2 November 2012

Nigeria: Dangote Cement, Forte Oil, Seven-Up Declare Results

Photo: Vanguard
Oil Spill in Nigeria

Dangote Cement Plc, Forte Oil Plc and Seven-Up Bottling Company Plc Thursday announced their unaudited financial results on the trading floor of the Nigerian Stock Exchange (NSE).

The results showed mixed performance with Dangote Cement and Forte Oil recording improvements while Seven-Up recorded a decline in profit.

Leading cement manufacturing firm, Dangote Cement reported a turnover of N208.264 billion for the third quarter(Q3) ended September 30, 2012. This performance showed an increase of 19 per cent over the N173.838 billion posted in the corresponding period of 2011.

Profit before tax rose from N106.517 billion to N130.634 billion while profit after tax grew by 15 per cent from N92.187 billion to N106.438 billion in 2012.

For petroleum products marketing firm, Forte Oil, it was good news for shareholders as the Q3 result showed a recovery from loss to profit. The company, formerly known as African Petroleum Plc, ended the Q3 with a turnover of N63.071 billion in 2012, up from N79 billion in the corresponding period of 2011.

Profit before tax stood at N621.62 million in 2012, compared to a loss of N4.714 billion in 2011. Similarly, the company posted a profit after tax of N417.12 million in 2012 as against a loss of N4.167 billion in 2011.

Soft drink manufacturing company, Seven-Up Bottling Company Plc, reported a decline in profit for the half year ended September 30, 2012.

The result of the company showed a turnover of N27.5 billion in 2012, up from N26.935 billion in the corresponding period of 2011.

However, profit before tax and profit after tax fell from N1.33 billion to N832.29 million and N1.064 billion to N719.394 million respectively.

Meanwhile, trading at the stock market closed on a positive note with as the NSE All-Share Index appreciated by 0.64 per cent to 26,602.54.

Market capitalisation of equities added N54 billion to close at N8.477 trillion, from N8.443 trillion the previous day.

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