* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, June 27, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    China’s Military Introduces Mosquito-Sized Drones: A Game-Changing Surveillance Technology – Indian Defence Review

    China Unveils Mosquito-Sized Drones: Revolutionizing Surveillance Technology

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Promising Technology Stocks To Follow Today – June 22nd – MarketBeat

    Top Technology Stocks to Watch Today – June 22nd

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    China’s Military Introduces Mosquito-Sized Drones: A Game-Changing Surveillance Technology – Indian Defence Review

    China Unveils Mosquito-Sized Drones: Revolutionizing Surveillance Technology

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Promising Technology Stocks To Follow Today – June 22nd – MarketBeat

    Top Technology Stocks to Watch Today – June 22nd

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Africa’s Richest Person Aliko Dangote Highlights His Company’s Biggest Challenge in 2023

May 2, 2024
in Business
Africa’s Richest Person Aliko Dangote Highlights His Company’s Biggest Challenge in 2023
Share on FacebookShare on Twitter

Aliko Dangote, Africa’s richest person, has identified the depreciation of the Nigerian naira as the most significant challenge his conglomerate faced in 2023. This revelation came during his address at the Annual General Meeting of Dangote Sugar Refinery Plc, highlighting the broader struggles within the domestic economic landscape, especially in a politically transformative year for Nigeria.

In 2023, an election year that ushered in a new government on May 29, Dangote described the domestic operating environment as harsh. The volatility of the naira, which saw a dramatic fall from N460 to N1,400 against the US dollar, impacted not only Dangote Industries but also the wider manufacturing sector. Dangote expressed concern over the financial health of the food and beverage industry, noting, “You can see that almost 97 per cent of companies in the food and beverage business will not pay dividends this year.”

Economic Impact Across the Board

The depreciation of the naira had a profound impact on several of Nigeria’s major companies. Along with Dangote Group, other highly capitalized firms like Nestle Nigeria and MTN Nigeria reported combined losses totalling N1.7 trillion due to naira depreciation. Dangote Industries itself reported a significant N164 billion forex loss in its 2023 financial statement, attributing a large part of these losses to its international operations.

Despite these challenges, Dangote Industries managed to record a group turnover of N441.5 billion, a 9.5 per cent increase from the previous year. However, the operating profit dipped, reflecting the strain of recovering cost increases in a fluctuating economic environment. The pre-tax and post-tax losses were substantial, driven by a hefty N171.4 billion non-cash foreign exchange loss.

Looking Ahead

As the new financial year begins, the resolutions from the AGM include strategic corporate governance changes, with new directors ratified and continued robust management practices to navigate the ongoing economic challenges. The focus remains on mitigating the impacts of currency depreciation and enhancing profitability in tough economic times.

In summary, the candid discussion by Aliko Dangote about the significant economic challenges faced by Dangote Industries in 2023 highlights the broader economic pressures in Nigeria. As the country navigates post-election economic policies and global financial currents, the resilience and strategic adjustments of major conglomerates like Dangote Industries will be critical in steering towards financial stability and growth.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : BusinessElitesAfrica – https://businesselitesafrica.com/2024/05/01/africas-richest-person-aliko-dangote-biggest-challenge-in-2023/

Tags: Africa’sbusinessRichest
Previous Post

Bitcoin, KYC, Others: 7 Things that Help You Understand Why CBN Bans Opay 

Next Post

10 Skills That’ll Make the Next Set of Billionaires

Fossil evidence of proboscidean frugivory and its lasting impact on South American ecosystems – Nature

Fossil evidence of proboscidean frugivory and its lasting impact on South American ecosystems – Nature

June 27, 2025
Distrust in public-health institutions is not just an American problem – The Economist

Distrust in public-health institutions is not just an American problem – The Economist

June 27, 2025
Cuts to federal science spending will cost every American – University of California

Cuts to federal science spending will cost every American – University of California

June 27, 2025
CCTA Bests CV Risk Scores for Bolstering Lifestyle Changes, Medication Uptake – TCTMD.com

CCTA Bests CV Risk Scores for Bolstering Lifestyle Changes, Medication Uptake – TCTMD.com

June 27, 2025
TIFF announces first wave of World Premieres! – TIFF – Toronto International Film Festival

TIFF announces first wave of World Premieres! – TIFF – Toronto International Film Festival

June 27, 2025
With no end to war in sight, Ukraine’s economy teeters on the edge – The Washington Post

Ukraine’s Economy on the Edge as Conflict Shows No End in Sight

June 27, 2025
A typical workday for freelancer Ashley Abramson – Association of Health Care Journalists

A Day in the Life of Freelancer Ashley Abramson: Inside Her Dynamic Workday

June 27, 2025
‘This is not a luxury’: Families in Trump states agonize over GOP’s proposed Medicaid cuts – CNN

Families in Trump States Face Hardship Amid GOP’s Push for Major Medicaid Cuts

June 27, 2025
Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

June 26, 2025
Fantasy Football: Which teams are set to pass the most (and least) in 2025? – Yahoo Sports

Fantasy Football Preview: Which Teams Will Lead the League in Passing Attempts in 2025?

June 26, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (699)
  • Economy (719)
  • Entertainment (21,613)
  • General (15,584)
  • Health (9,758)
  • Lifestyle (724)
  • News (22,149)
  • People (721)
  • Politics (726)
  • Science (15,937)
  • Sports (21,215)
  • Technology (15,703)
  • World (699)

Recent News

Fossil evidence of proboscidean frugivory and its lasting impact on South American ecosystems – Nature

Fossil evidence of proboscidean frugivory and its lasting impact on South American ecosystems – Nature

June 27, 2025
Distrust in public-health institutions is not just an American problem – The Economist

Distrust in public-health institutions is not just an American problem – The Economist

June 27, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version