FCMB Plc declare results, records 153 percent profit.
February 28th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
by Ikechukwu Emelike
FCMB Plc has released its unaudited third quarter result for the period ended January 31, 2007 on the floor of the Nigerian stock exchange. Comparative analysis of the result and that recorded last year shows that the result were impressive. A break down of the results showed gross earning rising by 104 percent from N17.5 billion in the same period in 2006 to N35.8 billion in 2007.
Profit before tax for the period increased by 153 percent fromN4.4 billion in 2006 to N11.2 billon in 2007.After tax profit also increased by 153 percent from N3.5 billion recorded in 2006 to N8.9 billion in 2007.
Market pundit are of the view that the last quarter would surpass the current result as investors cashed in on the results to buy a total of 17.473 million shares valued at N347.67 million in 275 trades. Today the bank share price closed on the floor of the stock exchange at N19.80.
It would be recalled that the bank returned to the capital market between October 16, 2007 and November 13, 2007 to raise additional funds. A total of 4.5 billion ordinary shares of 50 kobo each at N14 per share were offered for subscription while $100 million or N12.6 billion of Global Depository Receipts (GDRs) were offered internationally.
The bank announced that the offer recorded a subscription level of 223 percent. Analysis of the subscription level showed that a total sum of N167,981,616,361.94 was raised from both the domestic offering and the GDRs placed on the international market. In a statement from the bank it disclosed that investors of the last public offer has started recieving there share certificates from the banks registrars and stockbrokers.
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