The Nation Newspaper

Category: Equities

  • Equities lose N110b as return drops to -3.35%

    Nigerian equities lost N110 billion yesterday at the Nigerian Stock Exchange (NSE) as continuing selloff depressed the average year-to-date return for Nigerian equities to -3.35 per cent. With more than two losers for every gainer, a broad price depreciation across the sectors pushed share prices of most equities to their lowest in recent period.

    The All Share Index (ASI)-the value-based index that tracks share prices at the Exchange, declined to 36,963.70 points as against its opening index of 37,266.86 points. Aggregate market value of all quoted companies also dropped from its opening value of N13.500 trillion to close at N13.390 trillion.

    Despite the beginning of the earnings season for the first half with the release of six-month results of some quoted companies, most investors continued to trade on the sell side. Most sectoral indices closed negative, underlining the widespread price depreciation across the sectors.

    The NSE Industrial Goods Index dropped by 2.4 per cent. The NSE Oil & Gas Index declined by 1.3 per cent. The NSE Consumer Goods Index dipped by 1.2 per cent while the NSE Banking Index depreciated by 0.9 per cent. However, the NSE Insurance Index inched up by 0.2 per cent.

    There were 33 losers against 14 gainers. Okomu Oil Palm led the losers with a drop of N7 to close at N85. Stanbic IBTC Holdings followed with a loss of N3.95 to close at N47.55. Lafarge Africa and International Breweries dropped by N3 each to close at N34.50 and N37.50 respectively. Julius Berger Nigeria lost N2.70 to close at N24.30. GlaxoSmithKline Consumer Nigeria dropped by N1.85 to close at N16.70 while PZ Cussons Nigeria declined by N1.70 to close at N15.40.

    Total Turnover stood at 203.8 million shares valued at N2.39 billion in 4,178 deals. Transnational Corporation of Nigeria, which released an impressive first half result on Monday, led the activity chart with a turnover of 20.7 million shares. Access Bank followed with a turnover of 19.5 million shares while Zenith Bank placed third with 15.4 million shares.

    On the upside, Dangote Cement led the contrarian stocks with a gain of N3 to close at N230. Dangote Sugar Refinery followed with a gain of 45 kobo to close at N17.95. Custodian Investment rose by 19 kobo to close at N5.70 while Eterna and Flour Mills of Nigeria chalked up 10 kobo each to close at N6.50 and N30 respectively.

    “Despite today (Tuesday)’s loss, investor sentiment improved slightly, albeit still soft. Hence, we envisage that the sell offs will be continued in tomorrow’s session, but we do not rule out the possibility of a rebound before the end of the week,” Afrinvest Securities stated.

  • Great Nigeria Insurance pushes for immediate delisting

    The board of directors of Great Nigeria Insurance (GNI) Plc has convened an extraordinary general meeting of the insurance company to seek approval for immediate delisting of the company from the Nigerian Stock Exchange (NSE).

    In a regulatory filing yesterday, the board indicated that the extraordinary general meeting scheduled for Wednesday July 25, 2018 in Lagos will “consider and approve the delisting of Great Nigeria Insurance Plc from the Nigerian Stock Exchange with immediate effect”.

    While the insurance company had earlier secured provisional approval of the Exchange to restructure, GNI has struggled over the years to meet up with post-listing requirements at the NSE including failing to submit its operational reports as required and inability to meet the free float requirement.

    Companies listed on the main board of the Exchange are required to have a minimum of 20 per cent of their shares in the hand of retail minority shareholders, under a listing requirement known as free float. GNI, which is listed on the main board, only has a free float of 16 per cent. The company was recently given extended deadline of May 18, 2020 to dilute its bloc shareholdings and free more shares for minority shares.

    GNI has also been one of the companies that have been on the sanction list of the Exchange for failing to submit its quarterly and annual reports and financial statements within the stipulated timelines.

    Following Central Bank of Nigeria (CBN)’s banking regulatory regime that required banks to either divest from non-core banking subsidiaries or form a holding company to hold those subsidiaries, Wema Bank had opted to divest from its non-core banking businesses including GNI. The bank in 2016 sold 75 per cent majority equity stake to a consortium of investors known as Insurance Resourcery and Consultancy Services Limited (IRCSL). The deal was valued at N3.24 billion. A total of 2.87 billion ordinary shares of 50 kobo each of GNI were crossed in a single deal to Insurance Resourcery at N1.13 per share through the negotiated cross deal window of the NSE.

