Nigerian Stock Exchange: ETI, Okomu Oil Palm plc declare results.
April 1st, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike.
Ecobank Transnational Incorporated has released its full year result for the period ended 31 December 2007 to the floor of the Nigerian Stock Exchange. The company was able to increase its financial earnings for the year compared to what it recorded in the preceding year, as can be seen from the just released results. Turnover for the period experienced a growth of 63.3 percent from N53.8 billion in 2006 to N87.3 billion in 2007. Profit before tax increased from N16.6 billion in 2006 to N23.8 billion in 2007 representing a 43.8 percent increase.
After tax profit was also impressive as it appreciated by 56.9 percent from N11.0 billion in 2006 to N17.4 billion in 2007. The company has proposed a dividend payout of 2 cents (N2.34 kobo). Which is 50 percent less than what it paid to its investors in the last financial year.
Okomu Oil Palm Plc
Okomu Oil Palm plc also released its full year results for the period ended 31 December 2007 to the floor of the Nigerian Stock Exchange. A breakdown of the result showed that the company was only able to increase its turnover for the period by 2.4 percent from N2.74 billion in 2006 to N2.80 percent in 2007. The company’s profit before tax dropped by 62.8 percent from N0.40 billion in 2006 to N0.15 billion in 2007. After tax profit was also bad as it decreased by 64.7 percent from N0.39 billion in 2006 to N0.13 billion in 2007.
The company has proposed a dividend payout of 25 kobo per ordinary share and its closure date is June 4, 2008.
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