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Life Beer Gives Additional N3m Grant to 12 Entrepreneurs

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Life Continental Beer, a brand under the stables of Nigeria Breweries, has given additional N3million cash grant to 12 young entrepreneurs within the South-East to boost their business ideas.

 

It would be recalled that Life Beer had earlier given out N3million to 12 young entrepreneurs in its on-going “Life Continental Beer Progress Booster Radio Project’’ about a month ago.

The Head of Brewery, Ama, Mr Abiodun Ajayi, told newsmen last week that the brand had earmarked N14.5 million grant to boost 50 young entrepreneurs, who reside and hail from Abia, Anambra, Ebonyi, Enugu and Imo.

The 12 second set of winners are: Mr Ekenne Okpadile (Anambra), proposal on domestic and commercial cleaning services; Mr Uzochukwu Okwor (Enugu), proposal on Photography; Mr Onyinye Onyedika-Orizu (Anambra), proposal on DJ Turn-Table and Miss Miracle Akagha (Abia), proposal on mobile small fries.

Others are: Miss Chinwe Ottor (Anambra), proposal on giant snail farming; Mr Maxwell Madubuike (Enugu), proposal on palm oil production; Mr Christian Udeh (Anambra), proposal for paint making and Mrs Chinwendu Nwoye (Anambra), proposal on fashion designing.

The rest include: Miss Ngozi Ogboh (Anambra), proposal on shoe making; Mr Prosper Nduba (Enugu), proposal on soya milk production; Mr Solomon Agabaenwere (Anambra), proposal on commercial tricycle operation and Mr Chukwuemeka Etummu (Anambra), proposal for garment making for wholesale.

Handling over the cheque of N250,000 to each of the 12 winners in Nigeria Breweries, Ama, Enugu; Ajayi urged the winners to ensure that their investment is yielding enough returns to make become employers of labour.

“With this, life has supported 24 talents since the commencement of the programme in May and 26 more to go.

“These young entrepreneurs whose business ideas have been adjudged worthy of Life Progress Booster prizes will each receive N250,000 grant to bring their business ideas to life.

“As you receive these cash grants today, we expect you to succeed in the business line you have chosen. Make judicious investment of the money given you and ensure that your investment is yielding returns and your business capable of making you an employer of labour as you trudge on in your business journey.

“If you succeed in taking your business idea to the next desirable level, you stand a chance of going further to win more money (additional N250,000 to be won each by eight winners). The panel of experts that assessed and judged your business proposals will be monitoring your progress and they will be there to mentor and provide valuable advice when necessary,’’ Ajayi said.

He however emphasized that budding entrepreneur, whose business proposals would be considered, must have a workable business idea, be from the South-East extract, reside in the zone and attained 18 years.

It would be recalled that Life Continental beer in June was awarded Gold in the prestigious Monde International Quality Award 2015; while “the award reinforces that Life beer is a high quality beer and has been recognized internationally with the award of a Gold medal for quality’’.

One of the winners, Mrs Chinwendu Nwoye (Anambra), whose business proposal is fashion designing, said that the grant would enable her buy cloth designing machines and have a good layout display stand in her shop in Awka, Anambra State.

“It would go a long way to assist me stock the latest fashion designing machines; which would make my production more appealing, automated and meet the needs of my individual and corporate customers especially UNIZIK students,’’ Nwoye said.

Another winner, Mr Maxwell Madubuike (Enugu), whose business proposal is on palm oil production, said that the grant would enable him stock more palm fonts and buy latest machines for the business in order to produce more and check wastage.

Captions:

Pictures of 12 additional winners getting N250,000 each in the on-going Life Continental Beer’s Progress Booster Radio Show. The presentation was done at Nigeria Breweries, Ama in Enugu State on Friday.

The programme is meant to empower 50 budding entrepreneurs within the South-East before the end of the year.

Winners – 7: Female winners among the 12 winners in a group photograph. (from left to right) Miss Chinwe Ottor; Miss Miracle Akagha; Mrs Chinwendu Nwoye and Miss Ngozi Ogboh.

Winners – 8: A set of six winners in a photograph. (from right to left) Mr Maxwell Madubuike; Mr Prosper Nduba; Miss Miracle Akagha; Miss Chinwe Ottor; Mr Chukwuemeka Etummu and Mr Ekenne Okpadile,

Winners – 9: A set of six winners in a photograph. (from right to left) Mr Uzochukwu Okwor; Mr Solomon Agabaenwere; Miss Ngozi Ogboh; Mrs Chinwendu Nwoye; Mr Christain Udeh and Mr Onyinye Onyedika.

Winners – 10: The winners, Nigeria Breweries top management staff and the panelists in the conference hall of Nigeria Breweries Ama in Enugu.

Winners – 11: A cross section of the winners at the conference hall while being oriented in Igbo language on the need to succeed in the programme by Nigeria Breweries Regional Business Manager, Enugu, Mr Obiora Okolo.

Winners – 12: The winners having a field time with Life Continental Lager Beer (Gold winner in the prestigious Monde International Quality Award 2015).

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Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

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Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

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News and Report

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

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Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

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News and Report

May Day: Glo salutes Nigerian workers  

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Digital telecommunications solutions provider, Globacom, has saluted Nigerian workers as the country observes this year’s edition of the International Workers’ Day. The company enjoined them to rededicate themselves to excellence so as to take Nigeria to the next level.

 

In a solidarity message released on Tuesday, Globacom lauded the resilient spirit of workers in spite of present challenges. It urged them to use the opportunity of the Workers’ Day to reflect on how their contributions can build a better and more vibrant society.

 

“We salute Nigerian workers on this this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation”, Globacom said, and urged them not to rest on their oars.

 

The company noted that the story of Nigeria cannot be complete without the huge contributions of workers, both in the public and private sectors.

 

The International Labour Day is observed annually on May 1 to recognize the contributions of workers all over the world. It is also used to promote a fairer and more sustainable future for all by advocating for workers

’ rights.

 

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