     

  • Conoil outlines long-term growth plan to drive shareholders’ return

    Conoil Plc has outlined many initiatives that will drive long-term growth of the downstream oil company and deliver competitive returns to shareholders.

    At the annual general meeting in Uyo, Akwa Ibom State, the board and management of the company said Conoil would focus on further consolidation of its competitiveness in the different segments of its business with new investments in technologies, innovations and operating efficiency.

    The assurance came as shareholders unanimously approved the distribution of N1.4 billion cash dividend for the 2017 business year, representing a dividend per share of N2.

    In his address to the shareholders, Chairman, Conoil Plc, Dr. Mike Adenuga (Jr), said Conoil will maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders.

    According to him, conscious efforts will be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.

    “The company’s policy of continual investment and review of our business processes to boost efficiency has been paying off, as this has been a very important part of our success story. We have, for several years now, ensured that our strategy remained constant, proven and effective, which is designed to improve returns and grow value for shareholders by focusing on our market strengths without jeopardizing the development of our diverse portfolios,” Adenuga stated.

    He pointed out that the company’s focus going forward will develop emerging markets while holding its grounds in areas where it has achieved competitive advantage.

    He noted that in pursuit of further diversification of its portfolio, Conoil had introduced another brand of quality engine oil, Conoil Crown Heavy Duty Oil, which is manufactured specially for the mass market of car owners, into the market.

    “With the introduction of this product, we are poised to fill the yawning void in the industry as a pragmatic marketer of first choice,” Adenuga stated.

    He said the company will bring delightful innovations into the fuel retailing business in Nigeria to give greater value to its customers and shareholders.

    He noted that while the company has been expanding its retail network across the country, it has also been revamping its non-fuel retail business to achieve future growth targets.

    “I have no doubt that our strategies for growth are promising. We will remain disciplined in our approach as we work harder more than ever before to deliver value to our customers and expand our capabilities in all fronts,” Adenuga stated.

    Shareholders who spoke at the meeting commended the board and management of the company for its consistent dividend payment, despite the challenges in the industry. Conoil has maintained a consistent dividend payout history. Between 2012 and 2016, the company had paid a total of N8.4 billion as dividend.

    Key extracts of the audited report and accounts of the company for the year ended December 31, 2017 showed that turnover rose by 35.9 per cent from N85.02 billion in 2016 to N115.51 billion in 2017. Profits before and after tax however stood at N2.30 billion and N1.58 billion respectively in 2017. Earnings per share closed 2017 at N2.27.

  • Foreign investors dump Nigerian equities

    •Increase sales by 125%

    For every unit of purchase being made at the Nigerian stock market by foreign investors, they are selling two units as political risks and macroeconomic uncertainties continue to reduce investors’ appetite for Nigerian equities.

    Trading data on domestic and foreign portfolio investments (FPI) at the Nigerian Stock Exchange (NSE) showed that foreign investors’ outflows from the equities market increased by 124.7 per cent to about N131 billion in May as against N58.25 billion in April. However, there was a 3.45 per cent decrease in foreign inflows to N62.06 billion in May as against N64.28 billion recorded in April.

    The FPI report used two key indicators-inflow and outflow, to gauge foreign investors’ mood and participation in the stock market as a barometer for the economy. Foreign portfolio investment outflow includes sales transactions or liquidation of equity portfolio investments through the stock market while inflow includes purchase transactions on the NSE. The NSE report is generally regarded as a credible gauge of foreign portfolio investments in Nigeria as it coordinates data from nearly all active investment bankers and stockbrokers.

    Total transactions at the equities market increased by 49.96 per cent from N212.23 billion recorded in April to N318.27 billion in May.

    A five-month report showed that the cumulative transactions from January to May increased by 97.13 per cent to N1.409 trillion in 2018 compared with N714.99 billion recorded in the same period of 2017.

    The latest report stated that the institutional composition of the domestic market increased by 97.87 per cent from N46.51 billion in April to N92.03 billion in May. The retail composition declined by 22.92 per cent from N43.19 billion in April to N33.29 billion in May.

