More Companies Listed on the Nigerian Stock Exchange (NSE) Have Continued to Post Improved

Companies listed on the Nigerian Stock Exchange post imroved results

More companies listed on the Nigerian Stock Exchange (NSE) have continued to post improved performance with higher profits.
Specifically, results from companies with December 31, as their financial year end have posted figures which showed soaring profits and good returns to shareholders by way of dividend payments.
One of such is Glaxo Smithline Consumer plc. The company’s audited result for the year ended December 31, 2008 showed a turnover of N12.5 billion as against N9.9 billion recorded the previous year. Also, profit after tax (PAT) stood at N1.3 billion in contrast to N836.9 million, indication an increase of 54.8 percent. The board of directors is recommending a dividend of 60 Kobo per share.
Cement Company of Northern Nigeria (CCNN) made a turnover of N9.9 billion for the December 31, 2008 year end. Also, it recorded a profit after tax (PAT) of N1.5 billion. When compared with previous year figures, turnover stood at N8 billion and PAT was N138.7 million. The company grew profit geometrically by 971 per cent. Consequently, a dividend of 45 Kobo per share has been recommended by the board.
RT Briscoe audited result for year end, December 31, 2008 shows a turnover of N20 billion as against N16.2 billion in 2007. Similarly, PAT stood at N628 million compared with N609.9 million made the previous year. This shows PAT was up by three per cent. The board of directors has recommended a dividend of 40 Kobo per share and a bonus of 1 for 5.
Okomu Oil Palm Company plc listed in the agriculture sub-sector of the daily official list of the NSE also released its audited result for the same period under review. The board has recommended a dividend of 25 Kobo
Lastly, SCOA Nigeria plc released its audited financial results for the year ended, December 31, 2007. Turnover stood at N2.7 billion as against NN1.9 billion in 2006. PAT and exceptional items hit NN822.5 million compared with N705.7 million achieved the previous year. The board has recommended a dividend of 15 kobo per share.
However, a cursory look at the market performance last week showed that the banking sector maintained its top spot in transaction volume performance with Spring Bank, FinBank and Access attracting strong demand. Insurance stocks came next in activity volume, led by Guinea Insurance and Investment and Allied Insurance.
Overall, it was a loser-dominated week as some 79 stocks caved in while only 28 headed up. Mobil and AP continued to get battered, dropping by N28.15 and N15.81 respectively. Mobil closed the week at N96.90, while AP stood at N54.18. Nigerian Enamelware, ETI, Oando and Julius Berger also picked sizable loses, down N6.36, N3.48, N3.40 and N2.73 respectively.
Total took top spot this week on the gainers’ table. It logged up N13.01 to close at N136.50. Guinness continued its sustained recovery, closing N2.59 higher at N88.59. Nigerian Breweries, Glaxo Smithkline and Nestle were also in the top league with gains of N1.85, N1.67 and N1.00, respectively.

Author of this article: NGOZI UCHE