Nigerian Stock Market. Recent quarterly reports (2)
May 18th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Cornerstone Insurance
This is one of the frontline insurance companies in Nigeria. The company upon completion of its capitalization exercise sold 45 percent equity to a US based firm. In its third quarter result, turnover increased from N608 million in 2006 to n764.7 million in 2007. Similarly, profit after tax increased from N59 million in 2006 to N175 million in the same period of 2007, thereby indicating an increase of 193 percent. Its current EPS stands at 4 kobo and is expected to hit 18 kobo by the end of its ongoing financial year.
Bank PHB
This is indeed one of the banks to watch out for in the banking sector of the market. The bank recently completed a share restructure which saw the stock re-listed at N16.20and the rest after that has been history. The allotment was in the ratio of 1 new share fir every 3 previously held.
In its third quarter result released, turnover grew by 48.7 percent from N13.9 billion in 2006 to N20.7 billion in 2007. Profit after tax increased significantly from N1.7 billion in 2006 to N4.5 billion in 2007, representing an increase of 158.2 percent. The company’s current EPS is 70 kobo and is expected to hit N1.20 in June when it current financial year ends.
NAHCO
This company has indeed turned some investors into instant millionaires in less that a year. The stock was listed on the exchange in September 2006 at N5.50 and hit an all high of N70 in May 2007. The company paid a dividend of 50 kobo and gave out a bonus of 3 for 2 to its investors for the 2006 financial year. The price was marked down to N26 on May 16, 2007. There are rumors that they will float a public offer to raise more funds for their operations.
Moat of their success can be attributed that out of the two aviation handling companies in Nigeria, they control to a lager extent 80 percent of the market which is as good as a monopoly.
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