    In April, there was a positive net foreign inflow of N6.03 billion in April 2018 and N36.91 billion for the four-month period ended April 2018. In the comparable period ended April 2017, Nigerian equities had suffered net FPI deficit of N79.73 billion. Further analysis indicated positive net foreign inflow of N30.88 billion in first quarter 2018 compared with a negative net foreign investment position of N86.36 billion in comparable first quarter 2017.

    Month-on-month analysis had shown a positive trend in net foreign investment inflow throughout the first quarter 2018. Foreign inflow totalled N91.75 billion in January 2018 as against outflow of N74.64 billion. Foreign inflow and outflow stood at N44.89 billion and N38.33 billion respectively in February 2018 while foreign inflow and outflow recovered to N69.71 billion and N62.50 billion respectively in March 2018.

    Total transactions at the Nigerian equities market in first quarter 2018 had stood at N878.97 billion compared with N454.48 billion recorded in first quarter 2017. Nigerian domestic investors had accounted for N497.15 billion in first quarter 2018 as against N243.42 billion in comparable period of 2017.

     

     

  • Equities sink to lowest point in 2018

    Nigerian equities dropped to their lowest valuation point so far this year yesterday as investors continued a long-running selloff that had seen the equities market trending downward from all-time high in January to their lowest point in 2018.

    The benchmark index for Nigerian equities-the All Share Index (ASI) declined by 0.45 per cent to close yesterday at 37,253.25 points, its lowest index point. The average year-to-date return worsened to -2.59 per cent. Nigerian equities had closed first half almost flat with a marginal average gain of 0.09 per cent, after reaching as high average return of 17.9 per cent in January 2018.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped from its opening value of N13.556 trillion to close yesterday at N13.495 trillion, representing a net capital depreciation of N61 billion.

    Most sectoral indices closed on the downside, underlining the widespread selloff, especially within the large-cap stocks in the dominant manufacturing sector. The NSE Industrial Goods Index declined by 2.3 per cent. The NSE Insurance Index dropped by 1.0 per cent while the NSE Consumer Goods Index dipped by 0.5 per cent. On the downside, the NSE Oil & Gas Index appreciated by 1.7 per cent while the NSE Banking Index inched up by 0.01 per cent.

    There were 25 losers to 17 gainers. Julius Berger Nigeria led the losers with a drop of N3 to close at N27. International Breweries followed with a loss of N2.65 to close at N38.35. Dangote Cement lost N2 to close at N225. Lafarge Africa declined by N1.85 to close at N33.90. Flour Mills of Nigeria dropped by 25 kobo to close at N30.75 while Eterna and NEM Insurance declined by 20 kobo each to close at N6.80 and N3.20 respectively.

    Total turnover stood at 287.09 million shares valued at N3.75 billion in 3,526 deals.  Access Bank was the most active stock with 116.02 million shares valued at N1.21 billion. Zenith Bank followed with a turnover of 41.05 million shares worth N999 million while Transnational Corporation of Nigeria placed third with 23.73 million shares valued at N29.14 million.

    On the upside, Mobil Oil Nigeria led the gainers with a gain of N15.50 to close at N180.50. Forte Oil rose by N1.45 to close at N31.30. Nigerian Breweries appreciated by N1 to close at N111. Custodian Investment rallied by 57 kobo to close at N6.27. UAC of Nigeria added 35 kobo to close at N13.55 while Zenith Bank chalked up 20 kobo to close at N24.40 per share

    Most analysts agreed that the steep decline in share prices has created bargain opportunities that may drive a recovery in the days ahead.

    “Despite the bearish performance of today (Wednesday), we noticed some bargain hunting close to the end of trading. Hence, we expect to see a rebound in market performance in subsequent sessions as investors hunt for bargains,” Afrinvest Securities stated.

  • Equities lose N82b as selloff worsens

    There were more than two losing stocks for every gaining stock yesterday at the Nigerian Stock Exchange (NSE) as investors opened up their offers to lower prices to attract buyers.

    Benchmark indices at the Exchange indicated average decline of 0.60 per cent, equivalent to net capital depreciation of N82 billion within the five-hour trading session yesterday. The decline depressed the negative average year-to-date return to -2.15 per cent.

