Afroil releases 2007 year end result – appeals for fair hearing
April 24th, 2008 Tunde Brown || tunde.brown@stockmarketnigeria.com
By Tunde Brown
Afroil Plc, a company whose principal activities are the supply and distribution of petroleum products, has been in a quite controversial stance in the past few weeks. The company was recently alleged to have engaged in insider dealings, price manipulations and not having a corporate functional office amongst others. Consequently, the shares were placed on full suspension by the authorities of the Nigerian Stock Exchange.
In a recent statement released by the company, the Chief Executive Officer, Mr. Ishaq Olakunle Sanni, noted that the allegations are yet to be communicated to the company, adding that, “Afroil as law abiding corporate citizen operating with a high level of transparency, accountability and good corporate governance has nothing to hide from the Securities and Exchange Commission, the Nigerian Stock Exchange and the investing public.” He explained that the stock had become attractive to investors following the recent Federal High Court judgment, which restored their confidence, and that the company had submitted its accounts to the regulatory authorities and settled all its tax liabilities.
The details of the of the company’s financial statement for the 2007 year end show an increase in turnover from N25.2million last year to N68.3million in 2007. The loss after tax, increased by over 100 per cent in year 2007, up from N11.7million last year to N23.9 million in year 2007. In the first quarter of 2008, the company has so far made a turnover of N135.3 million and a loss before tax of N13.3 million.
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