Afribank Nigeria Plc released its full year financial performance to Mar’08 with a gross income growth of 79% to N49.2bn, whilst growing net profits by 93% to N10.03bn. Net profit margins improved to 20.4%. Management has recommended a twin benefit declaration consisting a cash dividend of N0.50 and stock dividend of one new share for every three previously held. Closure date is September 18, 2008 as investors will receive payment on September 30, 2008. Coupled with the recent market uptrend, investors reacted by increasing demand in the stock as it closed 4.75% higher to N25.70. We expect the uptrend in its share price to continue over the next few days. 

University Press Plc also reported its full year results to Mar’08. The company grew turnover by 38% to N956.9mn and net profits by 49% to N163.5mn. A cash dividend of N0.35 was recommended for investors, who hold the shares till 15th September 2008 as payment is slated for the 25th day of September, 2008. Similarly, the company’s stock appreciated by 4.69% to N7.67 today.