HENATES

CAVERTON OFFSHORE SUPPORT GROUP: ONE SOLID SUPPORT. In the financial year 2015 Cavertpn Offshore Support Group PLC could only bank on one solid support to lean on: Income from other sources. Sure, according to the audited results, core business still provided the main reason for being in business by contributing lion share of revenue, but it ended 6.75% down on 2014 levels. More significant was the fact that even the cost of generating this lower core revenue increased by 4.56% thus depressing gross profit by 21.2% to N14605m. It was income from other sources that almost tripled to N1040.1m that not only reduced total income drop to 3.98% at N24259.9m but also helped to cushion the full effect of the cost of sake growth amidst revenue drop. Caverton did a good job with administration cost though by reducing it by 15.6% to N6092.9m However, not good enough to avoid 35.3% decrease in profit before tax to N1767.1m all because finance charges added to the pressures on the botto...

There are a number of issues today in Nigeria that need to be handled with care because they contain dynamite. A major one is the recent demand by organised labour for a new N56,000 a month minimum wage. Going by the fixed official exchange rate that comes to N1866.7 per day or about 9.47 dollars each day on a 30 day month. The current minimum is N18000 per month ;N600 per day or about $3 each day. However, going by the official exchange rate could be deceptive because only few items now get produced with input brought in at the official N197 to the dollar rate. Besides, since this year, prices at the market place of goods and services particularly energy, food and transportation costs have grown wings. So much so that even the new N1866.7 per day demand appears valueless before it can even find its way to the negotiation table. To add insult to injury, political leaders are quick to call for understanding and sacrifice from the populace yet none has changed modus operandi to...

SEC NIGERIA LOSES DIRECTOR AND ONE OTHER STAFF Within two days interval this April, Securities and Exchange Commission (SEC) Nigeria lost two of its staff to death. According to notice from the head office in Abuja, the first to die the Director, Zonal Office Coordinating department, Mrs Louise Eni- Umukoro. She died on April 21, barely a month after her 56st birthday. Mrs Umukoro had joined SEC in October 1986 as assistant economist and rose through the ranks to the highest career position of director by January 2010. In 2013 she had been officially commended for her contribution to the review committee on minimum paid up capital for market operators. On April 23rd, that is two days after this death, another staff joined the ancestors. He was Mr Umar Jibrin Ayu, s supervisor on the Kano office. This was four months before his 54th birthday and has been buried according to Muslim rights. The late Ayu joined SEC in October 2008 as senior clerk and rose to supervisor positi...

G. T. BANK: CORE VS NON-CORE It looks like the battle for the profitability of Guaranty Trust Bank PLC in 2016 will be between core and non-core banking business. According to the first quarter figures sent to the stock market, while core business was putting good shoulders to the wheel, non- core is acting as a drag. By the quarter to March, interest income grew marginally by 1.6% to N55833.1m but was nicely accompanied by 4.92% drop in interest expense to N15039.3m thus increasing net interest contribution to the income pool. The same thing was repeated in fee and commission which increased more resoundingly by 39.1% to N17285.6m followed by an equally remarkable 34.4% decrease in fee and commission expense to N567.1m. However, except for 3.99% decrease in impairment provision to N3385.9m, and 4.72% drop in other operating expenses to N15223.2m, no more helpful shoulders could be seen. Gain from fair value of financial assets dived by 79.9% to N1171.5m, Other income tumb...

UACN PROPERTY: FINANCE DIRECTOR RETIRES The Finance Director of UACN Property Development PLC Mrs Folashade Oluwatoyin Ogunde has proceeded on retirement leave from April 15, this year. According to a notice signed by the company secretary, Godwin A Samuel esq, she has been replaced by a namesake with slight difference in spelling the same name. The new finance director is Mrs Adeniun Folasade Taiwo. Mrs Taiwo has been with UACN group since June 2012 and was before her elevation, head, Financial services overseeing group financial accounting and related duties. From October 1990 to 2012 she was with KPMH Professional services from where she was seconded to various major companies, including UACN and First City Merchant Bank to set up or consult on internal audit and related matters. She is an associate of the Institute of Chartered Accountants of Nigeria and holds an HND from the Federal Polytechnic, Ilaro, Ogun state. LINKAGE ASSURANCE: FOUR DIRECTORS RETIRE. Four dire...

