Nigerian stock Exchange : AP, Cutix plc release results.
March 21st, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike.
African petroleum has released its results for the year ended 31st December 2007 to the floor of the Nigerian Stock exchange. A statement from the company showed that the company was able to grow is turnover for the period by 24.52 percent from N81.9 billion in 2006 to N102.0 billion in 2007.
Profit before tax experienced an increase of 189.25 percent from N4.6 billion in 2006 to N7.0 billion in 2007. After tax profit was also very good as it appreciated by 163.81 percent from N3.5 billion in 2006 to N5.7 billion in 2007.
The company has settled for a dividend payout of N7.00 kobo, its closure date is from 15th - 23rd April 2008 and its payment date is 2nd May 2008.
Cutix plc.
In a similar development, Cutix plc made public its results for the nine months ended 31 January 2008. The company which moved to the first tier segment of the Nigerian Stock Exchange sometime in February this year was only able to increase its turnover for the period by 28.0 percent from N762.2 million in January 2007 to N975.7 million in January 2008.
Its profit before tax decreased by 4.7 percent from N136.0 million in 2007 to N129.6 million in 2008. Its after tax profit was also at a loss as it droped by 4.7 percent from N88.4 million in 2007 to N84.2 million in 2008.
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