BY CHINEDU IBEABUCHI
UTC Nigeria Plc has recorded significant improvement in its bottom line for 2011 financial year, with its profit after tax growing by 1,653 per cent.
According to its audited results for the year ended, December 31, 2012, its after-tax profit rose to N1.399 billion from N79.802 million recorded in its 2010 financial year.
The company’s turnover however, reduced by 0.9 per cent, from N2.82 billion in 2010 to N2.798 billion in 2011 financial year.
It profit before tax and extraordinary items rose to N154.94 million in 2011 from N5.20 million in 2010.
The company’s balance sheet information showed its fixed assets rising marginally to N2.309 billion in 2011 from N2.029 billion in 2010.
Its cash and bank balances rose to N163.025 million from N51.176 million same period in 2010. While its other credit balances rose from N546.042 million in 2010 to N878.606 million in 2011 financial year. Its net assets also grew to N1.638 billion from N1.337 billion in 2010.
Meanwhile, Portland Paints Plc has proposed a reward of 20k dividend to its investors for its 2011 financial result
According to its audited result for the year ended, December 2011, it after-tax-profit grew by 19.2 per cent, recording N156.86 million in 2011 as against N131.62 million in 2010 financial year.
The company’s turnover rose by 8.6 per cent, recording N2.58 billion from N2.38 billion in its previous financial year. Its operating expenses went up by 31.7, amounting to N851.56 million in 2011 from N646.75 million in 2010 financial year.
The company’s other income also recorded significant improvement in 2011 rising to N64.411million from N22.945 million in 2010.