GUINNESS: CRITICAL PRESSURES. According to the unaudited nine months figures released recently, Guineas Nigeria PLC may end year 2016 considerably weaker because of critical pressures. All round, the figures tell the tale of sliding fortunes with Guinness just managing to hold on to N1.7 gain on each N100 income by March 2016 compared to N8.3 a year ago. They also tell of faster slide in fortune from N3.27 gain on each N100 income by half year to December 2015. From the results, the things worth cheering within the period are linked to finance because finance income increased by 40.1% to N946.6m and finance cost dropped by 19.2% to N3346.3m. It was the finance income growth that reduced total income decrease to 17.5% at N70912m despite 17.9% drop in core revenue to N69619m and 38.2% decrease in Other income to N346.4m. The situation worsened for Guinness because cost of sale drop at 12.6% to N39352.5m did not match revenue decrease; and worse still more controllable expense...

UACN PLC: TOUGH INDEED. The financial year 2015 was indeed tough for UACN, the veteran Nigerian conglomerate. From the figures for the year released earlier, nothing seemed to work in UACN PLC's favour within the year as core and total income dropped, and costs increased almost without exception. The group total income came to N76671.9m, down 15.6% while core revenue dropped by 14.6% to N73146m. The higher decrease on total income was because Other gains dropped by 43.4% to N1959.4m and finance income was lower by 10.2% at N1566.5m. The legendary UACN grip slipped in 2015 as selling and distribution cost increased by 8.54% to N3318.7m, and administration expenses rose by 5.05% to N6881.9m. Even share of profit from subsidiaries dived by 40% to N1787.5m. All said and done, with cost of sale dropping only slightly ahead of core revenue drop, UACN PLC ended 2015 with profit before tax of N7943.8m down 43.6% on 2014's N14096.9m. Sure at 10.4 % the resultant profit m...

UNION BANK: FLYING START Union Bank PLC had a flying start in the first  quarter of this year and only needs to maintain the momentum to close the year much the same way. According to the first quarter unaudited figures released recently, the good news was not because Union Bank grew its gross earnings but because some non- core income streams grew so well while not allowing interest expense and personnel cost to grow wings. Gross earnings had dropped Marginally to N27275m principally because Other operating income decreased by 93% to N160m from N2296m. If not, there was 4.67% growth in interest income to N21488m, 32.1% increase in fee and commission to N2718m and 28.3% rise in net trading income at N2740m. Interestingly, the growth in interest income was accompanied by 16.6% drop, not increase in interest expense to N6599m. In addition in spite of 1.55% lift in loans and advances to customers, impairment provision went down by 53.1% to N1140m; and personnel cost eased...

Investors who have bought shares through the Nigerian capital market or are planning to, can now download mandate forms for each of the 18 Registrars in Nigeria. According to an official notice on the website of Securities and Exchange Commission, Nigeria, the forms can be downloaded by clicking the relevant one out of the 18 on display. It is with the mandate form investors are expected to authorise the payment of their dividends into mandated or designated account of their choice. The registrars with mandate forms on display are, in alphabetical order, African Prudential, Apel Assets, Crown, Cardinal stone, Centurion, Datamax, EDC and First Registrars. Others are Flour Mills, GTL, Lighthouse, Mainstreet  bank, Meristem, PAC, PACE, United Securities, Unity and Veritas. SEC Nigeria launched e-Dividend back in February 2008 and since then, in collaboration with relevant agencies and market organisations has been perfecting plans and programmes for its smooth take off. In rec...

PORTLAND  PAINTS & PRODUCTS PLC: BLOW TO THE JUGULAR Obviously, the tough year 2015 delivered a deadly blow to the jugular of Portland Paints & Products PLC that will take a while to lose its impact. According to the audited results for the year, Portland Paints recorded about s quarter drop in total income to N2221.8m as core revenue decreased by 22.5% to N2168.5m dragged further by 48% decline in Other operating income to N53.3m and 32.5% drop on finance income to N3.28m. Yet the more damaging blows came from pressure on cost across the board for Portland Paints. Because of this pressure, cost of sale rose by 14.8% to N1270.8m despite the drop in core revenue; administration cost rose to N673.5m and finance charges at N124.5m ended 8.17% up. Only selling and distribution cost showed any decrease. It dropped by 14.8% to N414.6m but compared to the decrease recorded in even core revenue, it was not good enough to make a difference. And so, Portland Paints ended 2...

