Capital Hotel, Okomuoil, five others post N4.14bn profits
By Lazarus IBEABUCHI
ABUJA: A total of seven quoted companies on Tuesday released their various unaudited financial statements to the investing public through the Nigerian Stock Exchange with cumulative profit totaling N4.137 billion.
Among the seven companies were an agric/agro-allied giant, Okomuoil Plc and a hospitality firm capital Hotel Plc. Two insurance companies – Lasaco Assurance and Oasis Insurance Plc, quick food service company, Tantalizers Plc, including paint manufacturing company, Portland Paints and University Press also presented their various score cards for the nine and six month period.
A peep into the results showed a mixed performance as most of companies’ results showed declining trend, besides Tantalizers that closed the period on negative position.
A breakdown showed that Okomu oil Plc’s recorded abysmal performance across all major indicators with gross earning dropping to N7.956 billion from N8.017billion in 2011, while the company’s gross profit fell to N5.477billion from N5.929billion in the corresponding period of 2011. Similarly, the after tax profit went down to N3.061billion from N3.789billion reported in equivalent period of 2011.
The cost of sales went up slightly from N2.087billion in 2011 toN2.479 billion in the review period.
Capital Hotels also registered decline across all major indicators. The gross earnings for period slipped to N3.27 billion from N3.54 billion in 2011; profit before tax nose-dived to N727.46million, compared to N791.59 million in corresponding period of 2011, while profit after tax went down to N727.46 million from N791.59 million in the corresponding period of 2011.
For the quick service restaurant firm Tantalizers Plc, the financial results for the nine month period was also on the decline as revenue for the period declined to N3.17 billion, as against N3.42 billion in 2011.The gross profit for the period went down to N1.38 billion compared to N1.65 billion recorded in 2011. Tantalizer recorded loss after tax of N242.66 million down from N28.63 million profit achieved in the same period of 2011.
While Portland Paint Plc recorded increase in revenue for the nine month period, the post tax profit nose-dived. The company’s revenue for the period stood at N2.08 billion, as against N1.73 billion in 2011. Gross profit rose to N877.38 million compared to N749.87 million, while profit after tax went down from N139.87 million in 2011 to N76.71 million. The cost of sales was on upward trend, rising to N1.20 billion from N981.93 million in the same period of 2011.
However, University Press Plc, which posted six months result, showed slight improvement as revenue for the review period rose to N1.39 billion in comparison to N1.26 billion. Profit after tax stood at N242.22 million as against N229.86 million in 2011.
Lasaco Assurance’s net premium went down to N1.44 billion from N1.86 billion; profit before tax slumped to N199.78 million from N469.53 million, while profit after tax equally fell to N100.27 million from N352.3 million in 2011.
On the other hand, Oasis Insurance achieved significantly good result, recording gross premium of N1.414 billion, in comparison to N1.28 billion reported in 2011. Similarly, the company’s profit after tax rose to N171.55 million in comparison to N45.98 million achieved in the same period of 2011.