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Nigerian Wire returns to profitability, posts N2.8mn profit

By Michael Eboh
FOLLOWING seven years of unimpressive financial performance, Nigerian Wire Industries Plc (NIWIL) finally returned to profitability, as it posted a profit after tax of N2.8 million in 2008 financial year.

The company, according to the Nigerian Stock Exchange’s (NSE) Factbook for the year 2008, had last declared profit in its year 2000 financial results, when it announced a profit after tax of N0.68 million. The company, in its five year financial summary, recorded a loss after tax of N37.3

President Yar Adua
President Yar Adua

5 million, N39.86 million, N9.51 million and N18.97 million, in its 2003, 2004, 2005 and 2006 financial years.

According to its audited year end, December 31, 2008, financial results released to the NSE, last week, the improvement in its bottom line was in comparison to its loss of after tax of N14.5 million recorded in its 2007 financial year.The company, however recorded a 68.5 per cent growth in its turnover in its 2008 financial results, from N319.4 million in 2007 to N538.2 million in the year under review.

Also, in its 2007 audited financial results released to the NSE, it posted a turnover of N319.4 million as against N246.42 million in 2006, while its loss after tax and exceptional items stood at N14.5million compared with N19 million in 2006.Neimeth International Pharmaceuticals Plc, in its audited result for the year ended, March 31, 2009 released to the NSE last week, posted a turnover of N1.87 billion as against N1.95 billion in 2008, it, however announced a loss after tax of N455.21 million compared with a profit after tax of N98.3 million in 2008.GTBank Plc, in its unaudited result for the third quarter ended, September 30, 2009, declared a gross earnings of N114.50 billion compared with N66.53 billion in the comparable period of 2008, its profit after tax stood at N18.18 billion compared with N17.73 billion in 2008.The bank announced an exceptional item of N24.97 billion which was reported as loan loss expense during the period.

In its unaudited result for the half year ended, June 30, 2009 Crusader (Nigeria) Plc announced a gross earnings of N2.95 billion as against N2.09 billion in the comparable period of 2008, its however, posted a loss after tax stood at N55.2 million compared with a profit after tax of N706.01million in 2008.

Champion Breweries Plc, in its unaudited result for the half year ended 30th June 2009 recorded a turnover of N642.1 million, as against N744.94 million in the comparable period of 2008. It posted a loss after tax of N71.73 million compared with N276.2 million in 2008.

In its audited result for the year ended December 31, 2008, Law Union & Rock Insurance Plc, posted a gross premium of N3.71 billion as against N2.51 billion in 2007, while it announced a loss after tax and exceptional items of N93.04 million compared with a profit after tax of N311.3 million in 2007.


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