    The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange declined from its opening index of 37,647.93 points to close at 37,421.01 points. Aggregate market value of all quoted equities also dropped from its opening value of N13.638 trillion to close at N13.556 trillion.

    With 27 losers to 12 gainers, all sectoral indices closed negative. The Industrial Goods Index and NSE Insurance Index declined by 2.7 per cent each. The NSE Banking Index and NSE Oil & Gas Index dropped by 1.1 per cent each while the Consumer Goods Index depreciated by 0.6 per cent.

    “We opine that the current bearish sentiment in the market is driven by some institutional investors reducing their positions in bellwethers stocks. Nevertheless, we believe an upturn in performance in the near term, will be buoyed by bulk bargain hunting in some fundamentally sound stocks,” Afrinvest Securities stated.

    Oil and gas stocks led the losers with Seplat Petroleum Development Company leading with a loss of N15 to close at N635. Total Nigeria followed with a loss of N10 to close at N200. Lafarge Africa declined by N2.25 to close at N35.75. Guaranty Trust Bank dropped by N1.40 to close at N40.10 while Nigerian Breweries lost N1.10 to close at N110 per share.

    On the positive side, Forte Oil led the gainers with a gain of N2.70 to close at N29.85. Custodian Investment rose by 49 kobo to close at N5.70.Ecobank Transnational Incorporated appreciated by 20 kobo to close at N20.60. Unilever Nigeria chalked up 15 kobo to close at N51.70 while Cement Company of Northern Nigeria (CCNN), NEM Insurance and Access Bank added 10 kobo each to close at N23, N3.40 and N10.50 respectively.

    Total turnover stood at 213.20 million shares valued at N3.76 billion in 4,043 deals. Zenith Bank was the most active stock with 39.93 million shares worth N965.09 million. FBN Holdings followed with 21.69 million shares valued at N227.22 million while Transnational Corporation of Nigeria placed third with 21.61 million shares valued at N26.97 million.

     

  • Capital Bancorp deepens stock market with improved online access

    Capital Bancorp Plc yesterday unveiled its improved online services and products as part of efforts to provide investors with seamless and direct access to the Nigerian stock market. The formal media launch of the five products and services are expected to also promote Federal Government’s financial inclusion project.

    The five products and services included the upgraded Bancorp E-Trade, which allows investors to trade personally and directly at the Nigerian Stock Exchange; online account opening, which provides instant online account opening; Bancorp Mobile, a mobile app for on-the-go trading; live chat that enables investors to get immediate response to their enquiries and self service desk that provides walk-in clients with a personal computer to trade or resolve their transactional issues.

    Addressing financial journalists in Lagos yesterday, Head, Stockbroking, Capital Bancorp, Mrs Ayoola Opeyemi said Capital Bancorp places much emphasis on technology as a major driver of the entire global financial market and will continue to introduce innovative products and services in order to attract more investors into the Nigerian capital market.

    She explained that investors trading through the online products and services will not incur any extra cost above the normal industry-standard commission payable on stockbrokerage.

    According to her, the online products have been enhanced with new features that improve customers’ seamless experience and security of their transactions.

    She urged Nigerians to embrace Capital Bancorp’s online stockbroking products and services as they are safe and convenient to use.

    Head, Customer Relations, Capital Bancorp Plc, Miss Opeyemi Ojomu noted that Bancorp E-Trade enables investors to take advantage of price volatility by purchasing or selling stocks instantly.

    “It is not uncommon that price volatility in the market makes investors unable to take advantage of some stocks instantly at their particular prices. With our upgraded Bancorp E-Trade, we have been able to solve this challenge for our clients. The direct market access allows clients to trade themselves without the intervention of the broker. They key in their mandates which go directly to the floor of the Nigerian Stock Exchange and mandates are executed immediately stocks are trading at clients’ limit,” Ojomu said.

    She added that investors can also use the market watch window on the Bancorp E-Trade portal to view live trades, real time prices and total volumes of bids and offers on all stocks with their corresponding prices before making their trading decisions.

    She pointed out that Bancorp Mobile is a secure trading application that offers simple and hassle-free trading on equities listed on the NSE and the NASD OTC Securities Exchange at the click of a button.

