The shares in Northern Nigeria Flour Mills Plc (NNFM) rose by the daily maximum 10 per cent yesterday as investors reacted to the full-year results of the company, showing a recovery from loss of N22 million to profit of N225.145 million.
NNFM’s equity rose by N2.70 from N27.00 to close at N29.70 to lead the 23 price gainers for the day.
In its audited results for the year-ended March 31, 2013, the flour milling firm reported a profit after tax of N225.145 million compared with a loss of N21.776 million in 2012.
Although the company ended the year with revenue of N11.701 billion, indicating a decline of 7.7 per cent from N12.674 billion posted in 2012, an increase in other income boosted its bottom line.
A further analysis of the NNFM’s results showed that it posted gross profit of N783 million and a profit after tax of N225.145 million. Earnings per share improved to 142 kobo as against 12kobo negative of the previous year.
Cutix Plc went up by 9.9 per cent, while Courtville Investment Plc, NPF Microfinance Bank Plc and Associated Bus Company Plc grew by 9.1, 7.3 per cent and 5.7 per cent respectively.
However, in all, the market ended the day on a bearish note as the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.32 per cent to close at 38,227.63.
The market had opened the week the previous day with a decline of 0.19 per cent as investors moved in to lock in part of profits recorded last week.
A total of 35 stocks depreciated, led by Julius Berger Nigeria Plc and Transnationwide Express Plc with 10 per cent decline. Intercontinental WAPIC Plc went down by 9.7 per cent while Vono Products Plc and Redstar Express Plc depreciated by 9.5 per cent and nine per cent respectively.
Meanwhile, investors traded 428.417 million shares valued at N3.662 billion in 6,253 deals as against 375.50 million shares valued at N3.025 billion exchanged in 5,552 deals the previous day.
Source: Thisday Live