Hope seems to have returned for shareholders of Nigerian Wire Industries Plc (NIWIL) as the company has announced a N10.1 million profit in its half year financial statement released to the investing community, last week.

This was after seven years of unimpressive financial performance, which saw the company posting losses for four consecutive years — 2003, 2004, 2005 and 2006.

In its half year ended, June 30, 2009, unaudited financial results released to the Nigerian Stock Exchange (NSE), the company’s profit after tax appreciated by 728 per cent from N1.22 million recorded in the comparable period of  2008 to N10.1 million in the period under review.

Its turnover appreciated 24.79 per cent from N246.2 million in the comparable period of 2008 to N307.23 million in 2009.
First signs of its return to profitability were seen in its audited results for its 2008 financial year released to the NSE a couple of weeks ago. In the 2008 result, it recorded a 68.5 per cent growth in its turnover from N319.4 million in 2007 to N538.2 million in 2008, while it posted a profit after tax of N2.8 million, compared with a loss after tax of N14.5 million in 2007.

Also, Nigerian Bags Manufacturing Company Plc (BAGCO), after an unimpressive performance in its 2008 financial year, in its unaudited financial statement for the half year ended June 30, 2009, announced a turnover of N2.43 billion, as against N2.34 billion in the comparable period of 2008, while it posted a profit after tax stood of  N118.14 million compared with N165.93 million in 2008.

Honeywell Flour Mills Plc, in its unaudited result for the half year ended September 30, 2009 announced a turnover of N17.73 billion, as against N14.54 billion in the comparable period of 2008, while it posted a profit after tax of N828.5million compared with N258.1 million in 2008.

National Sports Lottery Plc in its unaudited result for the third quarter ended September 30, 2009 announced a turnover of N673.81 million, as against N94.45 million in the comparable period of 2008, its profit after tax stood at N41.1million compared with N1.13 billion in 2008.

In its unaudited result for the third quarter ended, September 30, 2009, Lafarge Cement WAPCO Nigeria Plc announced a turnover of N35.09 billion, as against N31.94 billion in the comparable period of 2008, its profit after tax stood at N6.25 billion compared with N7.92 billion in 2008.