Afribank Nigeria Plc posts N8 billion in 6 months.
October 30th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Things are indeed looking bright for Afribank Plc as the company recently released its 2nd quarter result for the period ended September 30, 2007.
In the result, gross earnings increased by 102 percent, from N9.65 billion 2006 to N19.48 billion in 2007. Profit before tax increased from N2.82 billion in 2006 to N8.10 billion in 2007. Consequently, profit after tax increased by about 187 percent, from N1.93 billion in 2006 to N5.51 billion in 2007.
Investors are of the opinion that the figures released by the bank are healthy enough to sustain its share price for now. This is also coupled with the fact that the company is approaching the capital market to raise fresh funds for improved performance and profitability.
The bank is seeking to raise N100 billion from the market and has pegged the price per unit share at N25.00.
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