UBA Plc releases half year results, proposes dividend and bonus.
May 17th, 2008 Tunde Brown © www.StockMarketNigeria.com
By Tunde Brown
United Bank for Africa, this week released its half-year result for the year ending, 31st March 2008 on the floor of the Nigerian Stock Exchange. In a financial year that is to span 15 months in length to end December 31st, 2008, the company has once again justified investor’s confidence as reflected in its financial indices. With a recent re-organization in the group, it would not be out of place to posit that this is the beginning of good things to come, all things being equal.
The details of the results reveal that the company in Q2 2008 increased its gross earnings by 67 percent, compared with Q2 2007. The profit after tax equally increased to N18.42bn in Q2 2008 from N10.77bn in Q2 2007, representing a 71 per cent boost. Following this brilliant half-year performance is the proposed dividend of 25 kobo and a bonus of 1 share for every 2 held. The register closure date is on the 2nd and 4th of June 2008.
The share price reveals that it gained N2.90 in 591 deals to close at N60.90 as at 16th May 2008. In a recent report, analysts held the view that as a market leader with strong fundamentals, the stock is a good buy for the medium and long term.
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