Nigerian Stock Market. Recent quarterly reports
May 17th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Just recently, some quarterly results of Nigerian companies were released into the market. As expected, some of them have already started causing ripples in both the southward and northward direction.
CAP Plc
For a company that did so well in its last financial year by rewarding shareholders with a dividend payment of N3.00 per share, things are indeed taking shape for this company. In its first quarter result for its 2007 financial year, the company had a turnover of N577 million as against N403.6 million in 2006. This represents an increase of 38 percent. Profit after tax improved by 69 percent, as this figure rose from N45.9 million in 2006 to N77.67 million in the first quarter of 2007.Its current EPS stands at 37 kobo and is expected to hit N1.50 at the end of this present financial year.
Nestle
Known to be the leaders in the food and beverages sector, Nestle did not really do impressively well in its first quarter. Turnover increased from N8.4 billion in 2006 to N10.2 billion in 2007, while profit after tax increased from Nn.2 billion in 2006 to N1.5 billion in 2007, representing an increase of 21 percent and 19.4 percent respectively.
The EPS for the first quarter stands at N1.91 for an equity of about N220. This makes it overpriced, as full year EPOS is expected to be around N8.00.
RT Briscoe
The automobile company seems poised to sustain profitability as its first quarter results clearly reflects this. The company in its first quarter increased turnover from NN2.28 billion in 2006 to N3.83 billion in 2007, an increase of 67.5 percent. Similarly, profit after tax increased from N75.7 million in 2006 to N149 million in 2007, an increase of 97 percent. The current EPS for the quarter stands at 27 kobo, and is expected to hit N1.10 by the end of its current financial year. This has already started pushing the demand for it shares on the floor of the exchange.
Fidelity Bank Plc
For a bank that started trading this year at N2.15 and currently sells for N8.71, things are indeed looking bright for Fidelity Bank Plc. In its third quarter results, the bank increased turnover by 52.4 percent, from N11.5 billion in 2006 to N17.5 billion in 2007. Profit after tax soared by a whooping 219.9 percent, from N969 million to N3.1 billion in its current year.
The stock is one that many people never gave a chance, but it has finally proved its critics wrong. The EPS for the quarter stands at 16 kobo and is expected to hit 25 kobo at the end of its yearly cycle.
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