Earning Analysis

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The market for the week ended 28th July 2017, witness a massive influx of second quarters result as the various quoted companies on the Nigerian stocks exchange (NSE) move to meet their results filling obligations  as required by the exchange.

A lot of activities should be expected this week in the market, as investors react and make informed decisions that may either change or uphold their previous positions, which will consequently in the short term dictate the market breadth and direction. 

 

TRANS-NATIONWIDE EXPRESS PLC.

TRANEX reported 15% drop in sales for the half year ended 30th June 2017. The turnover fell from N421m of the previous year to arrive at N356m in the current year.

The profit after tax fell 87% from N29m to about 3m in the corresponding year.

The earnings per share also fell 93% from 15kobo to 1kobo in the 2017 q2 reports.

The PE Ratio stands at 79x with an earnings yield of 1% as at when computed.

 

TRANSCORP PLC.

The Nigerian conglomerate sure had a fabulous six month run as reflected by its released second behalf reports. Transcorp’s revenue for the six month period   improved by 38%, when compared the N24bn gross earnings of the same period in 2016, with the current reported N34bn.

The N4bn Profit after tax reported for the period under review was a tremendous 134% recovery from the loss after tax incurred in the previous same period.

The earnings per share for the current review period stands at 10kobo, a 134% improvement away from the previous negative earnings per share of the previous period.

The PE Ratio is at 15x with an earnings yield of 6%.

 

NAHCOAVIANCE

Nigerian Aviation Handling Company Plc. (nahco aviance) is a Nigerian diversified enterprise with interests in aviation cargo, aircraft handling, passenger facilitation, crew transportation and aviation training. The company in it 2017 half year reports posted a 2% marginal drop in turnover for the period ended 30 June 2017. The revenue slightly fell from N3.8bn to N3.7bn in the corresponding year.

The profit after tax grew 95% to arrive at N176m In the current period, as against the N90m posted in the 2016 report.

The shareholders’ earnings per share grew from 6kobo to 11kobo, representing 83% corresponding growth.

The PE Ratio stands at 25x with an earnings yield of 3.9% as at when computed.

 

BOC GASES PLC

The company is the market leader in West Africa for production and distribution of industrial gases, including argon, nitrogen, carbon dioxide and oxygen as well as welding products.

Its six month financial reports shows a 30% improvement on sales, bringing its revenue for the period under review to about N1.2bn as against the N926m realized in the previous year.

The reported profit after tax grew 963% from N12m to about N136m I n the corresponding year. A critical look at the account revealed that the gas company recorded a favorable finance cost and income.

The earning per share for the period consequently grew by 1000% from 3kobo to 30kobo I the corresponding year.

The earnings yield and PE Ratio stands at 10% and 9x respectively.

 

CAVERTON

The helicopter services outfit reported 11% growth in gross earnings, with its revenue growing from N9bn in 2016 to N10bn in the current year.

The profit after tax grew 124% to N594m, as the recovered from the N2.4bn reported in the previous same period.

The earnings per share for the period under review stands at 18kobo, a 125% improvement on the loss per share reported in the last same period.

The PE Ratio is at 6x with an earnings yield of 16%.

 

AIICO INSURANCE

AIICO Insurance Plc, a financial services company with interest in insurance, pension, health and asset management recorded N14.8bn in gross premium written for the period ended june 30 2017. This is a 5% decline from the N15.5bn recorded in 2016.

The Profit After Tax for the six month financial period also decline by 29%, from N1.3bn to N988m in the corresponding year.

The Earnings per share recorded for the period is 14kobo against the 20kobo recorded in the previous. Representing 30% q2nq2 growth, having a 3.8x as PE Ratio, with an earnings yield of 25%.

 

FIDSON HEALTHCARE

Fidson healthcare PLC, a leading pharmaceutical manufacturing firm in Nigeria ended the second quarter with 155% growth in sales, realizing N6.6bn as revenue, in contrast to the ₦2.6bn realized in Q2 2016.

The Healthcare PLC, recorded 1079% rise in profit to N466m compared to N39.5m profit recorded in the same quarter 2016.

According to its reports, Fidson Healthcare had grown its earnings per share by 933% to 31kobo as at the end of review period, against the previous same period 3kobo of 2016.

The PE Ratio stands at 10.9x and it has an earnings yield of 9%.

 

CAP PLC

Chemical and Allied Paint (CAP Plc) released its 2017 second quarter results posting an after-tax profits of N696m, which is 11% lower than the N780m posted a year earlier.

The reports show an insignificant 0.3 topline growth, when the revenue barely grew from N3.4b to N3.5b in the corresponding year.

Earnings per share dropped QoQ by 10% N1.11 to N1 in the corresponding period.

 

COURTEVILLE

Courteville Nigeria Plc 2017 Half Year results shows a post-tax profits of about N38m,an awesome annual growth of about 709% with can ultimately be rank among best performance in the market.

