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Cadbury, Alumaco posts N1.5bn loss, as shares value dips by N40bn

By Michael EBOH & Providence OBUH
Two companies, Cadbury Nigeria Plc, posted unimpressive bottom lines last week, as they both posted a combined loss after tax of N1.5 billion.

The negative bottom lines affected the total market value, as equities value on the Nigerian Stock Exchange (NSE) dropped by N39.66 billion.

In particular, the indices for measuring performance of equities on the NSE, the All-share index and market capitalisation both dropped in the week under review by 0.78 per cent each. The capitalisation which opened the week at N5.076 trillion slipped to N5.036 trillion while the index shed 168.11 basis points to close at 21,349.18 points, from 21,517.29 points at which it opened.

Cadbury Nigeria Plc, in its unaudited result for the third quarter ended, September 30, 2009, released to the NSE, recorded a 7.92 per cent increase in its turnover, rising from N17.55 billion in the comparable period of 2008 to N18.94 billion in 2009, while it posted a loss after tax and exceptional items of N1.27 billion compared with a loss after tax of N1.79 billion in similar period of 2008.
However, it noted that the exceptional items represented severance payments to disengaged staff resulting from the restructuring exercise carried out by the Company during the first quarter of 2009.

Also, Alumaco Plc in its audited results for the year ended, December 31, 2008, posted a turnover of N664.91 million, appreciating by 59.13 per cent from N417.83 million recorded in 2007, while it recorded a loss after tax and exceptional item of N133 million compared with loss after tax of N39 million in 2007.

Oasis Insurance Plc in its unaudited result for the third quarter ended, September 30, 2009 recorded a Gross Premium of N780.31 million, as against N436.8 million in the comparable period of 2008, while it posted a loss after tax stood of N96.55million compared with profit after tax of N121.5 million in 2008.

In its unaudited result for the third quarter ended, September 30, 2009, Cornerstone Insurance Plc posted a Gross Premium of N3.13 billion, as against N2.77 billion in the comparable period of 2008 and a loss after tax of N297.311million compared with N43.1 million in 2008.

Linkage Assurance Plc in its audited result for the year ended, December 31, 2008 recorded a gross premium of N2.25 billion as against N1.47 billion in 2007, while its posted a loss after tax and exceptional items of N156.4 million compared with profit after tax of N274 million in 2007.

The company explained that it had exceptional item of N510.32 million during 2008 to cover the diminution in value of investment.
In response to these unimpressive results, 61 companies recorded share price loss, compared with 32 companies which recorded share price depreciation in the week under review.

Total Nigeria Plc recorded the most share price loss, dropping by N8.00 to close at N152.00 per share, Flour Mills of Nigeria Plc followed with a loss of N1.87 to close at N32.00 per share and Conoil Plc dipped by N1.84 to close at N35.07 per share.

Other share price losers include: Ecobank Nigeria Plc N1.71, Nigerian Breweries Plc N1.60, Eterna Oil and Gas Plc N1.43, Nigerian Bottling Company Plc N1.05, Cement Company of Northern Nigeria Plc N1.03,GTBank Plc N0.84, Seven-Up Bottling Company Plc N0.65 among others.

Julius Berger Nigeria Plc recorded the most share price gain, rising by N2.07 to close at N28.91 per share, UACN Property Development Company Plc followed with a gain of N1.42 to close at N19.42 per share and African Petroleum Plc garnered N1.21 to close at N33.49 per share.

Other share price gainers include: Dangote Flour Mills Plc N1.13, UAC Nigeria Plc N1.06, Union Bank Nigeria Plc N0.79, Benue Cement Company Plc N0.50, First Bank of Nigeria Plc N0.46, Skye Bank Plc N0.42, Vitafoam Nigeria Plc N0.42 among others.

Equity trading in the week under review depreciated by 8.33 per cent as a turnover of 2.2 billion shares valued at N17.2 billion was recorded in 30,275 deals, in contrast to the previous week’s turnover of 2.4 billion shares valued at N14.65 billion in 31,070 deals.

The banking sub-sector dominated the other sub-sectors, accounting for 59.1 per cent of the market turnover, with 1.3 billion shares valued at N10.1 billion in 17,542 deals. Transactions in the sub-sector were driven by activity in the shares of Access Bank Plc, United Bank Africa Plc and First Bank of Nigeria Plc. Trading in the shares of the three banks accounted for 687.2 million shares, representing 53.44 per cent of the sub-sector’s turnover.


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