NNFM returns to profit with N77.841m in Q3


Kano based Northern Nigeria Flour Mills Plc(NNFM) has released its unaudited results for the period ended 30th September 2020 with a revenue growth in the six months ended 30-09-20 to N4.345 billion from N2.476 billion in 2019.

Revenue for the three months 30-09-20 also rose to N2.440 billion from N1.349 billion in 2019. Profit after tax for the six months ended 30-09-20 rose to N146.342 million from N153.322 loss in 2019.

The company also recorded N77.841 million profits in the Q3 2020 from a loss of N164078 million in 2019.

The company in its annual report for the year ended March 31, 2020 to the Nigerian Stock Exchange (NSE) with revenue growth of 113per cent at N8.841 billion from N4.150 billion in 2019

The company’s operating profit rose to N562.192 million from N527.868 million while profit for the year jumped to N64.635 million from N31.696 million losses in 2019.

Meanwhile, the directors of the company have recommended N26.73 million dividend to shareholders at the forthcoming annual general meeting which represents a dividend of N0.15 per ordinary share of 50 kobo each.

The company did not issue dividend in 2019.

Caverton    54.9% drop in profit to N1.16bn

Caverton Offshore Support Group Plc, a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has recorded 54.9 per cent drop in profit after tax for the third quarter ended September 30, 2020.

Its unaudited results for the third quarter released to the Nigerian Stock Exchange showed a profit after tax of N1.16billion for the third quarter against N2.58billion reported in 2019.

The results also showed a profit before tax of N1.54billion as against N3.89billion posted in 2019, accounting for a decline of 60.42 per cent.

Revenue went down by eight per cent to N23.63billion from N25.78billion in 2019.

In the same vein, direct operating expenses also dropped by 10 per cent supporting the earnings per share which also dropped by 55 per cent when compared to 2019 quarter three results.

Commenting on the recent events, COSG’s Chief Executive Officer, Mr Bode Makanjuola stated that “2020 is definitely a year we would all like to put behind us. While the Covid-19 pandemic and oil price crash continues to have adverse effects on the Nigerian economy, recent protest have further exposed deep socio-economic problems in the country.