May 23, 2012/ Proshare Research
 

On February 27, 2012 to be precise, The Exchange (NSE) released a list of 119 (One Hundred and Ninety-Nine) active listed entities on the main bourse whose financial year end is December 31.
 

As at the period stated above, Nestle Nigeria Plc was the first and only quoted company in this category to release its 2011 Audited Accounts as its financial information was presented to the market on February 21, 2012 while the other 118 companies are expected to submit their Audited Accounts by March 31, 2012.
 

In accordance with the Post listings Requirements, the Audited Accounts are due for filing on or before March 31, 2012.
 

In April 2012, The Exchange (NSE) extended the filing date of these set of companies because of the downtime experienced at the beginning of the year arising from the fuel subsidy removal protests and its impact on the business activities of listed entities. The NSE gave all these companies a two-week reprieve/grace which elapsed on Friday, April 13, 2012.
 

The Exchange (NSE) further exercised limited discretion by extending the filing date by another two weeks effective April 16, 2012 to April 27, 2012, for companies to regularize their filings while penalties will be imposed 0n filings that are made after 12.00 p.m. on Monday April 30, 2012.
 

We present herewith a status of developments to date.
 

2011 Audited Results Thus Far 

As at Friday 18^th  May, 2012, the analysis of quoted companies with December Year End shows that out of ninety-three (93) quoted companies that have declared its 2011 Audited Results, seventy-two (72) quoted firms declared positive PAT representing 77% of the total figure while twenty-one (21) declared negative PAT representing the remaining 23%.
 

Sixteen (16) have yet to declare their results.
 

With ninety-three (93) quoted firms resulted released out of the 187 first tier equities listed on the main board, results for ninety-four (94) firms may begin to hit the market anytime soon.
 

Companies with Positive and Negative Results 

Out of the ninety-three (93) quoted firms that have released its Audited Results, Dangote Cement Plc has the largest positive PAT figure of N125.9billion and closely followed by GTBank and First Bank of Nigeria Plc with N52.6bilion and N44.7billion in that order while Starcomms Plc led the table with negative PAT figures with N-17.5billion and closely followed by Forte Oil and Diamond Bank Plc with N-15.5 bilion and N-11.2 billion respectively.
 

In the top ten positive PAT category, Dangote Cement Plc from Industrial Goods sector led the chart while five banks make the list with GTBank Plc have the highest figure. The negative PAT category was led by Starcomms Plc with three banking stocks also making the chart while stocks from Oil & Gas, ICT and Consumer Goods sector completes the chart.

2011 Audited Results by Sector  

The analysis of the audited results released by sectors shows that 25 quoted firms in the Financial Services sector have released their results (representing 42% of the total 59 firms listed in the sector). Other leading sectors are the Consumer and Industrial Goods sectors with 14 and 12 quoted firms releasing their results - representing 44% and 48% respectively. See Full Table Below

The agriculture sector appears to be the most compliant with 80% of the companies in the sector submitting their results, closely followed by the ICT and Conglomerates sectors which returned 60% compliance rate respectively.  

In the Banking sub-sector, Union Bank Plc is one of the firms that is yet to release its 2011 audited results – its latest results so far being its Q3 2011 results.
 

In the insurance sub-sector, Goldlink Insurance is yet to release its 2011 Audited result with Q3 2011 result also being the latest result.
 

Audited Results and Firms Listed Between 2008 & 2010

Between 2008 and 2010, forty (40) quoted companies were listed on the Nigerian bourse. Out of the forty (40) firms, eighteen (18) have so far released their audited results with thirteen (13) declaring positive PAT figures while the remaining five (5) declared negative PAT figures.
 

Dangote Cement Plc, GTAssure and Capital Hotel Plc top the firms with positive PAT while Starcomms, Chams and Omatek Ventures Plc top those with negative PAT results. Listed firms such as Daar Communications Plc, MTI Plc, African Alliance Insurance Plc, and Unity Kapital Assurance Plc are yet to release their 2011 Audited result with their last released figures being 2010 Audited, Q3 2010, 2010 Audited and Q3 2011 respectively.

2011 Audited Results and Corporate Actions  

A look into the return on investment (ROI) on quoted firms that have released their 2011 audited results reveals that out of the ninety-three (93) firms, only forty-seven (47) firms declared dividends; only two (2) declared bonuses while five (5) declared both dividends and bonuses within the different categories representing 87%, 2% and 9% respectively.

Insurance Subsector & 2011 Audited Results

Further analysis on the Insurance subsector shows that only ten (10) quoted firms have released their 2011 audited results so far. All these firms declared a positive PAT figure. Out of these list Custodian & Allied Insurance, NEM Insurance and AIICO Insurance Plc led the chart with N1.40bn, N1.34bn and N1.33bn in that order.

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