High interest rate and poor infrastructure have adversely impacted the half-year performance of listed firms under the conglomerate sector, even as a review of share prices indicates a steady decline in performance.
Half-year performance of companies under the sector listed on the Nigerian Exchange Limited showed that besides TransNational Corporation of Nigeria, which has consistently recorded an improvement in its half-year result, the companies have been struggling to survive reeling under losses.
Businesses have continued to grapple with rising inflation, forex crisis and hike in fuel price within the period, resulting in rising input cost and an inability to pass costs to the already beleaguered consumer. According to the company, the revaluation loss was due to foreign currency-denominated balances related to trade loans.
Stakeholders have urged the government to implement initiatives that would help to alleviate challenges faced by operators in the industry, even as they continue to seek more efficient ways to manage rising costs.
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