Still on Q1’ 14 earnings season…

In the statement of comprehensive income for the first-quarter (Q1) period ended March 31, 2014, Mobil Oil Nigeria plc reported a 17 percent increase in revenue N22.410 bilion against N19.142 billion in the corresponding Q1 period of 2013. The company’s cost of sales rose by 14 percent to N19.378 billion against N17.052 billion in Q1’13.

Mobil Oil Nigeria reported profit before tax (PBT) growth of 414 percent to N4.747 billion, against N924.097 million recorded in the corresponding period of Q1’13.

Listed at the Nigerian Stock Exchange under the Petroleum and Petroleum Products Distributors sub-sector in the oil and gas sector, Mobil Oil Nigeria reported Q1’14 profit after tax growth of 519 percent to N3.864 billion, against N624.194 million in corresponding Q1’13 period. The company’s basis earnings per share rose by 519 percent to 1,072 kobo from 173 kobo.

Unilever Nigeria plc… 46% decline in Q1 PBT unattractive

The statement of comprehensive income for the first-quarter (Q1) period ended March 31, 2014, released on the Nigerian Stock Exchange by Unilever Nigeria plc shows the company’s revenue dropped by 3 percent to N13.834 billion, from N14.233 billion in Q1’13.

The company’s cost of sales dropped by 5 percent to N8.585 billion, from N9.045 billion in Q1’13. Unilever reported 46 percent decline in Q1 2014 profit before tax which stood at N1.089 billion, against N2.021billion in corresponding period of 2013.

Its profit after tax declined by 41 percent to N750.629 million, from N1.264 billion in the corresponding period of 2013. The company’s basic earnings per share dropped by 40 percent to N0.20, from N0.33.

Skye Bank plc… Loan loss expenses rise by 736.4%

The group financial statements of Skye Bank plc released to the Nigerian Stock Exchange and the shareholders show that in the Q1’14 period, its gross earnings dropped by 1 percent, to N34.331 billion from N34.692 billion in corresponding period of 2013.

The bank’s Net Interest Income (NII) rose by 31.0 percent to N16.209 billion from N12.373 billion. The bank’s operating expenses rose by 17.2 percent to N17.476 billion, from N14.911billion. Skye Bank reported 736.4 percent increase in Loan Loss Expenses (LLE) from N300 million in Q1’13 to N2.513 billion in Q1’14.

Also in the same Q1’14 period, the bank’s profit after tax from continuing operations dropped by 25.4 percent to N2.766 billion, from N3.707 billion in Q1’13. Its basic earnings per share also dropped by 25.4 percent to 20.92 kobo from 28.04 kobo in same period of 2013.

Lafarge Cement WAPCO plc… Q1 revenue up 16%

The consolidated statement of comprehensive income for the period ended March 31, 2014, which Lafarge Cement WAPCO Nigeria plc released at the Nigerian Stock Exchange shows its revenue grew by 16 percent to N27.033 billion, from N23.238 billion in Q1’13.

The company reported 17 percent increase in Cost of Sales to N15.592 billion, from N13.275 billion in Q1’2013. The company’s profit before tax rose by 20 percent to N8.621 billion, from N7.202 billion in Q1’13. Lafarge reported 34 percent rise in Q1’14 profit after tax to N8.148 billion from N6.073 billion in Q1’13.

Also, basic earnings per share was 34 percent higher in Q1’14 at 271 kobo against 202 kobo in Q1’2013. The company’s net assets rose by 9 percent to N101.120 billion, from N92.971 billion in Q1’2013, amid a 216 percent decline in working capital to N4.978 billion from N4.287 billion.

Iheanyi Nwachukwu