Livestock feeds full year results causes sell off.
March 7th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike
Livestock feeds plc has released its full year result to the floor of the Nigerian Stock Exchange. The company whose share price opened January this year at N3.63 and got to N9.96 at the end of trading on March 5, 2008, fell by 72 kobo yesterday to close at N9.24 at the end of trading on the floor. This is obviously as a result of the poor result just released to the public. It traded a total volume of 24,571,540 in 548 deals.
According to the results turnover for the period increased slightly by 4 percent from N560 million recorded in 2006 to N581.7 million in 2007. Profit before tax declined significantly by 900 percent from N728 million in 2006 to N8.840 million in 2007. After tax profit was no good as it also decreased by 998 percent from N748 million recorded in 2006 to N8.324 million in 2007.
Still on shares, Staco insurance is to raise N15 billion from the capital market very soon as the company’s shareholders would meet next week in Lagos to give neccesary approvals to it’s direcors concerning the offer. According to the company’s management , its target is to raise its capital base to N20 billion before the end of the year. In a statement containing the company’s results for the financial year ended December 31, 2006. profit before tax grew by 80 percent from N303.6 million in 2005 to N545.9 million in 2006.Gross premium of the company rose by 67 percent from N1.011 billion in 2005 to N1.684 billion in 2006. The company also rewarded its shareholders by paying a dividend of 3 kobo per share.
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