22 - Van uard THURSDAY NOVEMBER 1, 2012
Business/Capitol Market NSE tasks stakeholders to boost agric sector via capital market By MICHAEL E8011 4C t-ll NEDU IB EABUCIII HE Nigerian Stoct E:rchange (NSE) hl'ls called on stl'lkeholders in the I'lgnculturl'll sKtor to take I'ldvantage of the funding opporturulles I'lvat.ll'lble in the Nlgenan caPItal maltet to boost produdJVJty Mr Oscar Onyema. Managing DIrector/ChId Executive Olfi~r; NSE, made the request dUring Ihe preRJ\tatJon of facts bdund the ligures of Presco Pic al the NSE. Lagos. saytng that the capItal market holds the ace necessary for the agncu1tun! sector to take its pnde of place m the Nlgenan economy He noted that the sector cannot rely soleoly on short term lunds. gIven the capital rntenslve natun! of large scale aqncu1turai productIon He said efforts should be made by stakeholders rn the agncu1ture sector to grow lhe sector using long tenn tundlng opportUnlhes whIch 15 only avllilable 1Il thto capital market Also speakJng. Mr Udl'ly Pllaru, Managing Director! Clud Executive OUicet Preco PIc, disclosed that thtocompany has CODitste\tly provided profit margins and returns on lIlveltment. Helald thes~valueofthe
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company hal men by ISO per cent In the last eighteen months Just ill! it hill! consLStenUy pilld dlVJdf':nd smce ltstmg on the NSE in 2002 Thldng a cursory look at the company's tinl'lnClal report, Mr Uday said 2012 has been a defining year for Presco Pic "We are now a mature palm company With assumj profits and turnover Our finanCial rughlighlshows that Profit after Tax 10 3rd quarter 2012 stood at N2 186 btllion compared to N 1..523 blllion recorded In 03 2011 A total of
N6 876 b!llton WItS recorded as turnover in contrast to N5728 btllion in same quarter 2011 Usmg the Intemabonal FmanClal Reportmg Standard, the company's total assets stands: at N2645 billion compared to N24817 billion in 2011,· he
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Mr. Udaynoted that the company IS West Amca'. 1st fully mtegrated oU palm establ1Jhment WIth plantabons, oil palm mtll. refinery and fracttonaUon plants, as well as the leading agro-allied company in the Ni· genan vrgetable oils and spe-
oalty fats market 10 III efforts to develop the agricultural sector In the country, Mr Uday satd the company is acbve.ly Involved In research programmes through regular d~opmenl of high yielding vanety of palm Setodbngs; leadtng role in the ef10rts to develop the nallonal Interpretation for Round Thble on Sustainable Palm Oil (RSPO), 10 Nigena; and concerted investment In rubbe1- culllvaUon
FROtt' LI1FP. Dlr«for, Corpor./~ CommunlCdlions" CSR, AJrl~J Nigeria. IJmek .. Op;u-ah; DirMor, Reguli,'ory Allllln ... Special Proji!CU, Airlel Nigeria. (hondu NhYJkorrJ.nd Chlel Technlcill Ollicrr. A1r/~ NIJ/I!ria. Alf'iJdlJesh K.ll. dUrlDililYTeU briel/nil. in /.IIgos.
GlaxoSrnithKline diversifies, launches new product IIY aIlN':DU IBI:AII UCIIT
lu:oSmlthKline Consumers Nigerul Pk Said It had dl~lfied his mvestment portloilo through ftCqwslbon Into Sbefel Laboratones. Inc .. just as It launched the later product lOto the Nigenan
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Mr_Grant Onedo, Marketmg Duector; GSK PhannftCalbca1.
