HALF YEAR RESULTS: CHAMS PLC, NIGERIAN BREWERIES PLC.


CHAMS PLC: BOUNCING BACK.

Chams PLC seems likely to bounce back from loss league this financial year given the journey so far by half year to June.

From the interim figures released this week, Chams PLC is making for less as income but good cost control is paying very good dividend.

Total income had dropped by 42.6% to N1015.9m principally because core revenue tumbled by 57.6% to N683.5m while finance income helped cushion the full impact of this by ending at N161m.

Chams PLCs hands on showed well as cost of sale went down faster by 76.3% to N289.5m and administration expenses dropped by 85% to N566m.

With income from other sources chipping widow's 8.28% growth to N171.4m, Chams PLC ended the half year with bountiful N160.3m profit before tax as against loss of N3393m by the same time in 2015.

Broken down this came to N15.8 gain on each N100 income by June compared to N191.8 loss on the same level of income previously.

Chams PLC had a hard time with liquidity though but mainly because it paid off outstanding loans and borrowings by 81.4% to N193.2m.

CHAMS PLC: Nm.Half year
                         2016.   2015
Total inc.       1015.9 1768.8
Core inc.         683.5.1610.5
Cost of sale    289.5 1221.5
Other inc.        171.4.  158.3
Admin.           566.0  3778.8
Finance inc.  161.0. (161.5)
Profit b4 tax 160.3 (3393.0)
Profit margin 15.9. (191.8)
Loans.           193.2. 1039.1

NIGERIAN BREWERIES: TAKING CHARGE.

Nigerian Breweries PLC took better charge of its affairs in the second quarter of this financial year and so ended with a little more hope.

According to the unaudited figures released this week, much as core revenue decreased in the second quarter, more control led to higher overheads decrease and even slow down of cost of sale growth.

Total income for the half year had grown by 3.57% to N157909.2m in spite of 2.36% drop recorded in the second quarter.

But then while cost of sale by half year came to N83391m, up 7.67%, in the second quarter growth recorded was 4.04% thus implying that first quarter increase was higher.

The same with distribution cost and administration expenses that went down by 5.15% to N15544.7m and 16.4% to N5349.5m respectively in the second quarter compared to 1.45% increase to N29475.7m for distribution and only 5.93% drop to N10849.8m for administration cost by half year.

However, the benefit of better control could not lead to higher profit for Nigerian Breweries because finance charges more than trippled in the second quarter and ended 187.7% up at N8392.1m for the full half year.

But it did show somehow on closer study of the figures. While in 2015 20.2% profit margin recorded in second quarter led to 20.3% margin for the full six months, this time it was 13.2% second quarter margin that led to 16.2%, three percentage points away in spite of the second quarter leap in finance cost.

In other words, even if finance cost continues to spiral during the rest of the year, cost control can still help to keep resultant slide within limits.

NIGERIAN BREWERIES:Nbn
                   2016.        2015
Total inc 157909.2 152461
Core inc 157373.6 151673
D. Cost   83391.0  77448.3
Other inc    284.0.   269.2
Distr.       29475.7 29053.3
Admin.   10849.8. 11533.2
Finance inc 251.6.    519.1
     " cost   8392.1.  2917.1
Profit      25549.0. 30989.8
Margin        16.2.       20.3

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