Afribank plc gears towards a superb year end.
February 17th, 2008 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
With barely two months to the end of the current financial year of Afribank Plc, indicies from the results and information on ground all point to one definite conclusion: a bumper end of year result.
In its just concluded public offer in late 2007, the bank made a profit before tax projection of N12.07 billion with a dividend payout amounting to N6.07 billion.The bank as at the end of its third quarter ended December 31, 2007 had already reached the set target for the full year.
In its third quarter result, it would be recalled that the bank had a pre-tax profit of N11.04 billion which was far above more that what was projected in the offer prospectus. Based on this and the availability of funds to the bank as a result of the successful offer, the financial institution might be hitting the N15 billion mark when its financial year ends in March 2008.
No wonder the share price of the stock has been on the steady rise and is still gaining some ground currently on the exchange.Most investors would want to start taking positions now ahead of a bountiful year as the countdown to March 31, 2008 has almost begun. The price of the company stock stood at N26.33 at the close of trading on February 15, 2008.
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