Business Hilights
Tracking Nigeria's Headline Business News Online

PAN grows revenue by 65% after AMCON’s takeover, revival, handover to new mgt

Indications have emerged showing that debt-bugged companies that were taken over and revived by the Asset Management Corporation of Nigeria (AMCON) are better positioned for higher exploits.

This stemmed from the recently released 2017 performance status of Peugeot Assembly of Nigeria Limited (PAN Nigeria) which showed that upon the economic downturn of 2017, the company grew revenue by 65 per cent from N3 billion to N5.3 billion.

Already, the Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, commended the Kaduna based assembler of Peugeot vehicles, for its improved performance under the current leadership.

In his remarks at the sixth Nigeria transport awards and lecture held in Lagos recently, AMCON boss represented by a Senior Vice President at AMCON, Kamilu Omokide, said PAN is one of the companies showing strength after the takeover by the ‘bad bank’.

AMCON had earlier called for an increase in the patronage of Peugeot vehicles in order to sustain the achievements recorded by the rescued PAN Nigeria Limited.

On the facts behind the figure of success, the Managing Director of PAN Nigeria Limited, Ibrahim Boyi, affirmed that “PAN’s market share was eight per cent, down from 12 per cent in 2016, while operating profit rose by 78 per cent to N719 million from N405 million,” he said.

Business Hilights gathered weekend that just as the Peugeot 301 had clinched the Car of the Year award in Nigeria for two years running, the indigenous automobile currently distributes Peugeot models like the 301, 508, 3008, Partner etc.