    “Bancorp Mobile enables you to open an account, trade, track your stock position and view transactions anytime anywhere on a mobile friendly interface. Our Live Chat provides opportunity for instant response while the Self Service Desk enables clients that walk in to service themselves,” Ojomu said.

    Head, Information Technology, Capital Bancorp Plc, Mr Stephen Akande said all the products and services are secured noting that the products were designed in compliance with current security features to hedge against cyber fraud.

    Chief Compliance Officer, Capital Bancorp Plc, Mrs Oluwarinumi Olawale allayed fears of abuse of the products noting that the company has a robust Know Your Client (KYC) policy which allows it to checkmate abuses.

    According to her, besides the regular monitoring of transactions, the company usually conducts enhanced due diligence on suspicious transactions and account holders to ensure that all transactions are in compliance with extant financial regulations.

     

  • Dangote Cement leads equities to N8b gain

    Most deals on the Nigerian Stock Exchange (NSE) yesterday were closed at lower prices but considerable gain recorded by Dangote Cement Plc rallied the overall market to a modest gain of N8 billion. With 20 gainers to 25 losers, Dangote Cement-Nigeria’s biggest quoted company, overshadowed the underlying downtrend that had seen equities trading mostly at discounts in recent trading sessions.

    Dangote Cement’s share price rose by N2 per share to close at N227, representing capital gain of 0.89 per cent. With this, the benchmark indices at the Exchange inched up by 0.1 per cent, equivalent to net capital gain of N8 billion. The negative average year-to-date return improved slightly to -1.5 per cent.

    Aggregate market value of all quoted equities rose from its opening value of N13.630 trillion to close at N13.638 trillion. The All Share Index (ASI)-the main index that tracks share prices at the Exchange, also inched up from 37,625.59 points to close at 37,647.93 points.

    Most sectoral indices closed negative, underlining the continuing widespread selloffs despite improving bargain-hunting for value stocks. The NSE Consumer Goods Index dropped by 8.4 per cent. The NSE Oil & Gas Index followed with a drop of 5.0 per cent while the NSE Industrial Goods Index declined by 1.6 per cent. On the upside, the NSE Insurance Index appreciated by 8.3 per cent while the NSE Banking Index inched up by 0.1 per cent.

    Flour Mills of Nigeria and Forte Oil recorded the second highest gain of 80 kobo each to close at N31.50 and N27.15 respectively. Cement Company of Northern Nigeria rose by 65 kobo to close at N22.90. Julius Berger Nigeria added 50 kobo to close at N30 while Ecobank Transnational Incorporated chalked up 40 kobo to close at N20.40.

    Most analysts said they expected bargain-hunting for value stocks to continue to drive the overall market position in the days ahead.

    “In subsequent sessions, we expect bargain hunting particularly in fundamentally sound stocks to drive a positive performance in the market,” Afrinvest Securities stated.

    Analysts at SCM Capital stated that they expected “continuous bargain hunting to sustain positive market performance tomorrow (Tuesday)”.

    Total turnover slowed down to 151.2 million shares valued at N2.0 billion. Access Bank was the most active stock with a turnover of 21.67 million shares valued at N225.6 million. Zenith Bank followed with 13.92 million shares worth N341.22 million while FBN Holdings ranked third with 12.71 million shares valued at N133.06 million.

    On the negative side, Nascon Allied Industries led the losers with a drop of N1.15 to close at N20.65. Stanbic IBTC Holdings and Lafarge Africa followed with a drop of N1 each to close at N51 and N38 respectively. Dangote Sugar Refinery lost 70 kobo to close at N17.80 while Conoil declined by 50 kobo to close at N27 per share.

  • New major investors acquire 16.75% stake in Nahco

    Investors have concluded transfer of about 16.75 per cent equity stakes in Nigerian Aviation Handling Company (Nahco) Plc, raising  possibility of changes in the shareholding structure of the ground handling company.

    Three deals were struck to complete major transfers that started with a cross deal on Thursday, bringing total transactions through the negotiated window of the Nigerian Stock Exchange (NSE) to 271.848 million shares valued at N1.787 billion in four deals.

    All the deals were cross deals and were consummated through the negotiated window of the Exchange. On Friday, a total of 119.92 million shares valued at N875.42 million were swapped at N7.30 per share. Also, a total of 5.62 million shares valued at N33.73 million were also crossed at N6 while another 22.69 million shares worth N136.134 million were exchanged in a deal at N6 per share.