The company revenue rose YoY to N672m and 8% higher than the N618m it reported same period last year.

Earnings per share rose about 900% to stand at 1kobo for the first 6 months of the year.

 

MULTIVERSE

Multiverse mining and exploration plc, the only mining company quoted on the Nigerian Stock Exchange in its financial report for the half year 2017 recorded 34% further plunge in net loss. The loss extended to N324.1m from the N242.6m loss recorded same period 2016.

The mining company ended the quarter with N3.2m revenue in contrast to N4.2m in the previous year, amounting to about 24% decline in turnover in the corresponding period.

 

LIVESTOCK FEEDS

Livestock Feeds Plc reports 27.6% turnover growth in Q2 2017 Results. The revenue moved from N4.5b to N5.8b in the corresponding year.

The N41m loss after tax of the previous period further plunged by 390%, leaving the loss to date at N121m.

The company currently losing 6kobo in earnings per share.

 

PREMIER PAINTS

The paint company ended the quarter with N88m revenue in contrast to N188m realized in the previous year, which represent a 53% decline when compared.

 

The company reported N42.5m loss after tax, about 3200% away from the N1.3m generated profit in the previous same period.

The company is currently loosing 35kobo in earnings.

 

UNITY KAPITAL

Unity kapital recorded N1.6bn as revenue for the first half of the year.

The result is a 28% improvement over N1.3bn recorded the year before.

Profit after tax for the period was N244m against N163m in the previous year. Representing a 49% growth as measured.

The earnings per share for the period arrived at 2kobo, a 100% rise from the previous 1kobo of same period.

The PE Ratio stands at 25x with an earnings yield of 4%.

 

UPDC PLC

The property company’s 71% turnover growth, sees the quarter ended with N2.9 billion revenue in contrast to N1.7billion it ended 2016.

Updc plc however lost about N2bn in the current period as against the N34m realized in the previous period.

The company similarly lost N1.20kobo in earnings for the period.

 

UNION DIAG

Union diagnostics and clinical services plc in its financial report for second quarter 2017 recorded 15% profit after tax fall year on year to N141.7bn compared to N123.1 billion recorded same quarter 2016.

Total revenue rose up to N714.7 bn in this quarter in contrast to N654.9 bn in the year before, representing 9.1% annual growth.

The earnings per share for the period is at 4kobo.

 

CADBURY NIG

The half year figures showed that sales were up 16.9% y/y. the revenue grew to N16bn from N13bn in the corresponding year.

With a zero tax expense, the post-tax loss for the period under review stood at N766m compares with N147m profit in prior year, representing 621% corresponding loss.

41kobo loss per share was also recorded in the period.

 

NIGER INSURANCE

The firm’s gross written premium stood at N6.1bn during the review year, a rise of 86% as against N3.3bn in 2016,

However, the N215 profit after tax for the period is a 2% drop in the N219m reported in the previous same period.

The insurer retain its previous earnings per share of 2kobo for the period.

With an earnings yield of 5%, the pe ratio stood at 17.8 as at when computed.

 

CONTINENTAL REINSURANCE

The Africa’s Reinsurer in its financial report recorded gross written premium of N15bn for Q2 2017, compared to N11bn recorded same period 2016.

The result represents 27% rise in turnover on a year on year comparison.

It also recorded a profit after tax of N2.3bn in the second quarter, although a slight decrease of 2% when compared to about N2.4bn achieved in the corresponding period of 2016.

The earnings per share therefore dropped 4% to arrive at 22kobo against the previous 23kobo.

 

CONSOLIDATED HALLMARK

Consolidated Hallmark Insurance Plc operating in the Insurance Sector of the Nigerian Stock Exchange (NSE) reported 54% fall in net profit for the second quarter 2017, profit for the year fell to N119.0m compared to N259.1m posted in the same quarter 2016.

The insurance company’s gross premium fell to N3.3bn from N3.4 billion reported in the year before and reinsurance expenses lowered to N1bn against N1.3bn in the previous year.

 

SEPLAT

Seplat Petroleum Development Company (Seplat) reported Q2 2017 results. While sales of were up 27% from N31b to N40bn y/y, Seplat posted a loss after tax of N8bn though a 34% recovery from the N12b loss posted in the previous same period.. As expected, Seplat’s losses are retreating following the resumption of the TransForcados System (TFS) in June. Seplat delivered an H1 oil production of 9,507 barrels per day (bpd), down -18% y/y but up 86% q/q, which works out to Q2 average production of around 14,000 bpd.

Gas production was up 19% y/y to 101MMscfd. Again the resumption of the TFS is primarily responsible for the rise in gas production as previously constrained volumes became available for processing.

Seplat is still losing 14kobo per share, below the 23kobo lost in the last period.

