COMPANY NEWS IN BRIEF
Targeted advertising is coming to WhatsAppMeta Platforms has launched its first AI-driven ad targeting programme for businesses on WhatsApp, as it tries to wring revenue out of the popular chat service, the company announced on Thursday at a conference in Brazil.
CEO Mark Zuckerberg announced the new tools in a video that was exhibited during the event.
The announcement marks a shift for WhatsApp, an encrypted messaging service that heavily touts its privacy credentials and has long eschewed the types of targeted advertising tools that underpin Meta’s other apps, like Facebook and Instagram.
The social media giant has been introducing commerce and payment features on the app for several years, including “business messaging” tools companies can use to conduct customer service chats and send marketing materials to people who have shared their phone numbers with the companies.
Previously, those tools were blunt instruments, used to send blasts to all users who had opted in to receiving the company’s outreach. The new AI tools will use behaviour on Facebook and Instagram to target the messages to those customers most likely to be receptive to them, provided the customers use the same opted-in phone number across accounts.
WhatsApp’s head of strategic markets Guilherme Horn said these AI tools would give business the possibility to optimise ad delivery to users most likely to engage. “This is very important for business because they are paying for those messages.”
-TECHCENTRAL-
Afreximbank disburses $925 million crude oil-backed loan to Nigeria's NNPC
Afreximbank has disbursed $925 million to Nigeria's state-owned NNPC, part of a syndicated $3.3 billion crude oil-backed prepayment facility, the African trade bank said on Thursday.
This brings the total disbursement to Nigerian National Petroleum Company (NNPC) to $3.175 billion, African Export-Import Bank (Afreximbank) said.
Afreximbank said the deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.
The pan-African lender had been tapping oil traders to finance a $3 billion loan to Nigeria's state oil company after the energy firm approached it for the facility last August, to help the government's efforts in stabilising its naira currency.
Afreximbank said the funds was raised from a consortium of crude oil off-taker lenders including Oando Group and Sahara Energy Resource Limited.
The trade bank had sought oil traders to fund the crude-backed loan to NNPC, with aim to support Nigeria's macroeconomic stability and growth.
In December, Afreximbank received funding commitments totaling $2.25 million for the NNPC loan request.
Nigeria's president Bola Tinubu launched reforms last year May including devaluing the naira twice in less than six months in January to attract dollars after ending a multiple exchange rate system that keep the currency artificially strong.
-REUTERS-
Major R2 billion solar project kicks off in South Africa
Renewable energy group AMEA Power says it has reached a financial close on its 120MW Doornhoek Solar Photovoltaic (PV) Project in South Africa.
When commissioned, the US$120 million (R2.2 billion) project will be the company’s first operational asset in the country.
AMEA Power is the majority shareholder in the 120MW solar PV project, and has partnered with
Ziyanda Energy and Dzimuzwo Energy.
The project was first awarded to the consortium through Bid Window 6 of the REIPPPP.
Standard Bank South Africa provided debt funding of USD100 million (approximately R1.8 billion) to AMEA Power, while Industrial Development Corporation provided the USD8 million (approximately R150 million) of equity funding to the local partners.
The company signed a Power Purchase Agreement on April 30th , 2024, with Mineral Resources and Energy Minister Gwede Mantashe and Segomoco Scheppers, Eskom Group’s Executive for Transmission.
The 120MW Doornhoek Solar PV Project is located near the town of Klerksdorp in the North Western Province, and will generate 325GWh of clean energy, power an estimated 97,000 households and offset 330,000 tonnes of carbon emissions annually.
The project is expected to commence commercial operations by December 2025.
As part of AMEA Power’s “Community Investment and Development Program”, the company will implement initiatives aimed at benefiting the socio-economic growth and development of the local community, which are aligned with the United Nations’ Sustainable Development Goals.
-BUSINESSTECH-
MultiChoice warns of profit slump
MultiChoice has informed shareholders that it expects to report a trading profit decline of between 19% and 23% for the year ended 31 March 2024.
The company attributed the decline to the foreign exchange impact from weaker currencies against the US dollar and year-on-year Showmax trading losses.
However, it said it expects profit to increase year-on-year on an organic basis, which excludes the impact of foreign exchange effects and mergers and acquisitions.
“Despite the weak operating environment and an additional R1.4 billion in Showmax trading losses YoY, group trading profit on an organic basis is expected to increase YoY,” said MultiChoice.
“However, after absorbing a R4.5 billion foreign exchange impact from weaker currencies against the USD, trading profit on a reported basis is expected to be lower than the year before.”
At the same time, MultiChoice expects its loss per share and headline loss per share to increase for the year ended 31 March 2024.
It said the negative impact of a weak macroeconomic environment, increased investment in Showmax, and the sharp depreciation of the naira against the US dollar were to blame.
“The impact of the sharp depreciation in the Nigerian naira against the US dollar resulting in foreign exchange losses on the non-quasi intergroup loans with MultiChoice Nigeria of R3.6 billion,” said MultiChoice.
“The group’s expected loss per share has also been impacted by a once-off impairment of IT systems of R1 billion, due to a re-assessment of business needs in the context of an extremely challenging operating environment.”
The broadcaster emphasises that the financial information provided is based on the draft consolidated financial results. It said it is finalising its consolidated annual financial statements for the year.
“These draft financial results provide the directors with a reasonable degree of certainty that the financial results for the current year will differ by at least 20% from the financial results of the previous corresponding year,” said MultiChoice.
-MYBROADBAND-