Texaco Nigeria changes name to Chevron Oil Nigeria Plc
Category: Daily & Weekly Market Updates
TEXACO Nigeria Plc, one of the major petroleum marketing companies quoted on the Nigerian Stock Exchange, has changed its name to Chevron Oil Nigeria Plc, following a recommendation by the directors of the company.
Also, the company under the new identity presented its unaudited result for half year ended June 30, 2006, which showed an after-tax profit of N927.23 million up from N519.53 million in the same period in 2005, on a turnover which rose from N23.91 billion in 2005 to N33.83 billion in the review period.
In another development, the number of Federal Government Bonds listed on the Nigerian Stock Exchange increased last week to 32 with the listing of the five-year N26.86 billion Federal Government Bond 2011 series 13 with coupon rate of 12.99 per cent.
Also, in another development, Sterling Bank Plc\'s share capital was reconstructed last week, following the recommendation of the board of directors.
The bank\'s issued shares were reduced from 21.1 billion units at N2.80 per share to 10.55 billion units at N5.60 per share, which led to the lifting of the technical suspension on the bank\'s share price.
With the development, the bank\'s share price would be able to move freely and investors will enjoy capital appreciation.
Meanwhile, five other companies presented their scorecards to the Nigerian Stock Exchange last week.
By the results, 7-up Bottling Company Plc in its financial year ended March 31, 2006 recommended a dividend of N1.25 per share and a bonus of one new share for every four already held, with the closure of register slated for October 9, 2006 and payment date of November 29, 2006.
Intercontinental Bank Plc\'s audited result for the half year ended August 31, 2006 showed a gross earnings of N33.93 billion up from N13.62 billion in 2005, culminating in an after tax profit which stood at N6.34 billion compared with N3.32 billion in 2005.
The directors have recommended a dividend of 30 kobo per share, but the date for the closure of register and payment would be advised later.
Unic Insurance Plc in its audited result for the year ended December 31, 2005 showed a gross premium of N1.35 billion up from N1.3 billion in 2004, which culminated in an after tax profit of N291.21 million in 2005 over N222.8 million in 2004.
The directors have recommended a dividend of 11 kobo per share and payment date is November 6, 2006.
The same Unic Insurance Plc also posted an after-tax profit of N182.6 million in the half year June 30, 2006, over N96.1 million in 2005, on a gross premium which rose from N638.85 million in 2004.