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Transcorp posts 85% Growth In Profit

by Radarr Africa
written by Radarr Africa

Transnational Corporation Plc (Transcorp) has released its half-year results for the year ended June 30th, 2022, posting 85 per cent profit after tax as revenue for the year grew.

The conglomerate with investments in Power, Hospitality and Oil & Gas recorded a revenue of N62.9 billion, representing a growth of 18 per cent when compared to N53.3 billion recorded in the same period under review in 2021.

Its operating income grew by 25 per cent from N16.3 billion in 2021 to N20.5 billion in the same period.

Its half-year unaudited results released to the Nigerian Stock Exchange (NGX) also showed that profit before tax grew by 90 per cent, from N7.1 billion to 13.3 billion in the period under review , while profit after tax stood at 12 billion, representing an 85 per cent increase from N6.5 billion from the previous year.

The group’s shareholders’ funds also grew by eight per cent from N146.3 billion to N157.5 billion in the same period.
Commenting on the performance, Transcorp’s president and group chief executive, Owen Omogiafo, attributed the continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.

ALSO READ: NGX lifts suspension on C & I leasing shares

“Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations” Omogiafo stated.

Speaking further on the growth, the president said: “our hospitality arm, Transcorp Hotels Plc (THP) recorded a revenue growth of 173 per cent over same period last year, demonstrating a strong and sustained recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience.

“In our Power business, despite the challenges of grid instability and gas reliability, we recorded considerable growth in our power investment, with our available capacity growing by 21 per cent (100MW)over last year and improving our overall operational efficiency. We have continued to progress with our OPL281 investment and are well on the way towards attaining of our integrated energy strategy, and increasing returns for all stakeholders.”

Source: Leadership

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South AfricaSpotlightTechnologyTrending Today

Sasol Ltd to restart refinery by end July

by Radarr Africa
written by Radarr Africa

Sasol Ltd, South African fuel and petrochemical company Sasol Ltd said on sunday that it will restart its refinery by the end of July after the company declared force majeure at its second biggest refinery on Friday due to a lack of crude oil.

Natref refinery’s shutdown located around 100 kilometers from Johannesburg and has sparked concerns of petrol and diesel shortages in the country where 60% of fuel products are imported. Sasol, however it said it did not expect any shortages.

Sasol, the only producer of petroleum products in South Africa through its two refineries – Secunda with output of around 150,000 barrels per day (bpd) and Natref at around 108,000 bpd.

“The crude tanker arrived in Durban and cargo dispatches are underway. Natref should start-up to run at maximum production capability by end July 2022,” Sasol said in the statement.

“We do not anticipate any fuel supply shortages to fuel stations, including our own.” The company, which owns the Natref refinery with a subsidiary of France’s Total Energies (TTEF.PA) said.

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EnergyOil & GasWestern Africa

Nigeria’s crude oil production rises by 70,000bpd

by Radarr Africa
written by Radarr Africa

According to a Reuters survey released on Tuesday, Nigeria’s crude oil production rose by 70,000 barrels per day in May.

The document, made public  in Lagos, showed that the country’s crude oil production averaged 1.42mbpd in May.

The figure is 70,000bpd higher than the average crude oil production in April, at 1.35mbpd.

The survey said the increase in the Organization of the Petroleum Exporting Countries (OPEC) oil output in May exceeded the rise planned under a deal with allies for the first time since February.

It said this was due to a higher Saudi and Iraqi supply combined with a partial recovery in outage-hit Nigeria.

The survey said: “The 10 members of OPEC bound by the deal pumped 24.73mbpd in May, up 280,000bpd from April and above the 274,000bpd increase called for by the accord.

“The biggest rise in May of 100,000bpd came from Saudi Arabia.

“The second-largest of 70,000bpd came from Nigeria, which loading schedules indicate boosted exports in May, even though key crude stream Bonny Light remains under force majeure.”

It noted that Kuwait and Iraq provided smaller increases of 40,000bpd and 30,000bpd respectively, while the United Arab Emirates added 20,000bpd.

According to the survey, production did not increase in Congo, Equatorial Guinea and Gabon owing to a lack of capacity.

It said: “The biggest decline was in Libya, where supply dropped by 70,000bpd as unrest continued to curb the country’s output.

“Output in Iran also fell. Exports declined, sources in the survey said, in part because Iran has shipped less oil to China since the start of the Ukraine war as Beijing favoured cheaper Russian crude.”

The Reuters survey aims to track supply to the market as it is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics, as well as information provided by sources at oil companies, OPEC and consultants.

Source: The Sun

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EnergyOil & GasWestern Africa

Seplat Energy appoints Omiyi to replace Orjiakor as chairman

by Radarr Africa
written by Radarr Africa

 Seplat Energy Plc has announced the appointment of Basil Omiyi as its new independent non-executive chairman. Mr. Basil Omiyi replaces A.B.C Orjiakor whose tenure ended Wednesday.

According to a notice published by the Nigerian Exchange on Thursday and seen by PREMIUM TIMES, Seplat also appointed Charles Okeantalam as the senior independent non-executive director of the firm, a role previously held by Mr Omiyi.

The oil and gas firm said the appointment was approved following a unanimous vote by all its directors in compliance with the Companies and Allied Matters Act in Nigeria (“CAMA”).

The appointments will take effect immediately.

Basil Omiyi

Mr Omiyi has sat on Seplat Energy’s board of directors since March 2013 and became the senior independent non-executive director in February 2021.

