Nigerian Stock Exchange: recently released results
June 24th, 2009 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
The exchange opened trading for the week on a not too strong note on Monday, June 22, 2009 as evident by the drop in the All Share Index. The previous week closed on a low key as most investors were apparently taking profits. Some companies also released their results to the public, although we do not believe they would have any significant impact in the movement of the market this week. A breakdown is given below.
Mass Telecom Innovation (MTI) Plc
The telecoms services company released its first quarter results for the period ended March 31, 2009. In the highlights of the result, turnover for the period increased by 27.73 percent, from N430.58 million in the same period of 2008 to N549.99 million in 2009. Profit before tax was up from N32.75 million to N50.72 million while after tax profit increased from N22.92 million in 2008 to N35.51 million in 2009.
Continental Reinsurance Plc
The insurance company also released its first quarter result for the period ended March 31, 2009. In the figures made public, gross premium inched by only 9.77 percent, from N1.03 billion in 2008 to N1.13 billion in 2009. Profit before tax dropped by 61 percent, from N0.78 billion in 2008 to N0.30 billion in 2009. Profit after tax dropped by 58 percent to N0.24 billion in 2009 from N0.59 billion in 2008.
Unilever Nigeria Plc
Known as a major player in the conglomerate sector of the exchange with a wide range of consumer products, the company released its first quarter results which showed less that expected growth. Turnover for the period moved up by 8 percent, from N9.64 billion in 2008 to N10.42 billion in 2009. Profit before and after tax moved up by only 3.9 percent to N1.64 billion and 4.4 percent to N1.12 billion respectively.
UACN Plc
The company released its first quarter result for the period ended March 31, 2009. Turnover for the period increased by 32 percent, from N10.56 billion in 2008 to N14.02 billion in 2009. Profit before tax inched higher by 9.16 percent to N1.66 billion from N1.52 billion in 2008. After tax profit was up by 12.85 percent, from N1.03 billion in 2008 to N1.17 billion in 2009.
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