FULL YEAR RESULTS: A G LEVENTIS DECLARES DIVIDEND BUT....

Old timer, AG Leventis PLC is to pay 10k per share dividend to shareholders by September 9 once it is approved at the annual general meeting scheduled for September 8.
The dividend will be paid to shareholders in the company register by August 19, and after closure of the same register from August 22 to 26 this year.
However, the dividend is being recommended not because Leventis recorded better performance in 2015 financial year, on the contrary, it was a very trying year in which closing earnings per share from which dividend is ideally declared was 6k compared to the recommended 10k per share dividend.
Of course, the balance is likely to be from accumulated profit from previous financial years and there is nothing illegal or unbecoming in this except that it affects the networth of the business.
In 2015, Leventis core revenue rose by 6.29% to N12535.9m with drops in other income and in finance income dragging this down to only 5.53% increase in total income.
Yet distribution cost jumped by 60.1% to N781.4m, administration expenses closed 17% up at N2333.2m and finance charges grew by 22.8% to N1023.3m.
Thus, Leventis recorded 38.3% drop in profit before tax from a year its total income rose by 5.53%.
Decoded: It meant that 2014's  not too high 4.39% profit margin decreased further to 2.56%.
It appears though that Leventis was more relieved from liquidity aches since its working capital deficit shrunk to just N1.6m from 2014's N775.2m deficit especially while 32.9% drop in overdraft was recorded but then, long term loan still grew by 12% to N1103m.
Hence, the dividend to be paid will certainly be a source of some hustle for funds, all things being equal.

A G LEVENTIS PLC:  Mm
                        2015.            2016
Total income 12847.4.      12274.2
Core revenue 12535.9.      11793.7
Cost of sale.  8370.0.         8324.7
Other income   102.8.          131.1
Distribution      781.4.           488.0
Administration 2333.2.       1994.1
Finance income  203.7.        234.7
Finance cost.    1023.3.        833.3
Joint venture.       4.98.           14.7
Profit b4 tax.       329.4.         534.0
Profit margin %.   2.56.           4.39
Working capital (1.60).         (775.2)

Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more