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FCMB Declares 5
Kobo Cash Dividend
Group Managing Director/CEO of First
City Monument Bank PLc, (FCMB), Lay
Balogun and his management team have
declared five kobo per share as cash
dividend for ahead shareholder for
the financial year ended 2009.
The cash dividend of 50 Kobo for the
financial year ended was as a result
of poor performance. This poor
performance trend in the bank
started head of the Governor of
Central Bank of Nigeria [CBN] Mallam
Sanusi Lamido Sanusi's action on
August 14,2009.
Even though CBN and NDIC declared
FCMB spotless, that did not
encourage Balogun and team to
perform well, instead they turned
performance arrow from up to down
since then.
The current Financial year ended
December 2009, with gross earnings
of N35 789.26million as against
N72698.31million in 2008, a decline
of N36 909.05million representing
50.77perrcent while profit after tax
stood at N564.34 compared with N3
994.54million, a decrease of N3
430.20 million to represent 85.87
percent, are clear signals.
FCMB's first quarter ended March
31,2010 showed red signal from
unaudited gross earnings figures of
N14 439.40million which fell below
the forecasts of N21 817.14rnillion,
a decline of N7 377.74 million
representing 33.82 per cent while
profit after tax stood at unaudited
of N903.23 million to forecast
figures of Nl 347.25million,
N444.02million decline to represent
32.96 percent.
The past and present performances of
FCMB may show bad signal for the
next six months forecasts of gross
earnings at N21 199.10million and
profit after tax of N2 248.50
million at the end of June 2010.
UACN Gives 88% Profit to
Shareholders
Chairman of United African Company
of Nigeria (UACN) PLC, Senator Udoma
Udo Udoma, said that in view of the
overall results the Board of
Directors has set aside the sum of
Nl 664 749 135.40 to be paid out as
cash dividend for 2009, which
represents Nl.30 per share for every
shareholder, whose name appeared in
the registrar's book on or before
May 23, 2010, while payment date was
slated for June 23,2010. Udoma
pointed out that despite the
difficult business environment in
preceding year, the group recorded a
turnover of N56.5billion, an
increase of N2.8billion representing
the preceding year, whilst profit
after tax stood at N4.02billion
compared decline of N0.22billion,
representing 5.18percent.
In the same vein, the Board of
Directors has recommended a bonus
issue of one for every four shares
held till closure date of register,
which dated May 24,2010_value 320
144 065 ordinary shares to be added
to the existing outstanding shares
of the company later.
According to the UACN Chairmen
infrastructural decay has negative
imparts on the economy of the
country.
He stated that crisis in the
Nigerian energy sector has
constituted a hindrance to socio-
economic transformation and capacity
utilization in the manufacturing
sector.
All these developments imparted
indirectly on UACN's business, in
area of restaurants and dairies
divisionary , which witness
significant increase in costs as a
result of poor power supply.
Udoma further pointed out that
prompt implementation of the Asset
Management Company of Nigeria [AMCON]
may lead to the restoration of
capital and loanable funds from
banking system, and indirectly
restore credit availability to the
private sector.
Senator Udoma also revealed that the
UACN has been positioned to exploit
from the positive outlook of the
economy. "UACN management plans to
introduce some new products in the
UAC foods and dairies divisions. And
to position MDS logistics for growth
and expand the capacity of the fish
feed mills in the Grand Cereals
Limited also", he said.
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