Monday, June 25, 2012 / The Analyst / Proshare Research
 

Companies in the NEWS Today – Sovereign Trust Insurance Plc, Scoa Nigeria Plc, Zenith/ C & I Leasing Plc and Access Bank Plc

Sovereign Trust Insurance Plc’s, revenue for year ended 2011 grew by 36 percent as the company also realized its best earnings per share performance first time in five years. The pivotal force being greater operational efficiency and productivity, says the chairman of Soverign Trust Insurance, Ephraim Faloughi who equally attributed the success to the performance effort of the unified Sovereign Trust team and the commitment to structural business strategies aimed at aggressive revenue generation and cost curtailment in the course of the year.

The insurance outfit recorded price decline of -72.34% and -57.26% in 2008 and 2009 respectively while it closed flat in subsequent years. The stock currently trades at the nominal price of 50k while it has recorded flat position so far in 2012. The positive performance recorded in 2011 Audited results, if sustained, can encourages potential investors to take position in the stock.

SCOA Nigeria Plc has recorded a profit after tax of N226.54m in its unaudited result for the financial year ended December 31, 2011. The result represents an increase of 6.5 per cent or N13.89m, from N212.65m recorded in the corresponding period of 2010.

The conglomerates company recorded a whopping +161.34% gains in 2008 while it recorded -27.19%, -6.02% and -33.33% losses in 2009, 2010 and 2011 respectively. The stock’s 2012 performance remains flat as it witnesses no price movement. The firm in its Q3 2011 financials records positive turnover growth and positive PAT growth

C&I Leasing Plc recorded a profit after tax of N133.11m in its audited result for the year ended December 31, 2011. The company’s PAT stood at N133.11m in 2011, from a loss position of N156.92m recorded a year earlier. Its gross income stood at N10.49bn, up from N8.647bn a year earlier.

The leasing firm records +27.03% gains in 2008 while a whopping -326.92% losses were recorded in 2009. The stock further went down by -69.93% and -142.86% in 2010 and 2011 in that order. In 2012, it has recorded -26% YTD losses as the price trades at 50k nominal value. 

Access Bank Plc’s Long-term Issuer Default Rating (IDR) to ‘B’ from ‘B-’ has been upgraded by Fitch Ratings. The ratings upgrade follows the upgrade of Access’s Support Rating to ‘4’ from ‘5’ and the revision of the bank’s Support Rating Floor to ‘B’ from ‘NF’. According to Reuters, the bank’s National Long-term rating was upgraded to ‘A-(nga)’ from ‘BBB-(nga)’ and its National Short-term rating to ‘F2(nga)’ from ‘F3(nga)’. The ratings upgrades reflect Fitch’s view of an increased likelihood of support for Access from the Nigerian authorities if needed.

The bank witnessed -69.26% loss in 2008. It resumed uptrend in 2009 with +7.50% gains while another +25% gain was also recorded in 2010. However, it lost -49.47% in 2011 and with an improvement in 2012, the stock has +27.08% YTD gain.

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