By Michael Eboh
….NEM records 15% growth in PAT
It was mixed fortunes for a number of companies on the Nigerian capital market which presented their financial statements to the Nigerian Stock Exchange (NSE), last week, as Deap Capital Management and Trust Company Plc recorded significant decline in its bottom lines while NEM Insurance Plc recorded significant improvement in its key financial indices among others.
NEM Insurance Plc announced a 56.86 per cent surge in its gross premium, in its audited result for the year ended December 31, 2008, rising from N2.55 billion in 2007 to N4.0 billion, while its profit after tax appreciated by 15.43 per cent, from N399.81 million in 2007 to N461.5 million.
It reported a total of N691.0 million and N495.7 million as diminution in its quoted investments and provision for doubtful accounts, respectively, while it is also recommending a dividend of N0.04 per share.
Deap Capital, on the other hand, recorded a 73.06 per cent dip in turnover, in its half year ended, March 31, 2009, unaudited result, from N755.93 million in the comparable period of 2008, to N203.62 million in the year under review, while it posted a loss after tax of N344.11million compared with profit after tax of N422.32 million in 2008.
Associated Bus Company Plc, in its unaudited result for the half year ended 30th June 2009, recorded a turnover of N1.98 billion compared with a turnover of N1.8 billion in the comparable period of 2008. Its profit after tax stood at N114.74 million compared with N117.02 million in 2008.
Vitafoam Nigeria Plcâ€™s profit after tax dipped by 9.1 per cent in its unaudited result for the third quarter ended 30th June 2009, from N394.5 million in the comparable period of 2008 to N358.6 million in the year under review, its turnover, however, rose by 20.6 per cent from N5.97 billion recorded in 2008 to N7.20 billion.
Presco Plc, in its unaudited result for the half year ended 30th June 2009 posted a turnover of N2.02 billion, compared with N1.68 billion in the comparable period of 200, while its profit after tax stood at N300.11 million, dropping by 46.89 per cent from N565.1 million recorded in 2008.
University Press Plcâ€™s unaudited result for the first quarter ended 30th June 2009, shows turnover of N159.9 million, compared with N95.2 million in the comparable period of 2008. Loss after tax stood at N37million compared with N18.85 million in 2008.