 

DANGOTE FLOUR

Dangote Flour Mill is undisputedly the Nigeria’s largest importer and producer of flour and pasta products, this he portray reporting 463% rise in profit to N5bn for second quarter 2017 compared to NGN1bn reported in the same period 2016.

Dangote flour ended the quarter with N64.8bn revenue in contrast to N26.4 billion recorded in the previous year

Earnings per share grew 188% from 40kobo to N1.15kobo in the corresponding year.

The PE Ratio stands at 4.46x with an earnings yield of 22%

 

FBN HOLDINGS PLC

First Bank Holdings Plc released to the market its 2017 half year unaudited results with a remarkable turnover growth. The group’s net interest income for the second quarter 2017 arrived at N232billion, an increase of 37.3%, when compared to N169billion posted in the same period of 2016.

The group’s reported after tax profit for the period under review however reflected a decreased net income of about, N29b as against the N35billion realized in the previous same period, representing a 17% year on year drop in bottom-line figure.

The shareholder’s earnings per share dropped by 17% from 99kobo to 82kobo in the corresponding year.

As at the release date, the elephant’s PE Ratio stands at 7.28x with an earnings yield of 13.7%.

CUSTODIAN

Custodian & Allied Insurance said its net profit for the second quarter of the year 2017 rose 32% to N3.8bn compared to N2.8bn reported in the year before.

The company reported a gross premium written for the period under review rose to N19.8bn compared to NGN17.1bn in the year before, amounting to 15% YnY growth in the correspondent period.

The earnings reports for the review period grew 32% from 47kobo to about 62kobo also in the corresponding year.

The PE Ratio stands at 5.53x with 18% earnings yield.

 

UNION BANK

Union Bank of Nigeria Plc., one of Nigeria’s long-standing and most respected financial institutions, announces its unaudited results for the half year ended 30th June 2017. Union Bank remains on course to meet its key 2017 business objectives, including plans to raise up to fifty billion Naira (N50 billion)  through a rights issue during the third quarter. The capital increase supports UBN’s strategy to accelerate business growth and position itself as a leading commercial bank in Nigeria. The rights issue is expected to launch in the third quarter once all regulatory approvals have been secured.

The Group’s Financial Highlights for the 2017 half year period shown that Gross earnings was up 23% to ₦73.7bn against the ₦60.1bn reported in H1 2016

The Profit before tax was up 5% to ₦9.5bn as against the ₦8.9bn of H1 2016.

The earnings per share grew 4% from 52 to 54kobo in the corresponding year.

Commenting on Union Bank’s half year results, Mr. Emeka Emuwa, Chief Executive Officer said: “As our centenary celebrations continue and with the launch of our ₦50 billion rights issue in the second half of the year, 2017 will remain a very busy year for the Bank. With our clear focus on enhancing the operational.

 

NESTLE NIG

The released H1 results of the multinational company at a glance signals expectations.

Revenue of for the six month period was up 51% from N80bn to N121bn in the corresponding year.

The profit after tax was also up 2988% from N535m in the previous period to N16.5bn in the corresponding period.

The company also earned 28kobo per share in the current period, this is 2971% above the 68kobo realized in the previous year.

 

MUTUAL BENEFITS

Mutual Benefits Assurance Plc realized N776.5m for the second quarter of the year 2017 as against NGN363.5m posted in 2016.

Within the period, the company reported N7.6bn as gross premium written compared to N6.3bn reported same period 2016.

The earnings per share grew from 4kobo to 10kobo in the corresponding year.

 

MOBIL OIL

The oil and gas giant reported Q2 2017 results which showed marginal 11% turnover growth, as the revenue moved to N56b from N50bn in the corresponding period.

Other key Profit and Loss (P&L) line items declined, with the profit after tax dropping 44%, from N4.4bn to N2.4bn in the corresponding year.

The earnings per share also dropped 44% from N12.25kobo to N6.86kobo.

 

DANGOTE CEMENT

The Largest Manufacturing Conglomerate in West Africa, Dangote Cement released to the market its 2017 half result with 41% turnover growth. The revenue for the period under review grew from N290m to N412m in the corresponding year.

The profit after tax also grew 39% to arrive at N144m fr0m the previous N103m recorded in 2016.

Earnings per share grew to N8.42kobo from the previous N6.23kobo, a 35% corresponding improvement in the review year.

The PE Ratio stands at 29x with 3% earnings yield.

 

NIGERIAN BREW

Nigerian Breweries (NB) published its Q2 2017 results which showed that sales grew by 12% y/y to N89.7bn, while the profit after tax advanced to N12.3bn by 43% y/y.

The solid bottom line was driven by the strong y/y sales growth, a 4,650bp y/y gross margin expansion to 45.4% and a -35% y/y decline in net finance costs. These factors more than offset a 7% y/y increase in operating expenses.

The earnings per share grew 44% from N1.08kobo to N1.55kobo in the corresponding period.

 

 

 

 

 

 

 

 

 

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