NESF pays N128 dividend, GTBank nets N4.7bn profit

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December 26, 2005/Punch


 

 

Investors in the Nigerian Energy Sector Fund are to receive a coupon (dividend) of N128 per note of N889 for the year ended March 31, 2005. The NESF is a unit trust scheme with main focus on the oil sector of the economy.


Managed by NAL Bank Plc, the NESF on Friday recommended a coupon of N128 from the profit of N176.2million recorded for the year as against N56 paid out of a profit of N163.3million in 2004.


According to the fund managers, the coupon will be paid on December 29 to only investors whose names entered its register as at December 23, 2005.


As investors in NESF savour the improved returns, Guaranty Trust Bank Plc has raised the hopes of its shareholders for higher dividend for the ending February 2006.

The bank posted gross earnings of N23.4billion for the third quarter ended November 30, 2005, showing an increase of N6.4billion or 38 per cent above N17billion recorded in 2004. Net profit rose by 52 per cent of N1.6billion from N3.1billion in 2004 to N4.7billion in 2005.


AIICO Insurance Plc also had a very profitable third quarter. The company, which is planning to access the capital market for funds in the New Year, posted gross premiums of N2.2billion for the third quarter ended September 30, 2005, up from N1.15billion recorded in 2004.

However, net profit soared by 254 per cent from N63.5milion in 2004 to N225million in 2005. Shareholders of the company recently approved that fresh funds be raised through a Rights Issue and offer for public subscription to comply with the minimum capital base requirements for insurance companies.


Meanwhile, it was mixed fortunes for member companies in the Leventis Group. While Nigerian Bottling Company Plc recorded marginal dip in profit for the third quarter ended September 30, 2005, A.G Leventis Nigeria Plc and Beta Glass Plc witnessed improved bottom lines.

NBC’s net profit dipped from N3.1billion in 2004 recorded out of a turnover of N33.9billion to N3.04bilion in 2005, made from a turnover of N39.7billion. On the other hand, A.G Leventis posted gross earnings of N4.5bilion in 2005, down from N4.6bilion the previous year. But net profit appreciated by 45 per cent from N148milion in 2004 to N216million in 2005.


Similarly, Beta Glass recorded a profit of N145.4million for the third quarter as against a loss of N16.4million in 2004.

Trading at the stock market attracted an investment of N4.42billion staked on 548.5 million shares in 16,9412 deals last week, compared with N5.88billion invested in 768.4million shares in 18,001 deals during the preceding week.


The Nigerian Stock Exchange All-Share index dipped marginally by 0.03 per cent to close at 23,739.52, the market capitalisation rose to close higher at N2.49trilion.

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