Two companies namely Mutual Benefits Plc and Costain West Africa Plc released their 3rd and 2nd quarter results respectively yesterday on the floor of the exchange. The highlights are as below.

Mutual Benefits Insurance Plc

The company, known to be one of the best so far in the industry released a result that many market investors would not really be happy with. In the result released, turnover fot the period ended September 30, 2007 grew by 19 percent, from N1.43 billion in 2006 to N1.70 billion in 2007.

Profit after tax however dropped by 17 percent, from N0.88 billion in 2006 to N0.72 billion in 2007. After tax profit was no better as this also dipped by 24 percent, from N0.86 billion in 2006 to N0.65 billion in 2007. The share price on the day of the release of this result dropped, most likely as a result of the not too impressive performance. It is possible that the drop is sustained further to reflect the true value of the stock.

Costain West Africa Plc

The company released an impressive result for the 2nd quarter ended September 30, 2007. In the figures released, turnover increased from N1.45 billion in 2006 to N1.49 billion in 2007. Profit before tax was 94 percent higher than the same period for last year. This increased from N0.07 billion in 2006 to N0.13 billion in 2007. Profit after tax followed the same line as this moved 93 percent, from N0.06 billion in 2006 to N0.13 billion in 2007.

The company is due to approach the market to raise fresh funds for business expansion amongst other things.