UBA: A LITTLE STRONGER. If the first quarter is anything to go by, then United Bank for Africa UBA PLC is heading for more strength this year but mainly on the back of lower interest cost and some foreign exchange related goodies. According to the figures for the quarter to March released this week, fee and commission would have counted amongst the sources of strength but for 12.6% increase in this income to N15299m that was accompanied by 20.9% rise in the attached expense to N2376m. In the case of interest income, UBA actually reported 6.35% drop to N54941 but the strength came from 26.4 decrease in interest expense to N20520 thus leading to 11.8% increase in net interest income. From foreign exchange dealings in the quarter, UBA realised N923m gain compared to N777m loss there previously. Note that to arrive at figures stated by Henates below adjustment was made for this gain and changes in fair value of financial assets in UBA gross earnings and stated profit after tax to...

FBN HOLDINGS PLC: CHIEF RISK OFFICER RETIRES. The Chief Risk officer and executive director of FBN Holdings PLC flagship subsidiary, First Bank Nigeria, Mr Abiodun Odubola will retire from service on June 6, this year. According to a notice to the stock market signed by company Secretary, Tujani M. Borodo esq, he retires after serving as Chief Risk officer since 2013 and after being appointed to the board since 2014. His replacement as Chief Risk officer, says Borodo, will be announced later. Meanwhile, Dr Oyindasola Oluremi Oni has been appointed to the First Bank board as executive director. Corporate banking . Oni brings to near 24 years experience in corporate finance, commercial and retail banking. TIGER BRANDED CONSUMER GOODS PLC: NAME CHANGE. At last, Tiger Branded Consumer Goods PLC is to drop its mouthful name and revert back to its original name: Dangote Flour Mills PLC. According to a notice signed by company Secretary/ Legal adviser, Mrs Aisha Ladi Isa, the ...

AIICO INSURANCE PLC. Proposed.           5k per share Qualification date.  24/4/2016 Closure       25-29/4/2016 AGM date.    To be advised. Payment date 6/5/2016 CONTINENTAL RE INSURANCE PLC Proposed.           12 kobo per share Qualification date.      25/7/2016 Closure.           18-22/7/2016 AGM date.        28/7/2016 AGM venue.    To be advised. Payment date.    29/7/2016.

C & I LEASING PLC: INFLUENCE OF MINOR STREAMS. If nothing else, the experience of C & I Leasing PLC in 2015 shows that sometimes, it is the way little drops of revenue flow in that makes a difference. Or so the audited results for the year clearly show. Of course, total income was still dominated by lease rental, outsourcing income and vehicle sales, the bottom line was helped more by higher margins chipped in by tracking income, other operating income aided, of course, by good grip over distribution and other operating costs. If not, the increase in gain on each N100 income to N3.19 from N2.97 would have been a dream. Lease rental income had grown by 6.47% to N8177.9m but expense incurred on this rose by 24.5% to N2193.9m thus watering down net contribution. Much the same way, Outsourcing income grew by 10.5% to N5509.7m but again attendant cost increased by 10.8% to N4821.9m. In the case of Vehicle sales, it not only lost in contributions to the bottom line but al...

ALUMINUM EXTRUSION IND PLC. NICE TRY Aluminum Extrusion Industries PLC tried its very best to end 2015 financial year gloriously but it could not. In fact aside from very marginal profit growth from double digit revenue increase, profit attributable to shareholders dried up because the tax man, this time, took his share. According to the audited figures released earlier, in 2014 there was a tax rebate of about N51.2m which swelled distributable profit to N170.1m from N118.9m profit before tax. On the other hand, in 2015, distributable profit came to only N83m from N120.4m profit before tax because N37.5m was provided for as tax payable. Before the tax impact, the main battle Aluminum Extrusion lost was with cost of sale. To generate 31.8% rise on core revenue to N2501.4m cost of sale increased by 36.4% to N2167.7m and that made gross profit to grow by only 8.44% to N333.7m. Others then played supporting roles starting with 7.2% drop in Other income to N1.16m; 26.1% increase in ad...

UNILEVER PLC: BETTER 2016? For Unilever Nigeria PLC it looks like 2016 may be  better than 2015. Or so the unaudited figures for the first quarter to March seem to indicate. According to the brief released last week, even though Unilever was able to grow both core and total income by about 12.5% each, it ended the quarter with 8.46% profit margin compared to 5.78% at the same time in 2015. That may not look like too sharp a rise but when it is recalled that Unilever ended 2015 year with only 2.97% profit margin despite the double digit recorded at first quarter, the issue becomes whether later part of 2016 will bite harder than it did in 2015. It may not although something can be done to reduce growth in selling and distribution costs ( up 24.4% by first quarter); trim cost of administration while ensuring cost of sale and finance cost continue to apply increasingly less pressure. It was actually the 33.3% drop to N545.7m in finance income that made the quarter and of course,...

