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Ecobank records 71% drop in PAT

By Michael Eboh

….Chevron posts N225m loss

Ecobank Nigeria Plc  announced a not too impressive financial performance for its 2008 financial year, released last week. It recorded a significant decline in its bottom line, as its Profit After tax (PAT) dipped by 71.43 per cent.
This was in spite of the rise in its gross earnings and other financial indices. The bank posted a gross earnings of N55.16 billion in its year end, December 31st, 2008 financial statement, representing an appreciation of 68.62 per cent from N32.71 billion recorded in 2007.


Its profit after tax and exceptional items dropped to N2.13 billion from N7.45 billion recorded in the previous year.

However, in the report released by the company to the Nigerian Stock Exchange (NSE), no mention was made of the amount to be paid out as dividends or if they will be any distribution in form of bonus to its shareholders.
Also, the bank did not disclose the reasons for the huge drop in its profit after tax and exceptional items despite the significant increase in its gross earnings. It only announced the date for its closure of register, which is July 10, and the date for its annual general meeting, scheduled to hold July 27.

In the week under review, Chevron Oil Nigeria Plc, also announced its year end 31st December, 2008, financial result, declaring a turnover of N48.69 billion, dropping by 32.96 per cent from N72.63 billion recorded in its 2007 financial year, it posted a loss after tax of N225.42 million compared with a profit after tax of N1.96 billion recorded in 2007.

The company blamed the loss on the industrial action embarked upon by its employees, both in the Transport unions and other unions. It disclosed that the industrial action which lasted about five months, caused serious disruptions in its operations, necessitating the not-too-impressive performance.

African Petroleum Plc in its audited result for the year ended 31st December 2008 posted a turnover of N162.6 billion as against N102.5 billion recorded in 2007, while its profit after tax stood at N7.15 billion compared with profit after tax and exceptional items of N7.08 billion in 2007. The company is proposing a dividend of N5.20 per share.

May & Baker Nigeria Plc posted a turnover of N5.44 billion as against N3,86 billion in 2007 in its audited result for the year ended 31st December 2008, while its Profit after tax and exceptional items stood at N418 million compared with profit after tax of N208.32 million in 2007. It is recommending a dividend of N0.40 per share.
In its audited result for the year ended 31st December 2008, Associated Bus Company Plc declared a turnover of N3.96 billion compared with N3.2 billion in 2007, its profit after tax and exceptional items stood at N167.12 million compared with profit after tax of N141.25 million in 2007. The company’s Board of Directors is recommending a dividend of N0.10 per share.

Staco Insurance Plc’s audited result for the year ended 31st December 2008, shows gross premium of N4.38 billion as against N2.81 billion in 2007, its profit after tax stood at N542.42 million compared with N758 million in 2007. Despite the drop in its profit after tax, is recommending a dividend of N0.02 per share and bonus of one for 10 for its shareholders.


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