Wapco

[knightofdelta]

Originally Posted by horlads

I doubt if they will be able to pay higher dividends in d near term. They have a foreign currency denominated loan which most of their free cash would be used to pay down.

Lafarge pays very high dividends, given Lafarge's penchant for low dividend payment, of 75 kobo after the company doubled its PAT.

[horlads]

Originally Posted by knightofdelta

Lafarge pays very high dividends, given Lafarge's penchant for low dividend payment, of 75 kobo after the company doubled its PAT.

Am I d only one who doesn't understand this your post..?

[cashrules]

Originally Posted by knightofdelta

Lafarge pays very high dividends, given Lafarge's penchant for low dividend payment, of 75 kobo after the company doubled its PAT.

Originally Posted by horlads

Am I d only one who doesn't understand this your post..?

To be sincere I thot it was 'coded' for only the gurus or fund managers..

my plan was to PM Oracle cos I sabi say him go decode am tell him bro!

[knightofdelta]

Originally Posted by horlads

Am I d only one who doesn't understand this your post..?

Make una no nex, I typed that in a hurry. Wapco has doubled its PAT in 2011. This has made them declared dividend payment of 75 kobo, which is contrary to their historical payments of 15 - 30 kobo per share.

[cashrules]

Originally Posted by knightofdelta

Make una no nex, I typed that in a hurry. Wapco has doubled its PAT in 2011. This has made them declared dividend payment of 75 kobo, which is contrary to their historical payments of 15 - 30 kobo per share.

So are you saying that they declared 75K for 2011? abeg where is the Full Annual report?

[cashrules]

WAPCO rewards investors with 75k dividend in '11 Audited result

Good result but poor corporate action!

[BigSeun]

2011 2010
N'm N'm %
Turnover 62,502.00 43,841.00 42.57%
Cost of Sales 42,898.00 30,535.00 40.49%
Gross Profit 19,604.00 13,306.00 47.33%
Operating Expenses 7,956.00 5,071.00 56.89%
Other Income 360.19 229.59 56.88%
Interest Charges 1,788.00 0.00 #DIV/0!
Profit before tax 10,219.00 8,464.00 20.73%
Taxation 1,709.00 3,583.00 52.30%
Profit after tax 8,510.00 4,881.00 74.35%
EPS 2.84 1.63 74.35%

Balance Sheet
Fixed Assets 127,904.00 100,751.00 26.95%
Long Term Investment 40.00 60.21 33.56%
Stocks 10,315.00 9,728.00 6.03%
Trade Debtors 688.50 569.58 20.88%
Cash & Bank Balances 10,365.00 5,248.00 97.50%
Other debit balances 3,355.00 2,122.00 58.11%
Trade Creditors 5,330.00 2,113.00 152.25%
Short term borrowing 0.00 1,411.00 100.00%
Other creditors 91,288.00 66,663.00 36.94%
Working capital 7,870.00 40,401.00 80.52%
Net Assets 56,050.00 48,291.00 16.07%

[Salida]

Lafarge Cement Wapco Nigeria Plc: Appointment of a Director

March 22, 2012

The Company has notified The Exchange of the appointment of Mr. Jean-Carlos Angulo as a Director of the Company.

Angulo is a graduate of Ecole des Mines de Nancy (France) and the European Institute for Business Administration.

He began his career as a Project Engineer in the aerospace industry at the Societe Europeenne de Propulsion (SEP) where he was from 1971 to 1974. He joined Lafarge in 1975, where he was successively Project Manager and Project Director in Group engineering subsidiaries (plant construction). He later became the General Manager of Lafarge Consulteria e Estudos in Brazil. In 1984, he joined Lafarge Aluminates as Head of Development.

Mr. Carlos Angulo was General Manager of Lafarge’s Brazil operations and head of the Southern region of Latin America from 1990 to 1996. He was appointed the General Manager of Lafarge Cements in France 1996. Jean Carlos Angulo was President of the Cement business’s operations in Western Europe and Morocco between 2000 to August 2007.

He is presently Lafarge Group Executive Vice President.

[Salida]

Lafarge new market expansion to leverage undersupplied South-South region

[Salida]

WAPCO declares N4.1b PAT in Q1 '12 result,(SP:N40.90k)

[knightofdelta]

Lafarge WAPCO released its 1Q12 results yesterday evening. Comparing the three months to March 2012 with the previous year:

Revenue increased by 59% to NGN22.6bn, cost of sales increased by 16% to NGN9.6bn and admin costs increased by 64% to NGN5.7bn. As a result, operating profit increased by 198% to NGN7.3bn and the operating margin increased to 32.4% from 17.3%. During 4Q11 the company commissioned an additional 2.5mnt of cement capacity from Ewekoro (EK-2) (the Lakatabu project) and also commissioned a dedicated 90MW power plant. The increase in revenue reflects new production from EK-2 while the increase in operating margin reflects both the operational leverage from the increased production together with cheaper energy costs from its in-house power plant.

During both January and February 2012, we understand that EK-1 (combined capacity of 2.0mntpa from both Ewekoro and Sagamu) was running at a capacity utilisation rate of between 96% and 97%. In addition, the ex-factory price of cement achieved by WAPCO had increased by 5% to NGN30225, although we do not believe that this is sustainable. Based on revenue of NGN22.6bn for 1Q12 and assuming still negligible ready-mix volumes, we estimate that production from EK-2 amounted to 0.268mnt. This translates to a capacity utilisation rate of 43%, just four months after commissioning which we believe is excellent.

With regard to the operating margin of 32.4%, we were expecting a lower rate despite the issues discussed above due to the gas supply issues that have plagued both WAPCO and Dangote in 4Q11. Discussions with management prior to this earnings release suggest the problem is volatile and it could be that the supply of gas during most of 1Q12 was stable.

Balance sheet and cash flow details are sparse but of interest is the increase in trade debtors to NGN1.16bn from NGN0.688 in December 2011.

Key points:

• Based on the revenue to date, we believe that our estimate of production for FY12 of 3.15mnt could be conservative;

• We currently forecast an operating margin of 33.6% for FY12. Again, based on the 1Q12 of 32.4%, this again could be conservative but management input regarding this issue is needed;

• We currently forecast profit after tax for FY12 of NGN21.5bn. Earnings of NGN4.1bn for 1Q12 suggests that our forecasts are achievable. Until we get more colour on this result, we maintain our BUY rating on Lafarge WAPCO.

From Rencap...

[cashrules]

Abeg is it just the 1 Qtr result that is driving this stock or abi there is another info out there we have not heard about?

[netotse]

Originally Posted by cashrules

Abeg is it just the 1 Qtr result that is driving this stock or abi there is another info out there we have not heard about?

it has to be the results, I know a bit about their operations, from what I know about their operations, there's no major change coming up...