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Bagco drops div payout to investors by 100% in 2008

Category: Corporate Earnings

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Bagco drops div payout to investors by 100% in 2008

September 09 , 2008 /PETER OBIORAProshare NI

Nigerian Bag Manufacturing Company Plc (Bagco) has dropped its dividend payout to investors in its 2008 Financial Year End (FYE) by 100 percent.


This was contained in a financial document made available to Proshare NI today in LagosNigeria; following the company’s First Public Annual General Meeting (AGM).


The packaging company dropped its dividend payout by a 100 percent; when you compare the 10 Kobo it gave to investors in year 2007 to 0.5 Kobo offered in 2008 FYE.


John Coumantaros, Chairman of the company in his statement confirmed that the cash dividend amounts to N310.750 million at 0.5 Kobo per Ordinary Share of 50 Kobo each.


As earlier published on Proshare’s website, financial results of Bagco shows that the company posted a Turnover of N11.8 billion in year 2008 from N11.0 billion in year 2007 indicating a slight increase of 7.35 percent in the review period.


Profit before Tax (PBT) declined from N1.206 billion in year 2007 to N920.144 million in year 2008 showing a decline of 24 percent.


While Profit after Tax (PAT) also dropped significantly from N1.1 billion in year 2007 to N303 million in year 2008; indicating a drop of 71.21 percent in the period under review.


Coumantaros in his statement affirmed that the write-off in respect of cost relating to the company’s Initial Public Offer (IPO) which include a one-off payment of stamp duties and registration fees amounting to N66 million had a negative impact on Bagco.


As earlier reported by Proshare NI, Bagco on April 09, 2008 listed 1.865 million Ordinary Shares of 50 Kobo each at N3.90 Kobo per share on the Floors of the Nigerian Stock Exchange (NSE).

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