Ashaka Cement plc declares dividend, Lasaco plc hits N0.39 billion Q1 profit
June 3rd, 2009 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
After witnessing the release of 41 different company results in May 2009, the Nigerian Stock Exchange looks set for another interesting month. This is evident as three company results were released on the floor yersterday. For the records, they all had one thing in common- an increase in after tax profits. The breakdown is as detailed below.
Glaxo Smith kline plc declared its first quarter result for the period ending March 31, 2009 which seems to be pushing up its share price already. In the figures released, company turnover increased by 30.52 percent, from N2.96 billion in 2008 to N3.87 billion in 2009. Profit after tax also increased from N0.405 billion in the corresponding period of 2008 to N0.593 billion in 2009. This represents an increase of 46.33 percent. Still on first quarter results, Lasaco Plc, a major player in the insurance industry also released its score card for Q1 ended March 31, 2009. In it, the company experienced a reduction in turnover, but still managed to improve on its profit margins. Turnover for the period dropped by about 51 percent, from N2.22 billion in 2008 to N1.08 billion in 2009 while profit after tax increased by an impressive 69 percent. This figure grew from N0.233 billion in the said period of 2008 to N0.394 billion in 2009
Finally, the only dividend declared today was by Ashaka Cement plc. The company released its full year 2008 result which ended December 31. In the figures documented, the company turnover grew by 29 percent, from N16.47 billion in 2007 to N21.37 billion in 2008. Profit after tax improved by 29 percent also, from N1.60 billion in 2007 to N2.07 billion in 2008. Based on this, the directors have recommended a dividend payout of 30kobo with a register closure date of July 13, 2009.
It would seem investors were not pleased with the dividend declared as its share price dropped maximum points today.
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Investors are awaiting the over-due audited report of Oceanic bank, Dangote Flour, Dangote Sugar, National Salt. The management of the above listed companies should endeavor to give investors the necessary information through timely presentation of company’s report. Accurate and timely information is crucial to investment decision, so investors must not be left in the dark.