Suddenly we have a back log of corporate final results for 2015 awaiting analysis. These are the bulk of the full year audited results for 2015 that flooded the Nigerian stock market in recent weeks. Yet the 2016 first quarter figures to March have started trickling. So to take all of them in a better stride, Henates Financial Analysis is to be restructured along the following lines from next Monday, April 18. 2016. Results, dividend news, corporate news. events and all else will be featured under the following grouping with serial numbers to differentiate editions. 1. Quarter Results: This will feature as much as possible first quarter figures as they are released. 2 Half Year Results: This will be dedicated to review of half year figures in batches as they are released. 3. Audited Results: This will be for full year audited results as released. 4. Dividend Updates This will continue as it has been featured since its debut. 5. Corporate news This too will featu...

Most companies in Nigeria may no more propose interim dividend for shareholders in the near future. This is because it has become less attractive to do so because of changed attendant tax payment rules. Of course, any company that so wishes is still free to declare interim dividend with the authority of the Board of directors but, and here is the new catch, corporate tax due on such distributable profit must be paid before the interim dividend can be declared. This means that a company declaring interim dividend may not only have to source and part with cash for such dividend but also part with 30% of the distributable profit as advance tax payment to the Federal Inland Revenue Service ( FIRS). In addition, according to the amended Companies Income Tax Act (CITA) companies now declaring dividend must also supply the FIRS with details of the distributable profit from which the interim dividend is to be proposed, and details of particulars and holdings of shareholders who stand to ...

Five more companies quoted on the Nigerian stock exchange have announced proposed dividend from 2015 results. They include two; Ecobank Transnational Incorporated and Seplat Petroleum proposing in United Stated currency. It also includes McNichols Consolidated PLC proposing bonus as well. ECOBANK TRANSNATIONAL INC. Proposed.         US 0.2 cents ( about 40 kobo ) per share Closure date.      19/7/2016 AGM date.           17/6/2016 Payment date       2/8/2016 AGM Venue.      Lome, Togo. OKOMU OIL PLC Proposed.        10 kobo per share Qualification date.     9/5/2016 Closure.                 10-13/5/2016 AGM date.          ...

Obviously, all through financial year 2015, UACN property Development Co  PLC searched for a bottom to bounce back from but it remained elusive as virtually every stroke headed downwards. According to the 2015 audited results released recently, it was a tough year indeed, so much so that UPDC almost landed in the loss league. For starters, core revenue went down by 56.2% to N 5120.9m although the resultant decrease in total income came to 43.1% to N8344.4m mainly because  the lone income good news occurred as other operating income closed 155% up at N575m. Other income streams virtually ran dry as fair value of investment gain dropped by 83.6% to N252.7m, gain on asset disposal tumbled 111.8% into N57.4m loss and finance income eased 15.8% to N608m. From the other side of accounting coin, cost of sale going down 63.5% to N3601.6m was the only expense well controlled. The drop in selling and distribution cost at 51.9% to N107.2m was almost in step with revenue decrease while p...

Nigerian  Ropes PLC entered 2015 financial year roped in N49.9 loss on every N100 income. Thus it was more preoccupied with how to untie the knot. According to the audited figures for the year, Nigerian Ropes succeeded to a very limited extent. At least it reduced the loss margin to N48.8 on N100 income. Trying as 2015 was for most companies, Nigerian laid the foundation for the year end by driving costs hard enough to achieve 11.2% decrease in cost of sale to N217.3m ahead of the 8.87% reduction in core revenue to N340.9m. and also reducing administration expenses by 9.62% to N228.2m. The 19.4% increase in distribution cost to N19.1m and rise in finance charges by 20.4% to N71.3m did not help matters but this was checkmated by 142.5% increase in other income to N19.4m from N8m in 2014. Yet, the battle against cost pressure may not be that easy to win in 2016. One, because it will still be against finance costs at a time liquidity remains a problem. And against continued rise i...

