The nationalized banks – Bank PHB, Spring Bank and Afribank as a result of the Mallam Sanusi Lamido Sanusi’ bank audit carried out in 2009 currently remain an entity wholly owned by Asset Management Company of Nigeria (AMCON).
1H'14 revenue declines by 1.3% y/y. In its six months to June 2014 result, Unilever Nigeria recorded a decline of 1.3% y/y in revenue to N29.28billion compared with N29.67billion in 2013. Also, the reported revenue is lower than our estimate of N29.78billion by 1.7%. On a quarterly basis, the company posted revenue of N15.45billion in 2Q2014, down by 0.1% compared with the revenue of N15.43billion recorded in 2Q2013 and higher by 11.7% against N13.83billion reported in 1Q2014. Similarly, the reported revenue in 2Q2014 is lower than our estimate of N15.94billion by 3.1%.
In its recently released half year scorecard, Berger Paints Nigeria Plc. declared revenue of NGN1.23bn, representing a 1.21% turnover growth from H1:2013 (vs. 3.00% year-on-year decline in turnover as at Q1:2014). Consequent on management's commitment towards increased production and operating efficiency through reduction in costs, the company recorded a 9.22% decline in cost of sale which aided the 17.71% growth in gross profit. Operating expenses however grew by 12.94% even as OPEX margin advanced to 39.11% from 35.05% in H1: 2013. Thus, Profit after Tax stood at NGN0.110bn (6.51% growth from erstwhile period). On the back of improving production efficiency...
1H'14 revenue increases by 5.7% y/y. In its six months to June 2014 results, Nigerian Breweries reported an increase of 5.7% in sales revenue to N141.50billion compared with N133.81billion in 2013. Our analysis of the results indicate that the growth rate recorded in the review period is lower than the 6.8% and 7.4% recorded in 1Q'14 and 2Q'13 respectively. On a quarterly basis, the company posted sales revenue of N72.52billion in 2Q�14, up by 5.1% and 4.7% against N68.98billion and N69.24billion respectively recorded in 1Q�14 and 2Q�13. On the contrary, the 2Q�14 revenue is lower than our estimate of N75.47billion by 3.9%.
Today, AIRSERVICE recorded a renewed and fresh moderate bargain tendency to retrace from 10weeks low at N2.03kobo, following the unrelenting sell-down activities witnessed towards the stock, shedding -36.90% so far in the year.
Today, UNILEVER experienced a continued negative sentiment, recording -5.00% loss to extend the recent sell-down pattern as both investors and shareholders displayed strong negative sentiments towards the stock.
Continental Reinsurance Plc notified The Nigerian Stock Exchange that it has been granted a license to open a subsidiary in Gaborone, Botswana. The new Company will operate and be known as Continental Reinsurance Company Limited, Gaborone, Botswana.
Lafarge Cement Wapco Nigeria Plc has notified The Nigerian Stock Exchange that its parent company, Lafarge SA (France) and Holcim Ltd (a company organised under the laws of Switzerland) has announced the formal signing of the combination agreement, markin
Continental Reinsurance Plc notified The Nigerian Stock Exchange of a potential divestment by ECP Africa Fund II PCC and its partners (the ECP Fund II Consortium) of their interests in C-Re Holding Limited. C-Re Holding is a Mauritius-based limited liabil
Ecobank Transnational Incorporated (ETI) notified The Nigerian Stock Exchange that EBI Investment Corporation Kenya Limited, a subsidiary of Ecobank Capital, has been granted an investment bank license by the Capital Markets Authority in Kenya. Ecobank Ca
Nestle Nigeria Plc notified The Nigerian Stock Exchange that its Board of Directors will meet on Friday, 25th July 2014 to consider the half-year results of the Company for the period ended 30th June 2014.
Please be informed that further to the application for a Rights Issue of 6,300,000,000 ordinary shares of 50 kobo each at N1.85 per share, by Champion Breweries Plc, the applicable dates have been fixed
Today, MOBIL recorded a sustained and active bargain pattern to end the session with a moderate gain of +5.10% with break-away rally, extending the moderate gaining streak in the recent weeks as bargain appetite from both the investors and shareholders c
Today, NASCON recorded a significant surge in its bearish volume by 656.85% amid moderate loss of -2.40%, extending the 6weeks sell-down pattern as sentiments towards the stock remained unfavourable to hit new 14months low. An indication of weak investo
Today, FIDELITYBK experienced a continued sell-down pattern, recording moderate loss of -0.50% to extend the prolonged pessimistic trading pattern despite the recent active bargain tendency displayed on the Nigerian bourse.
Today, UNILEVER recorded an astronomical growth in its bearish volume while its price shed weight by -2.40% to extend the downtrend as both the investors and shareholders maintained negative sentiments towards the stock.
Oando Energy Resources Inc. (TSX: OER), a company focused on oil and gas exploration and production in Nigeria, today announced that it has completed the acquisition of Medal Oil Company Limited (Medal Oil).
Caverton Offshore Support Group Plc notified The Nigerian Stock Exchange that as part of its repositioning plans, Caverton Helicopters, a subsidiary of Caverton Offshore Support Group Plc (COSG), has named Captain Josiah Choms as its new managing director
Tantalizer Plc was once regarded as one of the leading Nigerian fast food restaurant chain in the country before influx of other bigger brands in the industry. The firm raised money from the public through private placement and IPO for business expansion
Today, FCMB experienced a continued moderate sell-down pattern, recording a loss of -2.10% to extend the recent downtrend as investors maintained pessimistic postures despite the improved bargain tendency observed on the Nigerian bourse.
Following Ashaka Cement's (Ashaka) Q1 2014 results which came in ahead of our estimates, we have increased our EPS forecasts by about 46% on average over the 2014-15E and our price target by 58% to N28.3. Despite the upward revisions to our price target,
BOC Gases Nigeria Plc has notified The Nigerian Stock Exchange that at the meeting of the Directors of the Company held on Wednesday, June 25, 2014 it was resolved that the exit date for Mr. J.A. Idowu, the retiring Managing Director, be extended to July
Today, TRANSCORP recorded a moderate gain of +5.00%, sets to breakout of consolidation pattern to extend the 9 weeks gaining streak as bargain sentiments towards the stock remained positive in the recent sessions.
At the Annual General Meeting (AGM) of Ecobank Transnational Incorporated (Ecobank or the Group), held at the Group headquarters in Lom yesterday, all the ordinary resolutions were duly passed. This included the appointment of Mr. Emmanuel Ikazobo
Today, JAPAULOIL experienced a continued negative sentiment, recording -3.60% loss to extend the recent price correction pattern as both investors and shareholders displayed strong speculative tendency towards the stock.
Today, Custodian and Allied Insurance Plc recorded moderate gain of +4.30% with an upper breakout to extend the uptrend in the week with corresponding bullish volume as bargain appetite towards the stock appeared very strong. The stock recorded new 52week