Travel/Tourism
Tantalizers Returns to Profit after N1b Loss in 2016
By Dipo Olowookere
Leading Nigerian fast food restaurant chain, Tantalizers Plc, has returned to profitable after a horrible loss recorded in 2016 as a result of recession in the country caused by drop in oil prices in the global market.
In its financial statements for the year ended December 31, 2017, the firm said its pre-tax profit closed at N450.6 million in contrast to the N1 billion loss recorded in 2016, when the purchasing power of Nigerians was very low as a result of the economic hardship.
Also, the company, in the financial results posted last week, said its profit after tax closed at N450.4 million in 2017 against N1 billion loss it posted the previous year.
Tantalizers said it achieved a system revenue of N3.7 billion in the period under review compared with N3.6 billion the previous year, while the revenue went down to N1.75 billion last year from N1.94 billion two years ago.
As at December 31, 2017, the firm’s earnings per share (EPS) closed at 14k against the -32k in the previous year.
In the last four years, Tantalizers has recorded gradual decline in the revenue generated in a financial year.
In 2014, the company posted revenue of N2.9 billion. It dropped to N1.93 billion in 2015 billion, but slightly went up to N1.94 billion in 2016 before going down to N1.75 billion in 2017.
The shares of the firm closed flat at the last trading day on Friday at 37k per share and the stock has lost 26 percent this year.
Tantalizers was established in May 1997 and over the years, the company has set and maintained high quality and excellent service standards in the Quick Service Restaurant business.
The firm pioneered the integration of African menu into fast food operations.
As at April 30, 2017, Tantalizers had 60 outlets spread across Lagos, Abuja, Ibadan, Port Harcourt, Abeokuta, Akure, Ado-Ekiti, Mararaba (Nasarawa State), Ilorin, Sango- Ota, Ile-Ife, Benin, Ijebu jesa and Ibafo.
The company provides direct employment for at least 1,000 Nigerians and supports hundreds of suppliers and their employees across the country.
By Modupe Gbadeyanka
The Chief Commercial Officer of Emirates, Mr Adnan Kazim, has said the airline’s forward bookings have remained robust amid a strong customer demand, spurring the company to ramp up its operations across continents.
According to him, in the past months, the airline has planned and executed the rapid growth of its network operations, reintroducing services to five cities, launching flights to one new destination (Tel Aviv), and adding 251 weekly flights onto existing routes and continuing the roll-out of service enhancements in the air and on the ground.
It was disclosed that Emirates has continued to scale up its A380 operations with the reintroduction of the iconic double-decker across its network: Glasgow (from 26 March), Casablanca from (15 April), Beijing (from 01 May), Shanghai (from 04 June), Nice (from 1 June), Birmingham (from 1 July), Kuala Lumpur (from 01 August), and Taipei (from 01 August).
“Emirates is working hard on several fronts – to bring back operating capacity as quickly as the ecosystem can manage while also upgrading our fleet and product to ensure our customers always enjoy the best possible Emirates experience.
“So far, four of our A380 aircraft have been completely refurbished with our new cabin interiors and Premium Economy seats, and more will enter service as our $2 billion cabin and service enhancement program picks up pace,” Mr Kazim added.
He noted that in the coming months, established routes to Europe, Australia and Africa would be served with more Emirates flights, while in East Asia, more cities are seeing route restarts.
Emirates had upcoming route enhancements by regions, including in Europe, Australia and New Zealand, East Asia, as well as in Africa which covers Cairo: from 25 to 28 weekly flights by 29 October; Dar es Salaam: from 5 flights a week to daily flights starting 01 May and Entebbe: from 6 flights a week to daily flights starting 01 July.
By Kestér Kenn Klomegâh
A number of African countries are focusing on promoting extensively inbound tourism. They are luring potential external investors to the tourism industry.
The latest in the southern African region is Mozambique, which has approved a visa exemption for 28 countries for tourism and business.
As the Council of Ministers approved the decree in mid-March, the exemption applies to visitors holding ordinary passports and allows for a 30-day stay, renewable to an additional 60 days.
The model adopted by the Mozambican government is similar to the United States visa waiver program in the sense that it requires travellers to register on a platform for pre-screening at least 48 hours before travelling and to pay a processing fee of MZN-650 (equivalent £8.50).
In the list released, Nigeria, which prides itself as the giant of Africa and the largest economy on the continent, was missing.
The approved countries for this programme are Belgium, Canada, China, Denmark, Finland, France, Germany, Ghana, Indonesia, Israel, Italy, Ivory Coast, Japan, The Netherlands, Norway, Portugal, Russia, Saudi Arabia, Senegal, Singapore, South Korea, Spain, Sweden, Switzerland, Ukraine, United Arab Emirates, the United Kingdom and the United States.
The visa exemption is a follow-up to the launch of a platform last December that allowed prospective visitors to apply for an electronic pre-authorization to travel into the country. The introduction of e-visas has seen an increase of over 30 per cent in the number of travellers entering the country compared to the same period in the previous year.
The e-visa platform commits the country to respond to applications within five days, but general feedback places an average response at 24 hours, and the few issues reported are usually created by users not uploading the required documentation.
President Filipe Jacinto Nyusi, since August 2022, has taken steps containing 20 reform measures aimed at delivering to visitors and potential investors a path for a more competitive and more accessible country. Mozambique, with an approximate population of 30 million, is one of the 16-member Southern African Development Community.
By Adedapo Adesanya
The International Air Transport Association (IATA) has said that foreign airlines’ blocked funds in Nigeria have risen to over $743.7 million.
In a letter dated March 14, 2023, and signed by the Area Manager for West and Central Africa, Dr Samson Fatokun, it was disclosed that the blocked funds rose from $549 million in December 2022 and $662 million in January to $743.7 million.
IATA noted that for over a year, Nigeria had been the country with the highest amount of airlines’ blocked funds in the world.
According to the association, the increasing backlog of international airlines’ blocked funds in Nigeria is a potential threat to foreign direct investment into the country and could affect the operations of airlines leading to job losses.
While appealing to the Minister of Aviation, Mr Hadi Sirika, to intervene in resolving the issues, the association also called on President Muhammadu Buhari to clear all airlines blocked funds before leaving office.
Meanwhile, at a meeting with the IATA and foreign airlines operators in Abuja to discuss the issues, Mr Sirika said the issue of blocked funds sits with the Central Bank of Nigeria and is not what the ministry can handle alone.
He urged international airline operators to be very considerate when dealing with the issues bearing in mind the effects of COVID-19 and the recession the country had experienced.
Recall that in August 2022, IATA’s Regional Vice-President for Africa and the Middle East, Mr Kamil Alawahdi, expressed his disappointment with Nigeria over the amount of airline money blocked from repatriation by the Nigerian government, which was around $464 million then.
“IATA is disappointed that the amount of airline money blocked from repatriation by the Nigerian government grew to $464 million in July.
“This is airline money, and its repatriation is protected by international agreements in which Nigeria participates. IATA’s many warnings that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity are proving true with the withdrawal of Emirates from the market,” he said.
