O.T. First Bank, Conoil, others lead price gainers, present scorecards
By Gbenga Agbana
APPARENTLY reacting to the full year results of First Bank of Nigeria Plc and Conoil Plc released recently, investors have embraced their shares, thus enhancing their share prices.
For instance, First Bank of Nigeria Plc led on the week's gainers' chart, up by 636 kobo to close at N46.76 per share, while Conoil Plc garnered 250 kobo to close at N66.50.
By the results released to the Nigeria Stock Exchange recently, First Bank of Nigeria Plc's after tax profit and extra-ordinary items including amortisation and goodwill stood at N18.4 billion, over the profit after tax, exceptional items and extra-ordinary items of N15.4 billion in 2006.
The directors are recommending a dividend of N1 per share and a bonus of one for six, with August 20,2007 as the date of closure of register and September 3, 2007 as payment date.
The bank's yearly general meeting has been scheduled to hold on August 30,2007 at Transcorp Hilton Hotel, Abuja.
The technical suspension hitherto lifted on the bank's share price was lifted recently following the two weeks allowed by the stock exchange, after the closure of the just concluded public offer and rights issue.
By the result of Conoil released also recently, the company's after tax profit stood at N2.81 billion over N2.62 billion in the year ended December 31, 2005 on a turnover which rose from N73.53 billion in 2005 to N90.52 billion in 2006.
The directors have recommended a dividend of 275 kobo per share with August 3, 2007 as date of closure of register.
Also, the results of Northern Nigeria Flour Mills Plc was released recently, showing a loss after tax of N104.41 million in the year ended March 31, 2007 as against a profit after tax of N55.1 million in 2006, on a turnover which dropped from N4.9 billion to N4.8 billion.
The directors was of the opinion that the unsatisfactory performance resulted from rising cost of production inputs coupled with stiff competition and weak consumer demand.
However, management effort in cost control and increase in the selling prices of products combined with aggressive marketing drive have started to impact on results.
