Aso Savings

[zainabusman]

Originally Posted by tonidol

This market has defied all indices. Anthing can happen. With the type of run JB (never mind the 3 for 1) is having, who will ever imagine that Costain will come as low as N19.

Zainab, don't be too sure.

Below N2.7 is definetely a possiblity considering the current trend. But below N2 is a long shot but certainly not impossible. As i have said in the earlier post, if a market crash occurs then the price will fall below N2.

[knightofdelta]

I have gone through this post and this company looks very attractive at the moment. I will wait for the price to get below N2.70 before pulling the trigger on it.

[Michael]

Originally Posted by knightofdelta

I have gone through this post and this company looks very attractive at the moment. I will wait for the price to get below N2.70 before pulling the trigger on it.

I hope you are watching. However I dont advise a buy now. I bought some at 3 though, and hoped to buy some more @ 2.5. I am not throwing anymore money into this market untill it starts showing signs of recovery

[BLUEMONEY]

Originally Posted by Michael

I hope you are watching. However I dont advise a buy now. I bought some at 3 though, and hoped to buy some more @ 2.5. I am not throwing anymore money into this market untill it starts showing signs of recovery

on the issue of investing in the market for now, i agree with you. waiting for signs of recovery is a better strategy.

[zainabusman]

Aso will be raising additional funds either through rights issue, public offer or debt. This is one of the resolutions to be passed at the AGM next week. The amount to be raised was not specified.

When Aso went on bid on Tuesday before the intervention, i was curious as to why it was going up. Now we know, the share price is being propped up for the public offer. According to my broker, it closed on bid today but just barely. Therefore it might start loosing steam if not supported.

For those who bought for speculative purposes, they should consider whether they want to be trapped under a technical suspension. The suspension might happen anytime from now most likely after the AGM approval.

[hispy99]

Aso Savings Targets N10bn Capital
From Senator Iroegbn in Abuja, 09.11.2008


Aso Savings and Loans Limited has concluded plans to raise its capital base from N2 billion to N10 billion in the short term, and subsequently shor it up N100 billion.

This revelation was made at its annual general meeting where the shareholders and board of directors unanimously agreed to expand the financial and assets base of the company.
In his welcome address, the Chairman, Board of Directors, Dr. Abdul Mukhtar, said that the bank has grown its gross earnings by a resounding 257 per cent over the previous year, from N.9 billion to over N7.0 billion.

According to Mukhtar, the trail blazing performance was a direct fall out of the recapitalisation exercise combined with dynamic initiatives embarked upon by the management to take advantage of the market opportunities.
“Our bank recorded a profit before tax and profit after tax position of N1.3 billion and N1.0 billion respectively compared to N286 million and N276 million respectively posted in the previous year, and the bank is posting nine-digit figures, with shareholders funds in excess of N5.5 billion over previous years result”, he explained.

In the same vein, the Managing Director/Chief Executive Officer of the bank, Hassan Usaman, noted that the year under review was of mixed fortunes in the international market, with notable mortgage melt down, which impact was not however, felt in Nigeria ’s financial sector as a result of our partial integration into the global economy..

With an outstanding records in its operations and financial performance, posting the first nine-digit PAT figure in its history, the company was able to garner N1.061 billion as against N276.618 million;, gross earnings was over N7.0 billion as against N1.9 (representing a 257 per cent growth); 2, 067 per cent increase of shareholders funds from a negative position of N256 million to over N5.0 billion due mainly to the success of the private placement; and a total assets of N67.2 billion as against N43.8 billion in the corresponding period.

Speaking to THISDAY, Usman noted that there were other firsts recorded by Aso Savings in the year under review which include the successful deployment of robust Temenos application, which made Aso the first financial institution to successfully deploy this internationally acclaimed software in Nigeria . “The banks presence will soon be felt all over Nigeria as we are planning to expand beyond Abuja to all the 36 state of the Federation in the next 18 months. As I speak, we already have a branch in Kaduna and Minna, Kano, Port Harcourt and Lagos will follow next month, Onitsha to be open on November with other states to follow suit next year”, he added.

Similarly, the Coordinator of Independent Shareholders Association, Sir Sunny Nwosu, was of the opinion that investing in mortgage banks, especially Aso Savings and Loans is a viable business because Nigeria is a growing market with less than 20% of the population as house owners.
Nwosu in concert with the shareholders urged the company to expand its tentacles through public offer in order to raise the proposed capital and financial base.

Moreover, the company has set up a new risk management and corporate governance framework, designed in collaboration with KPMG, with efforts made to reduce the percentage of non-performing loans from 8 per cent to 3 percent.
Further resolutions reached at the meeting include a final dividend of 50 kobo per ordinary share to be paid immediately to shareholders, injection of capital into the company and approval of remuneration of the board of directors.

[faoogoke]

Can someone explain why Aso savings is in the REITS section of the forum? Moreoso when Union Homes is not there. Moderators kindly rectify this.

[billions]

ASO SAVINGS AND LOANS PLC
9 MONTHS ENDED 31-12-2008
FORECAST PPROFIT AND LOSS ACCTS INFORMATION
2008
TURNOVER N8.229m
PROFIT BEFORE TAXATION N2.188m
FORECAST TAXATION (N656.525)
PROFIT AFTER TAXATION N1.531m

[billions]

ASO SAVINGS AND LOANS PLC
6 MONTHS ENDED SEPTEMBER 30, 2008
2008 2007 %CHANGE
GROSS EARNINGS N5.340b N3.012b 77.28
PROFIT BEFORE TAXATION N1.458b N671.239m 117.35
TAXATION (N437.683m) (N114.272m) 283.02
PROFIT AFTER TAXATION N1.021b N556.961m 83.36