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SCOA, Afromedia Declare Dividends



Shareholders of SCOA Nigeria Plc and Afromedia Plc are starting 2010 on a positive note following dividends recommended by the two companies.  



SCOA Nigeria that used to be one of the leading conglomerates but had to restructure its operations several times due to difficult operating environment, declared a dividend of 10 kobo per share for the year ended December 31, 2008. Also, the only out-of-home media firm listed on the Nigerian Stock Exchange (NSE) last year, Afromedia Plc, has declared a dividend of five kobo for the year ended September 30, 2009.



Financial information on SCOA Nigeria Plc showed that the company posted a turnover of N3.045 billion in 2008 as against N2.745 billion in 2007. Profit after tax and exceptional items stood at N231.91 million compared with N822.5 million in 2007. 



The company explained that the exceptional items represent net profit on disposal of property, interest charges and penalties waived by banks. Following the performance, the Board of Directors has recommended a dividend of N0.10 per share. The date of closure of register of members is January 13 2010 while payment date is February 23, 2010. 



For Afromedia recorded a turnover of N2.396 billion for the year ended September 30, 2009, up from N1.956 billion in 2008. Profit after tax stood at N340.8 million compared with N438.52 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 February 5 2010 while payment date is April 1, 2010. During the listing of the company last year, the Managing Director of Afromedia, Mr. Akin Olopade, said one of the reasons was to  build value for our investors.



“We have 8,700 investors before we came to the market to list. We want their investment to grow and appreciate and we know that this can happen when we come to the Stock Exchange,” he explained.


Meanwhile, soft drink bottling firm, Seven-Up Bottling Company Plc posted improved half year result ended September 30, 2009. The company posted a turnover of N17.853 billion as against N15.215 billion in the comparable period of 2008. Profit after tax rose from N801 million in 2008 to N853.71 million in 2009. 



However, Incar Nigeria Plc reported a loss for its third quarter ended September 30, 2009. The company posted a turnover of N125.51 million, as against N132.81 million in the corresponding period of 2008 but ended with a loss of N32.7 million compared with profit after tax of N7.1 million in 2008



(Source: ThisDay)

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