Investor's ALERT: Stocks that made headlines today - 070812
Category: Investors NewsBeat
Tuesday, August 07, 2012 / The Analyst / Proshare Research
Companies in the NEWS Today – Conoil Plc, Dangote Cement Plc, and ETI Plc Conoil Nigeria Plc says with the recent acquisition of two new world-class, state-of-the-art bowsers it is set to strengthen its leadership position in the aviation sub-sector of the downstream industry through excellent service delivery to foreign and local airline operators in Nigeria. The company said at the weekend that the bowsers are meant to significantly improve fuelling requirements of aeroplanes, on real-time basis, with a view to guaranteeing better operations and flight take-off time to the delight of air fliers.
The company in its Q2' 12 records unimpressive posture with significant plunge in its PAT by -81.1%, depressing its profit margin to poor state of 0.59% in the face of negative growth in its turnover posture by -4.6%.
Dangote Cement Plc Chief Executive, Devakumar Edwin, says “Our investments at Ibese and Obajana have helped Dangote Cement double shipments of locally produced cement that will help Nigeria towards self-sufficiency. The ramp-up of our new capacity is progressing steadily and we are increasing our distribution network to extend our reach in the market. Edwin made this statements on the announcement of Dangote Cement’s half year results, which grew in pre-tax profit, between January and June 2012 to N71.4 billion by 22.8 per cent increase.
The company recorded commendable profit margin of 50% in its Q2' 12. This indicates good cost management outlook while the company recorded robust turnover growth and strong profitability growth of 26.0% and 24.2% respectively.
Ecobank Transnational Incorporation (ETI), expects to double Nigeria’s contribution to its group profit next year from around 20 per cent after integrating former rival Oceanic Bank, which it bought last year. ETI chief executive, Arnold Ekpe, told analysts at a conference call on Monday that Oceanic Bank had turned profitable after Ecobank acquired the loss-making group in 2011 and spent around $80m integrating it.
The company in its Q2'12 recorded impressive top-line posture as its turnover growth closed at 83.3%. Though, the performance appeared mixed as its bottom-line posture closed weak with a plunge of -4.0%. Nevertheless, the PAT margin remained moderately impressive to close at 12.97%.