Livestock Feeds Plc led the cream of price gainers on the Nigerian Stock Exchange, NSE last week, rising by 11.16 per cent or N0.24 per share to close at N2.39 per share from N2.15 per share it closed penultimate week. About thirty three equities appreciated during the week under review, higher than twenty two equities of the penultimate week.
Trailing behind Livestock Feeds on the gainers’ chart was Portland Paints and Products Nigeria Plc, rising by 10.11 per cent or N0.45 to close at N4.90 per share from N4.45 per share.
The company in its financial year ended March 31, 2014 recorded a turnover of N2.798 billion, up by 3 per cent from N2.721 billion ibn 2013; Profit Before Tax grew by 164 per cent to N194.297 million from N73.464 million in 2013; Profit After TAX UP BY 159 per cent to N148.643 million from N57.346 million.
Portland Paints had explained why it did not declare dividends for the financial year ended December 2014.
Addressing the shareholders at the Annual General Meeting (AGM) in Lagos recently, the Chairman of Portland Paints, Mr Larry Ettah, said despite the higher profit, no dividend would be paid due to strategic reasons.
“For strategic reasons, the board is not recommending the payment of dividend for the year ended 31st December, 2014 but hoped that with the company’s improved performance, this may not be a challenge anymore.”
According to him, the company was being repositioned for better future performance. This repositioning, he added, would require capital raising.
“We are realigning our portfolio and making strategic shifts where necessary. We will continue to focus on innovation and seek opportunities to introduce new offerings into our portfolio of brands as well as build capacity in our people. In pursuit of plans to improve returns and address the high leverage position of the company and our other business expansion plans, the Board has recommended for your approval a capital raise by way of Rights Issue. The board will therefore be glad to have your kind approval,” Ettah said.
Gainenrs’chart
Cement Company of Northern Nigeria Plc occupied the third position on the gainers chart as it appreciated by 9.52 per cent to close at N11.50 per share from N10.50 per share it closed penultimate week. Cement Company of Northern Nigeria Plc results for the year ended March 31, 2015 shows that revenue dropped by 5.29 per cent to N4.625 billion from N4.883billion recorded in the corresponding period of 2014; Cost of sales dropped by 8.24 per cent to N2.904 billion from N3.165 billion; Profit Before Tax declined by 9.58 per cent to N929.479 million from N1.027 billion; Profit After Tax dropped by 9.58 per cent to N632.046 million from N699.019 million.
University Press Plc occupied the fourth position on the gainers’ chart as it appreciated by N7.49 per cent to close at N6.03 per share from N5.61 per share it closed penultimate week.
The company’s financial result for the year ended MARCH 2014 shows that revenue went up to N2.438 billion from N2.312 billion; Profit After Tax increased to N233.925 million from N260.702 million in 2013. The second quarter results for the period ended September 30, 2014, revealed that University Press Profit After Tax dropped to N315.419 million from N316.872 million; Profit Before Tax stood at N432.217 million from N432.313 million; Cost of sales dropped to N479.966 million from N566.132 million.
Occupying the fifth position on the gainers chart was 7up Bottling Company Plc as it appreciated by 6.09 per cent or N10.90 per share to close at N190.00 per share to close at N179.10 per share.
7up Bottling Company has proposed N1.761, 623,498 for its shareholders for the financial year ended March 31, 2015. The dividend represents N2.75 per share subject to deduction of appropriate withholding tax whose names appear on the register of the members at the close of business on Friday July 10th, 2015. The company has 56th AGM has been scheduled to hold in September, 2015.
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