May 31, 2005/Source The Guardian
Nigerian Stock Exchange\'s official list and market capitalisation swelled last week with the supplementary listing of 73.6 million shares added to the shares of Cement Company of Northern Nigerian Plc (CCNN), following the bonus issue of one new share for every ten shares already held by existing shareholders as recommended by the directors of the company.
Besides, six companies presented their audited results to the Nigerian Stock Exchange and Stockbrokers last week, raising hopes of soonest subdue of the bears by the bulls in the equities sector.
For instance, the audited results of Ashaka Cement Plc for the year ended December 31, 2004 indicated an after tax profit of N3.4 billion, indicating a N1.3 billion or 61.9 per cent increase over N2.1 billion recorded in the same period in 2003, over a turnover which rose from N10.2 billion in 2003 to N12.3 billion in the review period.
Consequently, the directors have recommended a dividend of 285 kobo per share and a bonus of new shares for every three shares already held.
For Guaranty Trust Bank Plc, the story was the same, as the banks after tax profit and minority interest stood at N5.4 billion up from N4.1 billion in 2004, over a gross earnings which rose from N18.9 billion in 2004 to N25.4 billion in the full year ended February 28,2005.
The directors have recommended a dividend of 45 kobo per share, and the closure of register for members in June 1, 2005.
Trans International Bank Plc has also announced an after tax profit of N510.4 million for the financial year ended December 31, 2004, over N149.2 million recorded in 2003. Gross earnings rose from N3.4 billion to N4.1 billion and the directors have recommended a bonus of one new share for every three shares already held.
The audited results of DN Meyer Plc indicated a drop in after tax profit from N66.8 million in 2003 to N62.7 million in 2004, over a turnover which rose from N1.8 billion in 2003 to N1.8 billion in 2004.
The directors have recommended a dividend of 20 kobo per share, and a bonus of one new share for every four shares already held.
CFAO Nigeria Plc recorded a different fortune as the company posted a loss of N108.3 million over an after tax profit of N355.7 million in 2003.