Japaul Maritime increases earnings by 226%
August 27th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Being the only listed company in the maritime sector of the exchange, Japaul maritime is indeed making the best of it as it’s growth indicies clearly shows. This was made evident as the company released an impressive half year result for the period ended June 30, 2007.
In the result released, turnover grew by 200 percent, from N0.33 billion in 2006 to N1.00 billion in 2007. Profit before tax also increased from N70.30 million in 2006 to N229.50 million in 2007, representing an increase of 226.5 percent. After tax profit was higher at N183.60 million in 2007, as against N52.80 million in 2006 which gives an increase of 247.7 percent.
The company in presently on technical suspension, as it intend coming to the market to raise funds through a public offer as well as a rights issue. Current government policies favors the maritime sector, of which the company is a major player.
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