WAPCO posts impressive 1st quarter result
May 31st, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
With the recently released results of WAPCO, there are indications that the company will do impressively well as against it 2006 financial year.
For the first quarter of 2007 ended March 31, 2007, the company made a turnover of N9.52 billion as against N8.36 billion for the same quarter in 2006. Operating profit increased by 24 percent, from N3.11billion as against N2.51 billion in 2006.
Consequently, profit before tax rose from N1.96 billion to N3.11 billion, representing an increase of 58 percent. Profit after tax also grew from NN1.96 billion in 2006 to N2.64 billion in 2007.
The company is about embarking on some expansion projects which will aid in boosting productivity and hence, profitability. The company paid a dividend of N1.00 in its 2006 financial year. Expectations are high that this figure will improve, as the debt burden that was limiting dividend payout has been reduced significantly.
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