Harmony Holdings begins phase 2 of growth plan in Kwara

Date: 2016-02-29

Harmony Holdings is set to begin Phase Two of the strategic growth plan through the creation of more opportunities in the economy of the state with a view to generating more resources and employment opportunities for Kwarans.

This was contained in a statement issued in Ilorin and made available to The Herald by the Head of Corporate Affairs Kayode Aremu. The statement mentioned upgrading of the Patigi Regatta and Nupe Durbar into a world class tourism point as part of the second phase of strategic growth plan for the development of the state.

The statement added that plans were on-going to resuscitate the abandoned Satellite Motel Ilorin, Kwara Paper Converter Erin-Ile and Kwara Cashew Processing Company Ltd Ogbondoroko.

It noted that the resuscitation of Kwara Paper Converter Erin Ile, and Kwara Cashew Processing Company Ltd, Ogbondoroko had the potential to create 1000 jobs for Kwarans”.

According to the statement "there are also plans for the provision of barges at Lafiagi to ease transportation across the River Niger and also boost economic activities in the area, thereby enhancing the capacity of the citizenry both economically and socially. "In our first year of operation 75 million naira was paid as dividend to the Kwara state government in 2013.

In the first phase, there was the repayment of N465 million out of the renegotiated loan of N600 million incurred by the Kwara state government on Mandate Three Estate. "The loan had ballooned to N824 million due to non-servicing prior to Harmony Holdings' intervention.

"The Phase one involved turning around acquired businesses and improving on productivity levels as some of these assets had become an eyesore and in terrible state of disrepair. "This necessitated the remodeling of the Adama Bola Saadu House by Harmony Holdings. The building is now wearing a new look and it is the first time it will be renovated since it was constructed 20 years ago.

"The now aesthetically appealing edifice has attracted comments from passer-by's who have seen the deteriorated state of the building over the years. 'This is beautiful and it is adding to the general facelift and development of the town', says former Kwara State Head of Service, Alhaji Mudi Gold. "A telecommunication service company which took four wings last month employed 600 graduates with plans to hire more.

Kwara Express, now Harmony Transport Service has had its operations computerised including ticketing. Loopholes and leakages have been blocked. Most of the outstanding debts to banks totaling N176 million have been settled. New destinations are now reached like Port Harcourt, Makurdi, Jos and Aba with the newly acquired 42 buses.

"Harmony Securities, a subsidiary of Harmony Holdings has begun diversification of its operation as it has secured an Issuing House licence from the Security Exchange Commission SEC. This is expected to broaden its revenue base from fund raising and underwriting activities in the capital market.

As an issuing house, HSL is qualified to render financial advisory services in the area of new share issuance, share valuation and right pricing of shares. "The Harmony Group is also set to construct an iconic edifice named 'The Hub' at fate road. The one storey complex comprises show rooms, shops and offices and suite. Apart from modern facilities and the contemporary design, one of the main features of the edifice is the aesthetics of the design, as the roof comes in different forms in terms of design, shapes and heights.

Construction is about to start and it is expected to be completed in six months. "Since its operation began in January 2013, Harmony Holdings has delivered on its mandate through strategic re-engineering and refocusing of the entities, a measure which has led to their return to profitability after posting yearly losses consistently prior to the advent of Harmony Holdings Ltd. "The direct intervention of the Company led to an impressive cumulative profit before tax of about N600Million recorded by the companies in the first two years of operation (2013-2014). This represents an impressive EPS (Earning per Share) of 3.00 over the period as per the audited account 2015".

Source

 


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