Wednesday, June 27, 2012 / The Analyst / Proshare Research

 

Companies in the NEWS Today –  ETI Plc and Crusader Nigeria Plc




  

Ecobank Transnational Incorporated Plc (ETI) at its Annual General Meeting made public its full year result revealing that the bank’s revenue in Nigeria and all francophone countries grew strongly in all markets as it increased by 31 percent to $368 million, assets increased by 19 percent to $4.7 billion, while profit after tax hit $118 million. Interestingly, Nigeria is the only country that stood alone as a unit in the revenue stream of the bank, a development which sources described as a proof of the robustness of the Nigerian market.

The Pan-African Bank recorded a whopping -81.29% loss in 2008 and also went down by -63.05% in 2009. The stock recorded +4.67% gains in 2010 while 2011 saw another loss of -33.12%. The stock has so far recorded +3.81% gains in 2012 with positive growth also recorded in gross earnings while negative growth was recorded in PAT. 

Crusader Nigeria Plc posted N286.537 million losses in its 2011 audited report released yesterday.  The firm, in 2010 posted a profit after tax of N204.130 million. Gross earnings of the company increased slightly from N5.345 billion in 2010 compared to N5.367 billion in 2011; indicating an increase of 0.41 per cent in the review period.

The company recorded +13.08% price appreciation in 2008 while it went down by -78.64%, -66.24% and -5.66% in 2009, 2010 and 2011 respectively. In 2012, the stock price has remained unchanged while it currently trades at nominal price of 50k. In the company’s Q3 2011 financials, it recorded -3.5% negative growth in gross premium and also -1044.7% in PAT.
 

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