Fidelity Bank PLC continues to state in its payoff "we are fidelity" but somehow, in 2015 fidelity did not quite deliver the smiles. Instead, Fidelity Bank PLC reported drop in profit margin to 9.55% from 2014:s 11.4%. According to the audited figures released recently, the road map in 2015 was twisted by slow down in non-core banking income, 33.9% increase in impairment provision and 31.5% in other than personnel cost. Interest income had done well rising by 16.2% to N122158, ahead of interest expense growth (8.68% to N60294m) but gross income ended only 7.93% up at N146891m due principally to 41.8% dive in other operating income to N8496m and only 2.79% increase in fee and commission to N17237m. The impairment provision recorded was N5764m compared to N4306 in 2014 while other operating expenses rose to N32997m from N25087m. Thus, Fidelity bank ended 2015 with N14024m profit before tax down 9.61% on 2014 level. It may be instructive that the drop in other operatin...

When a company like MRS OIL PLC reports 13.9% increase in profit before tax from revenue drop without winning war against costs, rest assured, there is manna from somewhere. In this 2015 case it is manna from finance. According to the results released recently, MRS Oil recorded a great leap in finance income within 2015 to N1730.5m from N277.7m in 2014. As finance cost increased by only 31.7% to N1880.2m from N1427.6m, net finance deficit dropped from 2014's N1149.6m to only N149.8m and this greatly reduced pressure helped  MRS Oil to out shine its 2014 performance by a slim margin. If not the did was near done for MRS Oil as revenue dropped and all cost units refused to dance in tune. Core revenue had decreased by 5.66% to N87099.2m with income from other sources growth helping to reduce this to 3.81% decrease in total income to N90274.2m. At 5.49% up to N87099.2m,  cost of sale had behaved fairly well and the real pressure came from 76.7% leap in selling and distributio...

It was a case of more caps of honour for CAP PLC in 2015 but more for being more efficient in distributing and selling its products with help from non-core business income. From the audited results released recently, revenue barely grew  but in spite of higher increase in  cost of sale and cost of administration, CAP PLC ended 2015 with higher profit margin. Core revenue had increased by only 1.34% to N7080.9m  with the growth in total income at 2.38% to N7369.7m being a bit higher because of Other income rise by 13.9% to N59.9m and 44.4% increase in finance income to N228.9m. Finally the 28.1% drop in selling and distribution costs to N377.1m  upgraded performance to the extent that 10.4% increase in administration cost to N929.6m could not stop CAP PLC from recording profit growth ahead of the increase in revenue. The year's profit was N2570m, up 5.24% on 2014's N2442.1m. Decoded: CAP PLC ended 2015 with a more solid 34.9% profit margin compared to 33.9%...

Capital Hotel PLC, owners of Abuja Sheraton, sure engaged in hard sell in 2015 but it bore limited fruits. Instead, the more effective shoulder to the wheel turned out to be non-core business income. According to the audited results released recently, Capital Hotel spent N319.2m on sales and marketing in 2015, up 251.9% on the far smaller N90.7m in 2014. However, it did not result in immediate leap in revenue especially the core one. Revenue from main hospitality business grew by only 3.1% to N4693m in spite of the relative splash on marketing and sales and total revenue rose by 5.48% to N5011.6m This was followed by 3.73% increase in cost of sale to N3355.1m . Thus Capital Hotel would have ended 2015 with lots of regret but for the 11.9% decrease in administration costs to N667.1m; 67.7% rise in income from other operations to N249.7m from N149m and 37% increase in finance income from N50.3m to N68.9m All they did however, was cushion the full effect of the sales and marketi...

In the financial year 2015, NASCO Allied Industries PLC bore the burden of new market hoping, perhaps, that in the near future better inroads can pave the way for more profitable streams. According to the audited figures released recently, 2015 did not quite disappoint NASCO in its old business of salt production and freight but the slow down came from losses incurred in producing seasoning, tomato and vegetable oil. In these three products. NASCO incurred loss right from the gross income stage as their cost of sale outstripped income recorded. However. Profit realised from the strong streams was good enough to ensure 5.64% increase in profit before tax ( PBT) for the year to N3017.6m from N2856.4m The fact that this single digit growth came from a far more solid 43.6% increase in total income to N16348.45m and 43.8% rise in core revenue to N16178.2m clearly showed the big hole the loss leaders bore in NASCO's bottom line. The lower growth in total income was due princip...

