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PROMASIDOR SHINES WITH COWBELLPEDIA

Published

7 years ago

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Stakeholders in education sector have raised their thumbs for the seamless conduct of the 2016 Cowbellpedia Qualifying examination held nationwide on Saturday, 19th March, 2016.
Obviously excited by the prospects in the competition, students and their parents have also commended the initiative by Promasidor Nigeria Limited, the promoter of the project.
A cross section of parents, students and teachers who spoke to our correspondents at the venue of the examination in Lagos and Ogun States praised The National Examination Council, NECO for the smooth and hitch-free exercise. They also want the government and other corporate citizens to emulate the great initiative by Promasidor.
Mr. James Oluwatoyin, a teacher of one the participating schools at Ifo Center in Ogun State, expressed satisfaction with the exercise and enjoined the promoter of the initiative to keep the flag flying. The same sentiment was echoed at Ojodu center in Lagos by Mrs. Nifemi Ajelowo, also a teacher in one of the participating schools. She specifically praised NECO for the crisis-free examination and the credibility brought to bear upon the exercise.
Festus Tettey, Head of Marketing, Promasidor Nigeria Limited, makers of Cowbell Milk, has equally expressed delight at the conduct of the qualifying written examination
Tettey, in a chat with journalists, commended the officials of States’ Ministries of Education and National Examinations Council (NECO), who were on ground at each location to ensure the examinations were conducted in free and fair environment. He therefore gave them thumbs up for the professional way they handled the process.

He explained that Promasidor designed the Cowbellpedia Secondary School Mathematics TV Quiz to discover and nurture talented students in secondary schools in Nigeria. He said the participating schools were given equal opportunity in the qualifying examination as five students in the junior category and five in the senior cadre represented each school.

In conjunction with the Ministry of Education, the Head of Marketing said Promasidor arranged for centres in strategic locations across the country in order to make accessibility easy for the participating students and their teachers.

In Lagos alone, examinations were written in 26 centres while in Ogun State, 9 schools were used as centres. Among the schools used in Lagos as centres for the examination are: Ransome Kuti Memorial Senior High School, Mushin; Ikeja Senior Grammar School, Oshodi; Kuramo College, Victoria Island; Amuwo Odofin Community Secondary School, Mile 2; and Oriwu Model College, Ikorodu.

Similarly, Remo Secondary School, Shagamu; Abeokuta Grammar School, Abeokuta; Ansarrudeen Comprehensive College, Otta; and Adeola Odutola College, Ijebu Ode; were some of the schools used as centres in Ogun State.

After 18 years of involvement with the sponsorship of Mathematics competition in Nigeria, Mr. Olivier Thiry, Managing Director of Promasidor Nigeria Limited explained that the company significantly increased the prize money for the finals for both students and teachers. This year he said, the top prize student winner in each category will go home with One Million Naira in addition to other prizes, while the teacher will be awarded Four Hundred Thousand Naira.

“All these improvements are to underscore Promasidor’s effort to provide a credible platform that discovers, recognizes and rewards excellence in Mathematics, a critical component of Science, Technology, Engineering and Mathematics (STEM) education in Nigeria. This is in addition to the quality nutrition that is provided by the Cowbell brand for the nourishment of the Nigerian populace especially children,” he said.

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

Published

14 hours ago

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May 2, 2024

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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

Published

14 hours ago

on

May 2, 2024

By

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  

Published

1 day ago

on

May 1, 2024

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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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