    A deal had been struck for 123.64 million shares valued at N741.83 million at N6 per share on Thursday.

    As off-market, negotiated cross deals, it means that the deals were not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    Interim report and accounts of Nahco for the first quarter ended March 31, 2018 had indicated that the company started the 2018 business year on a strong footing. Turnover rose to N2.188 billion in first quarter 2018 as against N1.786 billion in the corresponding period of 2017. Finance income improved from N30.916 million to N64.495 million while the company was able to reduce finance cost to N44.536 million as against N55.715 million in first quarter 2017. With these, profit before tax jumped to N117.405 million in first quarter 2018 compared with N1.026 million in first quarter 2017 while profit after tax leapt from N1.026 million in first quarter 2017 to N97.566 million in first quarter 2018.

    Key extracts of the audited report and accounts of Nahco for the year ended December 31, 2017 had shown improved margins, despite a lull in the top-line. Turnover stood at N7.926 billion in 2017 compared with N7.956 billion in 2016. Finance cost reduced from N545 million in 2016 to N213 million in 2017. Profit after tax increased by 33.6 per cent to N776 million in 2017 as against N581 million in 2016. Earnings per share improved from 36 kobo to 48 kobo.

    The first quarter of the year results were the first full-quarter results produced by Mr Idris Yakubu, who took over as the Managing Director of the company last November.

    The company had its dividend payout by 13.6 per cent to N406 million. Shareholders received a dividend per share of 25 kobo for the 2017 business year as against 22 kobo paid for the previous year.

     

     

  • Cadbury eyes bigger market share to drive profitability

    Cadbury Nigeria Plc  will this year focus on increasing its market share and enhancing the efficiency of its distribution system to sustain growth and deliver better returns to shareholders.

    Addressing shareholders at the Annual General Meeting (AGM) at the weekend in Lagos, its Chairman, Mr. Atedo Peterside, outlined that the company would focus on four strategic areas to drive its growth ambitions in 2018, after it turned around from loss to profit last year.

    According to him, the company will focus on driving growth ahead of competition to increase its market share within its product categories while also sustaining its aggressive route-to-market initiatives.

    He added that the company will sustain its focus on quality, improvements in productivity and operational efficiencies to maximise its competitive advantage.

    He commended the staff members for upholding the tenets of good business practices in their operations, noting that as part of the four areas of focus in the year, the company will continue to implement initiatives that develop an organisation of high potential talent.

    Peterside pointed out that the recovery last year was built on four key pillars of price competitiveness, aggressive route-to-market initiatives, sustained consumer-driven activations, and exponential growth in the company’s treat portfolio.

    “We recorded impressive growth in all these four areas. We implemented parity pricing on Bournvita for the first time in 10 years and unilateral pricing on our candy brands. In our route-to-market drive, we achieved highest ever active coverage of 93,000 outlets nationwide. The consumer-driven activations for our brands delivered double-digit growth and positively impacted on our top-line. In addition, our treat portfolio contributed substantially to our profitability with Cadbury Hot Chocolate 3-in-1 brand delivering significant net revenue growth versus the prior year,” Peterside said.

    Shareholders approved the payment of N301.51 million shares as cash dividend for the 2017 business year. This implies a dividend per share of 16 kobo.

    Cadbury recorded a pre-tax profit of N350 million in 2017 as against a loss of N562 million in 2016. Key extracts of the audited report and accounts of Cadbury for the year ended December 31, 2017 showed that sales rose from N29.98 billion in 2016 to N33.08 billion in 2017. Gross profit increased from N6.86 billion to N7.44 billion. Selling and distribution expenses reduced from N5.6 billion in 2016 to N5.23 billion in 2017 while administrative expenses improved considerably from N2.07 billion in 2016 to N1.59 billion last year.

    With these, the company posted a positive operating profit of N711.37 million in 2017 compared with operating loss of N732.85 million in 2016.The company, however, came under finance pressure as interest expense jumped from N17.8 million in 2016 to N545 million in 2017. After taxes, net profit stood at N299 million in 2017 as against net loss after tax of N296 million in 2016.