….Fidelity Bank proposes 5 kobo dividend

By Michael Eboh & Chinedu Ibeabuchi

Omatek Ventures Plc has declared a dividend of N147.09 million in its 2009 financial year, representing a dividend per share of N0.05 each.

According to its year ended, June 30, 2009, financial statement presented to the Nigerian Stock Exchange (NSE), Tuesday, the dividend is a reflection of the significant increase in its bottom line in the year under review.

The company posted a turnover of N1.72 billion, a profit of N364.94 million, net fixed assets stood at N1.14 billion while its net assets stood at N6.88 billion.

Speaking during the presentation of the facts behind its figures on the NSE, Managing Director of the company, Mrs. Florence Seriki disclosed that its inability to present its quarterly results and announce a specific date for its Annual General Meeting (AGM) to the investing community was as a result of certain misunderstanding about its year end and other issues.

She assured of timely release of its financial statements to the investing public in the days ahead

Meanwhile, Fidelity Bank Plc also declared a dividend of N0.05 for its shareholders for its 2009 financial year.

According to its audited financial statements for the year ended, June 30, 2009, released to the NSE, it posted a  gross earnings of N72.27 billion, appreciating by 69.41 per cent from N42.66 billion recorded in 2008.

It recorded a provision for doubtful advances and provision for doubtful assets of N18.55 billion and N1.25 billion respectively.

Its profit before tax dipped by 76.89 per cent, from N16.31 billion recorded in 2008 to N3.77 billion in the current financial year, while its profit after tax depreciated by 89.3 per cent to N1.43 billion from N13.36 billion recorded in 2008.

Also, Union Homes savings and Loans Plc posted a loss after tax of N2.25 billion in its 2009 financial year.

According to its audited financial report for the year ended, March 31, 2009, released to the investing community, it recorded a decline in its Mortgage and other interest, from N6.75 billion in 2008 to N6.51 billion, it recorded exceptional items of N2.86 billion, loss before tax and after exceptional items of N1.92 billion compared with a profit before tax of N2.35 billion in 2008 and a loss after tax of N2.25 billion from a profit after tax of N1.99 billion recorded in 2008.

Activity on the Nigeria Stock Exchange (NSE) continued on a bearish run, Tuesday, as the value of listed equities plunged by N44.23 billion.

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