Nigerian Stock Exchange. Recently released results
July 31st, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
It is a known fact that the stock market is cyclical in nature. Prices go up and come down. However, the circumstances under which they move is what differs. Some results were last week released on the floor of the exchange which is expected to boost up the prices of some equities in the days ahead. The details are as below.
First Bank Plc
Few weeks after the closure of a N100 billion public offer, the bank released its full year results for the period ended March 31, 2007. In the results, the institution increased turnover by 34 percent, from N67.4 billion in 2006 to N90.3 billion in 2007. Profit before tax increased by a mere 17 percent, from N21.8 billion in 2006 to N25.5 billion in 2007.
Consequently, profit after tax grew from NN17.4 billion in 2006 to N20.2 billion in 2007. It is predicated on this performance that the company has declared a dividend of N1.00 and a bonus of 1 for 6 for all shareholders. The closure date for the register is August 20, 2007, so there is still time for investors to buy into the company and enjoy the prospects of capital appreciation along side other gains.
R.T.Briscoe Plc
The automobile marketers are indeed doing well as a company and as a stock traded on the exchange. They released their half year result for the period ended June 30, 2007 which was quite impressive and if sustained, the stock would most likely experience a good rally before the year runs out.
In the result, turnover for the period increased by 60 percent, from N5bilion in 2006 to N8 billion in 2007. Percentage increase in profit after tax was slightly higher as it stood at 86 percent. The figure grew from N0.25 billion in 2006 to N0.47 billion in 2007. Profit after tax grew from N0.17 billion in 2006 to N0.32 billion in 2007.
The company is a major sales agent for Ford motors in Nigeria.
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