By Emeka Anaeto, Business Editor
CORPORATE results for full year 2017 have been rolling into the Nigerian Stock Exchange, NSE, since after the Nigerian Breweries, NB Plc, blazed the trail previous week. The highlights have shown mixed performances, a development which also came along side mixed performances in equities trading.
But trading appears to be bullish because of high expectations of impressive results from the oil & gas sector as well as the banking sector.
Last weekend the multinational beverages giant, Nestle Nigeria Plc, turned in a moderately impressive earnings report for FY ’17. Revenue was up by 35.2 percent, slightly under-performing cost of sales which rose by 34.4 percent. But Net Finance Cost was hugely impressive declining by 46.8 percent, though OPEX spiked by 21.7percent.
Consequently, the bottomline was hugely impressive with Earnings Before Interest and Tax jumping 45.8 percent, while Profit Before Tax, PBT, leaped 117.3 percent with a massive 325.5 percent rise in Profit After Tax, PAT.
At mid-week Seplat Petroleum Plc, the only upstream on the NSE, had turned in FY’17 figures showing a highly impressive performance. Gross Revenue was up by 118.2 percent outpacing cost of sales which rose 55.9 percent. Also OPEX declined by 16.5 percent.
Consequently, the company’s Earnings Before Interest and Tax, EBIT, as well as its profitability reversed from negative position, though Net Finance Cost jumped 747 percent.
United Capital Plc, a principal dealers in the Nigerian capital market turned in its FY’17 showing adverse financials over previous year’s records. The company’s gross earnings declined marginally by 0.9 percent, though Net Operating Income rose 5.0 percent. But OPEX rose significantly by 21.1 percent.
Consequently, the company’s bottomline took a hit, with PBT declining 12.9 percent while PAT nose-dived 36.8 percent. A significant contributor to the adverse result was the tax charges which massively rose by 226.4 percent.