Culled—-Proshare August 18, 2016/FBNQuest Research FY’16 revenue lower on weaker volumes Margins contract on higher costs Revision to forecasts, TP, HOLD rating Weak Q4 seals unimpressive FY’16/15 revenue performance Amidst a highly challenging operating environment, PZ released FY’16 results (ended 31 May) showing a 5% y/y decline in revenue to […]
Updates
FCMB Clarifies Allegation of Involvement in a Fraud at NPA Involving 3 Banks
August 18, 2016/NSE Following various stories in the online media about the alleged discovery of frauds at Nigerian Ports Authority involving 3 banks including First City Monument Bank (“FCMB”, or the “Bank”), the Management of the Bank would like to make the following clarifications. FCMB has not been involved in […]
AMCON: Financial Loss but Economic Profit
Culled—–Proshare August 18, 2016/FDC The announcement of an astronomical loss of N304.3billion for 2015 by AMCON, a sum 8.12% higher than the total revenues shared by the governments of the federation in April, was startling. But what everyone forgets is that the financial loss is nothing compared to the economic […]
