Proshare NI

October 08, 2008 at 19:00 GMT

Primary Mortgage Institution (PMI) Abbey Building Society Plc is set to list 4,200,000,000 billion Ordinary Shares on the Floor of the Nigerian Stock Exchange (NSE).

The mortgage company started business with an initial authorised share capital of N5.0 million divided into 5,000,000 Ordinary Shares of N1.00 each.

Ifeanyi Ochonogor, Chairman of the company affirms that the above initial authorised share capital have increased consistently following the growing volume of business.

“Currently, the authorised share capital of the company is N3.5 billion divided into 7.0 billion Ordinary Shares of 50 Kobo each� Ochonogor said.

Abbey’s 10 months unaudited results as at August 31, 2008 shows that the company’s Gross Earnings for the 10 month period increased from N509.8 million in year 2007 to N871.6 million in the same period of year 2008 indicating an increase of 71 percent in the review period.

While Profit before Tax (PBT) also grew significantly from N137.6 million in the 10 months period of year 2007 to N229.4 million in the same period of year 2008 representing a growth of 67 percent.

In the same vein, audited Five Year Financial Summary ending October 31 shows that Gross Earnings of Abbey rose from N73 million in year 2003 to N603 million in year 2007 showing a rise of 726 percent in the review period.

PBT also grew from N63.433 million in year 2003 to N144.888 million in year 2007 indicating a growth of 128 percent growth.

Profit after Tax (PAT) also rose from N44.835 million in year 2003 to N111.292 million in year 2007 representing a rise of 148.22 percent in the review period.

However, as at the time of filling in this report, Proshare NI could not get the detail as regards the price at which Abbey’s shares would be listed and the date of the listing.