UBA, Dangote post increased half-year profit
United Bank for Africa (UBA) says its half-year pre-tax profit rose to N33.24 billion ($207 million), up 9.3 per cent from the same period a year ago.
The lender’s gross earnings climbed to 125.98 billion naira during the six months to June 30, against N107.91 billion last year.
Meanwhile, Dangote Cement Plc 2013 first half pre-tax profit surged by 52 per cent to N107.7 billion ($670 million) from last year’s N70.8 billion ($440 million).
The company – which primarily owed this growth to the high demand of cement in Nigeria –disclosed that revenue generated in the same period increased by 28 per cent to N198.5 billion ($1.2 billion).
Gross profit also rose by 43.8 per cent from N91.9 billion ($572 million) to N132 billion ($821 million) while operating profit moved up from N76.4 billion ($475 million) to N111 billion ($691 million) indicating an increase of 45.4 percent.
Chief Executive of Dangote Cement, Edwin Devakurma said that the improved sales was more than double the growth rate of the overall Nigerian Cement market estimated at 14.2 per cent. He said that, “The company’s strategies which include direct delivery to customers added to the robust profit gained for the first half.
“We are making good progress in Africa and investors will see good returns in a different capacity across the continent,” he said.
[Nigerian Telegraph]
Related Posts
Latest News
-
FCMB Bank (UK) Limited Launches Personal and Business Banking Proposition to Deepen Inclusiveness
FCMB Bank (UK) Limited, an independently incorporated subsidiary of First...
- Posted August 1, 2018
- 0
-
The Worrisome Trend of Sensational Social Media “Journalism” and the Impact On Legitimate Business Concerns: Recent Travails of FCMB, GTBank and First Bank
On June 25, 2018 I woke up to yet another...
- Posted June 26, 2018
- 0
-
FCMB attains ISO Certification for Quality Management
Leading financial services provider, First City Monument Bank (FCMB), has...
- Posted May 16, 2018
- 0
-
Over 1,000 firms bid for 2017 railway projects
Over 1000 companies expressed interest in 17 categories of projects...
- Posted October 20, 2017
- 2
-
NAICOM moves to enforce compulsory insurance of public buildings
To drive the enforcement of the compulsory insurance of public...
- Posted October 20, 2017
- 11
-
Reps ask NPA to reverse termination of agreement with Intels
The House of Representatives yesterday waded into the ongoing controversy...
- Posted October 19, 2017
- 1
-
SEC suspends Oando shares from stock market
The Securities and Exchange Commission has ordered the Nigerian Stock...
- Posted October 19, 2017
- 1
-
FCMB Bank (UK) Limited Launches Personal and Business Banking Proposition to Deepen Inclusiveness
FCMB Bank (UK) Limited, an independently incorporated subsidiary of...
- August 1, 2018
- 0
-
The Worrisome Trend of Sensational Social Media “Journalism” and the Impact On Legitimate Business Concerns: Recent Travails of FCMB, GTBank and First Bank
On June 25, 2018 I woke up to yet...
- June 26, 2018
- 0
-
Azman Air commences flight operation in Sokoto
Azman Air Thursday commenced flight operation to Sokoto state....
- February 21, 2015
- 424
-
NRC increases Lagos goods trains, eyes fuel haulage
The Nigerian Railway Corporation says it has increased its...
- June 23, 2016
- 100