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Dangote Sugar, Eterna, others submit report to NSE

Category: Corporate Earnings

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Dangote Sugar, Eterna, others submit report to NSE


By Moses Ebosele


SEVEN quoted companies, last week, presented their scorecards to the council of the Nigerian Stock Exchange (NSE) and their shareholders.


The companies in the various report explained their financial ratings as at December 2008 and the first quarter of 2009.


Precisely, Dangote Sugar Refinery Plc explained that its audited result for the year ended December 31, 2008 indicates a turnover of N80.671 million as against N80.649 million in 2007.


Profit after tax, according to the company is N21.871 million compared with N21.478 million in 2007.



The board of directors are however, recommending a final dividend of N0.35 per share.


The date of closure or register of members is June 17, 2009 while payment date is July 3, 2009. The stock price had on August 29, 2008 been adjusted for an interim dividend on N0.85 per share, thus bringing the total gross dividend to N1.20 per share.


Also, Eterna Plc unaudited result for the first quarter ended March 31, 2009 shows a profit after tax of N15.73million.


Following numerous complaints received from shareholders of Eterna Plc that they did not receive their rights circular to exercise their rights under the just concluded hybrid offer of the company, Securities and Exchange Commission (SEC) last week directed the company to reopen the offer. The rights issue will now reopen from 25th May to 12th June,2009.


In April this year, Eterna Plc received the nod of the regulatory bodies to open its hybrid offer of shares to the public. The hybrid offer, which saw the company offering for subscription 287 milion ordinary shares of 50 kobo each at N11.50 per share and a rights issue of 533 million ordinary shares of 50 kobo each at N9.95 per share, opened on April 22nd and closed on 30th April, 2009 for only eight days.


However, the reopening of the offer by SEC followed the clamour of existing shareholders that majority did not receive the rights circular to enable them take up their allotment.


The registrars have since dispatched all the rights circulars to all existing shareholders and now advise anyone who is yet to receive theirs to contact the company's head office, the issuing houses, Messrs Radix Capital Limited and Meristem Securities Limited or the registrars, Meristem Registrars.


Commenting on the development, the Managing Director of Eterna, Mr. Ibrahim Boyi, stated that the shareholders' complaints, which in effect is to enable them maintain and in some cases, increase their stake in the company is a positive development and is expressive of their confidence in the company's board and management.


He further stated it was proof that discerning investors have identified the medium and long-term potential value of the company's shares, irrespective of the current meltdown of the capital market.


Boyi explained recently that the hybrid was being undertaken to secure the growth of the company by providing the capital required for procuring key distributive facilities and upgrading existing key coastal and inland product storage terminals.


According to him, the net proceeds of the offer would also enable the company to upgrade existing lubricant plant, expand retail outlets, provide liquefied petroleum gas and natural gas infrastructure and additional working capital to cope with rapid expansion in operations.


Meanwhile, Julius Berger Nigeria Plc audited result for the year ended December 31, 2008 shows turnover of N114,028,62 million as against N79,073.9 million in 2007.


Profit after tax stood at N2,508.3 million compared with N1,768,25 million in 2007.


The board of directors is recommending a dividend of N1.75 per share. The date of closure of register of members is August 4, 2009 while payment date is August 18, 2009.


Glaxo Smithkline Consumer Plc unaudited result for the first quarter ended March 31, 2009 shows a profit after tax of N593.93 million compared with N405.9 million in 2008.


LASACO Assurance Plc unaudited result for the first quarter ended March 31, 2009 indicates profit after tax of N394.33 million compared with N232.2 million in 2008.


Fidson Healthcare Plc also presented an unaudited result for the third quarter ended 31st March 31, 2009, which indicates a profit of N364.7 million compared with N268.95 million in 2008 while Abbey Building Society Plc unaudited result for the half year ended April 30, 2009 contains turnover of N736.32 million, against N422.52 million in the comparable period of 2008. Profit after tax stood at N287.73 million compared with profit before tax of N88.61 million in 2008.


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