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Evans Medical Still in Red

Category: Investors NewsBeat

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Evans Medical Still in Red

By Goddy Egene and Eromosele Abiodun, 06.27.2010 

Shareholders of Evans Medical Plc may wait a bit longer before receiving any dividend as the company remains in the red for the third quarter ended September 30, 2009. Evans Medical had recorded a loss of N490.769 million for the year ended December 31, 2008 due to provision for an exceptional item for past accounting misstatements.

Given the loss in 2008, the company did not pay any dividend while some shareholders were expecting that things may look up soon and the company will return to profitability.However, the  performance of the company for the third quarter ended September 30, 2009 made available by the Nigerian Stock Exchange (NSE) last Friday, indicated that Evans Medical posted a loss of N391 million.

According to the result, the company ended the quarter with a turnover of N2.771 billion as against N2.814 billion in the corresponding period of 2008. But it posted a loss after tax of N391 million compared with a loss of N17.2 million in   the corresponding period of 2008.Disturbed by the N490 million in 2008, the Securities and Exchange Commission (SEC) said early this month that it was investigating the circumstances that led to the dismal results.  Following the failure of the company to submit its 2008 annual report and financial accounts, the firm was summoned by the regulator and in its explanation; Evans Medical Plc said that the delay was due to an “exceptional item amounting to N549.886 million.”

The company explained that   PriceWaterhouse Coopers, Ghana, was invited to investigate the exception item through a forensic audit while the Managing Director of the company, Mr. Kiran Virat and the Finance Director, Alhaji J. B. Alli-Oluwafuyi, were directed  to proceed on leave until after the submission of the final report by the auditors and a final decision is taken on the matter.Consequently, SEC directed   Evans Medical to submit the list of its direct and indirect shareholdings of the Board Members, key officers and related parties from January 1, 2008 till date.

While shareholders of Evans Medical will be without dividend,those of Smart Products (Nigeria) Plc and Goldlink Insurance Plc will receive dividends for the  year ended December 31, 2009.For instance, Smart Products, which is listed in second-tier securities market has recommended a dividend of nine kobo per share while Goldlink Insurance said it would pay shareholders a dividend of two kobo per share. Smart Products ended the year with a turnover of N17.35 million and a profit of N3.51 million while Goldlink Insurance posted gross premiums of N3.229billion and profit after tax of N2.805 billion.


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