HALF YEAR RESULTS: John Holt PLC, Vitafoam Nigeria PLC.


JOHN HOLT PLC: GREAT 2016 AHEAD?

It looks like the financial year 2016 will end on a very memorable note for John Holt PLC if half year figures to March are anything to go by.

And why not? John Holt seems far more in control of its costs within the period than it was at the same time in 2015 and revenue stream was not too bad either.

According to the figures for the half year, core revenue grew by 5.24% to N1326m and the early signs of good cost control showed as cost of sale dropped by 2.28% to N943m in spite of the revenue increase.

Then as other income propped total income growth to 6.7% at N1354m by leaping to N28m from N9m, distribution cost went down by 30.4% to N110m and administration expenses dived 71.4% to N173m.

A good finish was offered by 25.2% drop in finance charges to N92m.

Thus, John Holt ended the half by springing 106.6% from N580m loss at the same time in 2015 to N38m profit before tax.

All it needs is for the company to steady its course for the rest of the year and tough 2015 will be history.

JOHN HOLT: (Nm)
                  Half year
                    2016.         2015
Total income 1354.     1269
Core income  1326.     1260
Cost of sale     942.       964
Distribution      110.       158
Administration 173        604
Other income     28            9
Finance cost      92.       123
Profit before tax 38.    (580)
Profit margin%   2.81.(45.7)

VITAFOAM NIGERIA: DISCORDANT NOTES.

Vitafoam Nigeria PLC will end year 2016 well only if it is able to align the discordant strength and weakness between parent company and subsidiary.

According to the half year figures to March, the group seems to be strong in core revenue growth and weak in cost control, the very opposite of what the company figures indicate.

For example, group core income dropped by 23.4% to N3536m while the company's lost 27.1% to N2938.9m.

In addition, while the group cost of sale dropped by 25.8% to N2332m, that of the company went down 29.1% to N1939.2m.

The relative strength of the company became more glaring as group distribution cost dropped by 3.27% to N213.1m compared to 12.1% for the company to N177.8m.

More so as group administration cost increased by 10.2% to N900.4m as the company's own decreased by 7.49% to N643.8m.

Then finally the group was dragged into N126.8m loss within the half year by 44.9% increase in finance charges to N243.8m compared to 2.61% drop for the company to N153.2m that helped it close with N58.3m profit, not loss. A lower profit though.

VITAFOAM NIGERIA (Nm)
          Half year Group
                     2016.        2015
Total inc.     3562.6.  4640.7
Core inc.      3536.0  4617.4
Cost of sale 2332.0. 3143.5
Distribution   213.1.   220.3
Administration 900.4 817.2
Other income    26.6.  23.3
Finance cost    243.8  168.3
Profit b4 tax  (126.8). 203.9
           
     
                   

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