Month: July 2018

Promasidor Nigeria closes on N5.6bn loan to support growth

BUSINESS
Promasidor Nigeria Limited (PNL) has obtained a N5.6bn loan from the Bank of Industry (BoI) to support its expansion programmes. Mr Per Kristensen, Promasidor Nigeria Finance Director, said the facility would be used to acquire additional machinery, factory expansion and value chain development, which would create jobs for Nigerians and increase the company’s capacity to support the country’s economy. A statement attributed to the finance director was quoted as saying that repayment of the loan was structured over seven-year tenure, including a 12-month moratorium. He added that the loan was a vote of confidence on the company’s untainted financial integrity, high credit rating and exceptional corporate governance practice. “The near single digit interest loan is guaranteed by First City M

Diageo posts marginal revenue growth in full year as adverse foreign exchange hits sales

BUSINESS
British drinks maker Diageo Plc reported its full year 2018 results on Thursday, with marginal revenue growth of 0.9% for the period ending 29 June 2018. The company behind such brands as Johnny Walker Scotch whisky and Guinness Stout recorded £12.2bn in net sales for the year as against £12bn from the previous year. The firm noted that adverse foreign exchange headwinds impacted net sales. Total volumes declined 1%. However, net profits rose 14% to £3bn from £2.6bn in 2017. Commenting on the results, Ivan Menezes, chief executive of Diageo Plc said, “Diageo has delivered another year of strong consistent performance. Organic volume and net sales growth is broad-based across regions and categories.” The firm said it returned £1.5bn to shareholders through a share buyback in 2017, and due t