoSanwo-Olu Appoints Olatunbosun Ogunbanwo, 5 Others as Perm Secs
-
Business1 day agoNaira Exchange Rates Friday, October 16