HALF YEAR RESULTS (1): TIGER BRANDED; NEIMETH INTERNATIONAL.

TIGER BRANDED CONSUMER GOODS: BACK ON TRACK.

It looks like on going plans to change the name Tiger Branded Consumer Goods PLC (TBCG) back to Dangote Flour Mills PLC is intended to underscore a new lease in the company's life.
According to half year unaudited results released last week, TBCG is bouncing back in style from the loss league.
From the figures, by March 2016 it boasted 3.2% profit margin compared to 32% loss margin at the same time in 2015.
More interesting was the fact that in the second quarter, the recovery was faster. It recorded 11.5% profit margin in that quarter alone compared to 35.8% loss margin for the same quarter in 2015.
In other words, the rebounce was visible even in 2015 but has gained enough speed to make loads of difference.
All through, it has been a combination of different factors. Both total income and core revenue grew well, cost of sale growth lagged behind this too inspite of present day cost pressures, overheads dropped by 10.5%, even financial charges went down by 8.32% by half year and to cap it all, previous loss on foreign exchange turned into a huge gain.
Even interest income increased substantially too leaving income from other sources with the lonely exception to all these by closing down 9.09% thus exerting pressure on the bottom line.
TBCG liquidity position is still weak though, because working capital by March was N13917.4m in the red. However, even this was a substantial improvement on the N23533m deficit by March 2015.

TIGER BRANDED CONSUMER GOODS PLC: (Nm)
                      Half year
                         2015.            2014
Total income 27960.8.       22000.7
Core revenue 26448.7.       21971.4
Cost of sale.  21761.4.       19577.7
Other Income      23.0.              25.3
Overhead.       3700.5.          4142.6
Forex gain       1489.1.         (3523.1)
Finance cost    1652.5.        1802.5
Interest income    56.9.            3.95
Profit before tax  894.4.       (7045.3)
Profit margin %    3.20.         (32.0)
Working capital (13917.4)  (23533)

NEIMETH INTERNATIONAL PHARMACEUTICAL PLC: HOPEFUL 2016

From the half year results released recently by Neimeth International Pharmaceutical PLC, financial year 2016 may turn out to be full of hope for good returns.
According to the figures, both total income and core revenue grew in very solid double digit (above 78% each) accompanied by relatively very weak increase in cost of sale (20.2%) and even weaker increase in marketing and distribution costs plus administration expenses.
In view of the fact that finance cost also dropped by 34.7%  and other income came to almost a million compared to zero previously, NEIMETH international virtually went through the half year without being under any pressure.
In the end, compared to N181.4m loss reported by the first half of 2015 year,N100.5m profit before tax was recorded this time around.
That works out at N12.7 gain on each N100 income as against equivalent N41.1 loss previously.
NEIMETH international closed march with a stronger liquidity position as well because working capital not only increased to N991.8m from N897m, cash in Hans was N265.6m compared to N77.3m previously.

NEIMETH INTERNATIONAL PHARMACEUTICAL PLC (Nm)
                   Half year
                            2016.       2015
Total income.   788.7.       440.9
Core turnover.   787.7.      440.9
Cost of sale.      287.8.      239.4
Marketing etc    143.4.      137.3
Administration.  221.6.      191.4
Other income      0.995.        -
Finance cost         35.4.       54.2
Profit before tax  100.5.    (181.4)
Profit margin %   12.7.       (41.1)
Working capital  991.8.     897.0
Cash.                    265.6.      77.3

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