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Fidson Healthcare, Okomu Oil unveils agenda for 2010

Category: Investors NewsBeat

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Fidson Healthcare, Okomu Oil unveils agenda for 2010

Fidson Healthcare, Okomu Oil Palm and Equity Assurance Plc, last week, presented proposed 2010 first quarter turnover to the council of Nigerian Stock Exchange (NSE).

According to Fidson Healthcare Plc, for the first quarter ending March 31, 2010, the company forecasts turnover of N5.1billion and profit after tax of N360.82 million. Okomu Oil Palm Plc said it has set things in place aimed at realising not less than N1.9 billion turnover and profit after tax of N535.93 million during the first quarter ending March 31, 2010.

Also, Equity Assurance Plc has concluded plans to generate gross premium of N1 billion and profit after tax of N129.7 million during the first quarter ending March 31, 2010. Meanwhile, Continental Reinsurance Plc has presented its unaudited financial performance for the third quarter ended September 30, 2009, to the council of the NSE.

The result showed that the company recorded gross premium of N5.3 billion against N3.9 billion in the comparable period of 2008. Loss after tax, however, stood at N307.2 million compared to profit after tax of N180.61 million in 2008.

The company's board of directors explained that the poor performance was caused by increased provisions on technical reserves in line with international best practices and debtors balances totaling N784.9 million and by elimination of N632 million in the value of quoted shares.

"These provisions are aimed at improving business and asset quality and consequently profitability in the long run," said Continental Reinsurance. Also, in its audited result for the year ended April 30, 2009, HIS Nigeria Plc declared a turnover of N11.3 billion up from N7.3 billion in 2008.

Profit after tax also within the period increased to N1.1 billion compared with N758.2 million in 2008. The board of directors is recommending a dividend of N0.05 per share. The date of closure of register of members is January 18, 2010, while payment date is February 12, 2010.

Unaudited turnover of Flour Mills of Nigeria, for half-year ended September 30, 2009, indicates N81.6 billion, as against N80.9 billion in the comparable period of 2008, while profit after tax went up to N4.9 billion from N2.5 billion in 2008.

Also in its unaudited result for the third quarter ended September 30, 2009, National Salt Company of Nigeria declared turnover of N6.5 billion, as against N5.7 billion in 2008. Profit after tax stood at N1.4 billion compared to N1.1 billion in 2008.

While briefing the NSE, Nigerian Bottling Company Plc said that the company's unaudited result for the third quarter shows turnover of N64.8 billion as against N56.5 billion. It added that profit after tax and extra-ordinary items stood at N2.3 billion compared to profit after tax of N974 million in 2008.

Also within the period, FTN Cocoa Processors Plc declared unaudited turnover of N901.04 million, up from N704.73 million in the previous year. Profit after tax, however, dropped to N205.7 million from N209.85 million in 2008. Berger Paints Nigeria Plc and Academy Press Plc announced N1.7 billion and N1.1 billion respectively with profit after tax of N127.9 million and N16.74 million.

(Source: Guardian) 

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