Anglophone West Afnca, said that the acqwsIUon offers the company the opportumty to m~ customers' needs at all level of consumplJon HeMld. "Ourdiven:lficallon agenda made us see opportuRilles 10 Sudellaboratories In· corporate which 15 a dermatological firm Today, GSK IS a top brand 01 dermatology The acqUlslbon made 10 2009 will
enable us mef!t our consumen: n~s.phann~tn~,and
dermatology needs because we have a WIde portfoilo segmented to meet ourcustomen need." ht. SlUd Mr Grant laid that the acquisilion would gIVe the company the opporturuty to IOCTease Its research and development capability; enable the churrung out of new products and 10-
First Bank's gross earnings up by 49% IRST Bank of Nigeria Pic, siUd Its rune-month earnings rose by 49 per cent net Ulterest lflcomejumped up for the third quarter finandal results ended September 30, 2012 Profit after tax rose to N66.26 bUbon 1$420 million) from N44 64 billion in the cortt'Sponding penod of 20 II The bank in a statement published on the website of the Nigerian Stock Exchange yesterdl'lY, revenue rose to N 267.69 billion lrom N225 billion, wtule interest income increased to N20S 5 billion from NI632billion First Bank's earrungs are rising after NIgeria overhauled lis banking system following the debt cOlis 10 2008, with the central bank finng the cruet execubve 01fi~rs of eight 01 the country's lenders It
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also set up Asset Management Corp of Nigena, whIch bought non-perfonning loans from the lenders Companies lISted on the Nigerian stock exchange converted to the International Financial Reporting Standards, or IFRS, from this year fol lowing a government directive "TIte figures are pretty in line Wlth my esbmates, having expected that the tran.IUon impact to IFRS on earrungs would moderate further to the trurd. and fourth quarters," Ablola Rasaq. a Lagos-based analyst WIth Vebva CaPital Management Ud , saId 10 Bloomberg First Bank fell 1 2 pet cenl In lagOitrading on 1\.iesday, paring thIS year's gain to 83 percent The Nigerian Stock Exchange All-Share Index has increased 29 per ent this year
crease the G!.u.oSmlthKline's finaocilll resol1tCe5 TO Uus end, the company has launched one 01 Sbclcl's products mto the marlcet called PhYSlogel which II a sklO moisturizer wruch strengthens and soothes dry and senslb~ skm According to him, the product respects lhesltm due to Its hypo-alleryeruc and fragrance free fonnulauon and protects the slu.n by bnng essenUM bpids that the s!un naturally needs -With the acquIsition of SUefeol WIth presence in over lJOcountnes, we are extendIng our global base. Globally, sudel has about 7.5 per cent worldWlde dermatology mar· keto GlllXoSmithKllne LS tn· vesbng about $ 160 million over the next three years to expand Its operation. "The acquisition giver; us the op· porturuty to expand into new markets. dose oplJmizauon, d~op for potenbal combl· nabon therapy and new mdi· cations It will expa.nd our plpeime aggressive 80 and l strategy We have robust reo search development to refine what we are dOing,· he lAId
Oando'sgross profit up by 11%inQ3 BY PETER EGWUATU ANDO has recordl!'d Q a gross profit of N50 6 billion forthetturd quarter (03) Pic
hnanclal penod ended Septemoo 30, 20 11, represenUng an mcrease 0111 per ct":nt from N45.5 billton recorded 01 the correspondmg penod of 20 II Accordmg to the result released by the NSE on Thesdat·. Dando recorded a turnover of N487 7bllhon lor the penod under rev!ew as agautsl NJ92.3 builon in the correspondmg penod of2011. repre5enung an Increase of 24 per cent Selhng and market 109 eIpenses iIX"t"eMed by 20 ~ cent from N5 6 billion 10 20 II to N6 798 billion in 2012. wtule admintstrallve ell:penses dropped margma.lly by two per ~ntfromN24 2 bilhon 01 201 I to N23.7 bt..llJon 10 2012 Furthermore. the- company rK"ord~ a dK"ilne- 10 Proht Before Income- and Tax Ell: ' perl5e5 (p8rT) of N 17 4 b!llton as agamsl NI8 1 billion In the correspondtng penod of 2011 Also therompany's profit Iorthe penod surg~ by Sll[ pt'1" cent to N9,2 btl.lJon from N 8 7 b1.l lion m 2011
Zenith Bank appoints JP Morgan for London listing
Z
ENITII Bank Pic has ap POlllted jp Morgan to faCIlitate a secondary ltstrng of Its shares on the London Stock Exchange. the- lender said on Wednesday. The 115bng IS plann~ to bethrough a Global Depository Receipt (GDRI. a tool used to facihtate lOvestmf':nts and Irad109 10 lheshares ofcomparues ftom emerglOg markets The top-ber lender s41d It will seek shan'holden:· approval for the ltsttng on Nov. 21 and that one GDR wt..I.l represent SO ordinary shares 10 the local bank. Zeruth already has a pnmary lisung In Nigena and has a market capitalisatIon of S3 6 btllion. The deal IS subject to regu latory approval, the bank Said. addmg lhat It wanted to 1m· prove liqUidity for Its shares WIth the transaction and not to ralSe capital ·Usting on the i.SE creates new opportunllies lor IncreM109 hqwdlty 10 our .Iecunties and diversificatIOn 01 our IOvestor base,· GodWln Emefiele. Zeruth s cruel eJl.l!ClItJve said In a statement