UNION DICON AIMS HIGHER In spite of the tough times, Union Dicon Salt PLC is raising its sights beyond salt manufacturing to agro allied with the aim of becoming a major player in that sector soon. According to a release from the company, hitherto, 15000 hectares of land had been secured in Edo state to grow and process cassava. Now, 2000 hectares  more are to be added to ensure that the processing plants to be established in Edo and Delta States makes it the largest producer of starch in Nigeria soon. Already, says the release, an agreement has been signed with a German company, GEA Westphalaa to build this starch processing facility in Nigeria. Until recent years Union Dicon was Nigeria's highest producer of salt. It was established in 1984. BOARD CHANGES AT TRANSCORP HOTELS. Following the resignation of Mr Benjamin Dikki from the board of directors of Transcorp Hotels PLC Dr Vincent Akpotaire and Mr Adim Jibunoh have been appointed executive directors with effect f...

Secure Electronic Technology PLC barely ended 2015 more secure than it began the year but there is still a long way to go. According to the 2015 audited results released recently, the problem was more because Secure Electronic has no way of keeping prizes and winnings within its control and operating margin is low. For example, gross income for 2015 was N7642.7m up 5.46% on 2014's N7247.1m. Not bad but the bulk of it went into paying winnings and dealers commission. While prizes and winnings paid came to N4054.1m up 5.42%, dealers commission increased by 6.72% to N2872m. Together they accounted for 95.9% of income leaving only N316.5m as gross profit. The trend was about the same in 2014. Hence, no good fortune or move from other activities could make great difference. If not. yes. Secure Electronic did hold down administration cost by 9.1% to N259.7m from N285.7m and finance charges did also drop by 59.1% to N0.71m thus ensuring 29% increase in profit before tax to N56.1m ...

For Wema Bank PLC two things offered the grace with which it finished 2015 stronger than it started it: Decrease in impairment provision and increased income from non-core banking operations. According to the audited accounts for the year released recently, there was not only a drop in interest income but also interest expense rose in double digit. Thus watering down the contribution of core banking to Wema's state of affairs in 2015. Interest income dropped by 12.2% to N31128.1m from N35453.2m but interest expense rose by 14.8% to N19408.5m from N16901.3m. This however, only led to about 5.68% decrease in total income to N39791.8m from N42186.8m due to far better income flow from other activities. In particular, net trading income more than doubled to N1781.8m from N850.6m, Other income increased by 83.3% to N1217.6m and net fee and commission came to N5664.3m from N5218.5m. With net impairment provision coming to N77.6m, down 12%; operating income increased by 5.01% to ...

In the last one week five more companies announced proposed dividend based on 2015 audited figures. They are: ASHAKA CEMENT. Proposed.           5k per share Qualification date  25/4/2016 Closure.                    26/4/2016 AGM.                        10/5/2016 Payment date.          11/5/2016 AGM venue:     Sheraton Hotel, Abuja. AIICO INSURANCE PLC Proposed.      5k per share Qualification  date.   24/4/2016 Closure date.     25-29/4/2016 AGM date.           5/5/2016 Payment date.     6/5/2016 Venue.      To be advised (TBA) REGENCY ALLIANCE INSURANCE PLC Proposed.          3k per share Qualification date  21/4/2016 Closure date. 22-28/4/2016 Payment date. 27/5/2016 AGM date.         26/5/2016 AGM venue Sheraton Hotel Abuja INFINITY TRUST MORTGAGE BANK PLC Proposed.          3k per share Closure date.     22/4/2016 Payment date.   16/6/2016 AGM date           10/5/2016 AGM venue Barcelona Hotel, Abuja. CONTINENTAL REINSURANCE ...

Paint manufacturer, Berger Paints PLC  ended the year 2015 in bright and shinning colours so much so that tough 2015 turned out to be a myth of sorts. According to the audited figures published recently, everything worked out in Berger Paints favour within the year with the lone exception of core revenue that dropped very marginally. Core revenue from paint manufacture decreased by 1.97% to N3022.3m from N3082.9m but not to worry, the good news started flowing almost immediately. First, non- core revenue growth reversed that for 1.31% increase in total income from N3239.6m estimated by Henates for 2014 to N3282.2m. Next, cost of producing the paints sold decreased at a faster rate. It dropped by 5.32% to N1643.7m from N1736.1m thus ensuring a 2.35% increase in gross profit. More shots in the arm were on the way too. Income from other sources increased by 20.4% to N95.1m from N79m and finance income more than doubled ( up 133%) to N144m compared to N61.8m previously. To cap ...