With over 40 years of experience in the energy industry, he has held senior roles in Nigeria and Europe, including becoming the managing director of Shell Petroleum Development Company of Nigeria in 2004.

He was also the country chairman of Shell Companies, Nigeria, until his retirement in 2009.

He is the independent non-executive chairman of Stanbic IBTC Holdings, the local unit of South Africa’s Standard Bank Group, a post he has held since 2015. In 2011, he was awarded the national honour of Commander of the Order of the Niger for pioneering leadership in Nigeria’s oil and gas

Charles Okeahalam

Okeahalam became a member of the board in March 2013 as an independent non-executive director, and was chair of Seplat Energy’s finance committee as well as a member of the Energy Transition, Remuneration, and Nominations & Governance committees.

He has extensive corporate finance and capital markets expertise in addition to an expansive knowledge of African financial markets, economies and the investment industry.

“He was a co-founder of AGH Capital Group, a private equity and diversified investment holding company based in Johannesburg, with assets in several African countries,” the document said .

Before co-founding AGH Capital Group in 2002, he was a professor of Financial Economics and Banking at the University of the Witwatersrand in Johannesburg.

Other previous roles include advising a number of African central banks and government ministries, the World Bank and the United Nations.

He has held several board positions and is a former non-executive chairman of Heritage Bank Limited, Nigeria.

Okeahalam has served as the non-executive chiarman of the Nigeria Mortgage Refinance Company.

Source: Premium Times

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EnergyOil & GasPress ReleasesTrending TodayWestern Africa

Total Energies launches sale of stake in Nigerian joint venture

by Radarr Africa
written by Radarr Africa

French oil major TotalEnergies has launched a sale of its minority stake in a Nigerian oil joint venture.

A document tendering for interest showed that the oil firm appointed Canada’s Scotiabank to lead the sale as the financial adviser to the transaction, Reuters reported Wednesday.

According to the paper, the French oil major will keep OMLs (oil mining licences) 23 and 28 and its interest in the associated gas pipeline network that feeds Nigeria LNG.

TotalEnergies had in April announced it will put up for sale its minority stake in a Nigerian oil joint venture.

The company said it was selling its interest in 13 onshore fields and 3 in shallow water, producing over 20,000 barrels of oil equivalent per day.

The sale includes infrastructure such as 3,500 km of pipelines connecting to 2 key crude export terminals, Bonny and Forcados.

It said it wants to focus on deep-water fields away from the difficulties of operating in close proximity with local communities.

“Disruption of local communities are sources of great concern in the country,” Patrick Pouyanne, TotalEnergies chief executive officer was quoted by Bloomberg as saying on a conference call in April.

TotalEnergies is the latest multinational to give up its onshore asset for deep-water fields.

Mele Kyari, the group managing director, Nigerian National Petroleum Company (NNPC) Limited had in February said International oil companies are leaving Nigeria and shifting their portfolios to where they can add value to the journey towards carbon net-zero commitment.

Last year, Royal Dutch Shell announced its plan to offload onshore Nigerian oil assets in a bid to move to cleaner energy.

It said it was discussing with the federal government to sell its onshore oil assets in the country.

Also, Seplat Energy in February announced it had entered into a contract with ExxonMobil, to buy Mobil Producing Nigeria Unlimited’s entire oil assets in Nigeria. That includes all of Exxon’s entire shallow water assets in the Niger Delta.

TotalEnergies is a multinational energy company operating in more than 130 countries. For over 50 years, the company has remained a leader in the downstream sector of the Nigerian oil and gas industry.

Source: Premium Times

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EnergyOil & GasWestern Africa

Petrol price reduces in April, diesel’s increases – NBS

by Radarr Africa
written by Radarr Africa

The NBS also says that Kaduna residents paid the highest price for petrol in April, compared to other states.

The National Bureau Statistics (NBS) says the average retail price paid by consumers for petrol decreased in April compared to March.
This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for April 2022, released in Abuja on Tuesday.

The report said the price, however, increased to N176.21, a 3.74 per cent increase, when compared to the value recorded in April 2021 at N166.38.

“Likewise, on a month-on-month basis, the average retail price decreased by 6.85 per cent from N185.30 in March 2022, compared to the average retail price paid by consumers in April 2022.”

The report said that on state profile analysis, the highest average retail price for petrol was recorded in Kaduna with N202.94, followed by Enugu and Abia with N197.51 and N195.27 respectively.

On the other hand, the lowest average retail price for petrol was recorded in Ebonyi and Nasarawa with N165.00 each, followed by Lagos and Katsina with N165.13 and N165.25 respectively.

It said that the highest average retail price was recorded in the South-east zone with N183.69, while the North-Central had the least with N166.57.

The NBS revealed in its Automotive Gas Oil (diesel) Price Watch Report for April 2022 that the average retail price of diesel paid by consumers increased by 175.92 per cent, from N237.19 in April 2021 to N654.46 recorded in April 2022.

“On a month-on-month basis, the average retail price increased from N539.32 in March 2022, indicating a rise of 21.35 per cent when compared to the average retail price paid in April 2022.

The report said on state profile analysis, that the state with the highest average price for Diesel in April 2022 was Osun with N707.00, followed by Abuja and Oyo with N706.00 and N704.00 respectively.

On the other hand, the state with the lowest average retail price was Yobe with N535.00, followed by Kogi and Bauchi maintaining the same retail price of N550.00 each, and Imo with N583.41.

In addition, the zone analysis shows that the average price of Diesel was highest in the South-West with N688.94, while the North-East had the lowest price with N617.11.( NAN)

Source: Premium Times

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