Dangote Cement, Ecobank post higher profits

Ecobank

Ecobank

Presco Plc has released to the market its unaudited half year financial results. Despite commodity price challenges, the company reported a healthy growth in revenue, growing to N4.69bn ($23.54mn) in Q2 2015 from N4.06bn ($20.4mn) in similar period of Q2 2014.

Operating profit was N1.88billion, compared with N1.83 billion in the same period last year. Net profit was N1.19 billion as against N1.086 billion last year.

As a result, earnings per share (EPS) went up to 119 kobo from 109 kobo in Q2 2014, representing a growth of 9.17%.

Nigeria’s Dangote Cement also reported its half year result, showing pretax profit rising 20.2 percent to 128.73 billion naira ($646 million).

Revenue rose to 242.22 billion naira in the period to June 30 from 208.91 billion naira a year earlier, the company majority owned by Africa’s top billionaire Aliko Dangote said in a statement.

Just like Dangote, Ecobank also has cheering news for its stakeholders in the report filed at the Nigerian Stock Exchange today.

Ecobank posted a 47.4 percent jump in half year pretax profit to 61.41 billion naira ($309 million) versus the same period a year ago, the Pan-African banking group said on Thursday.

Ecobank said gross earnings climbed to 211.32 billion naira in the period to end-June from 175.05 billion naira a year ago.

“We continued to drive cost efficiencies in our businesses and our cost-income ratio improved to 62.5 percent compared to 68.1 percent in the previous year,” Albert Essien, Ecobank’s chief executive officer said in a statement.

It was however a different story for Ashaka Cement, a subsidiary of Lafarge Africa.

Ashaka reported a 5 percent fall in half year pretax profit to 4.17 billion naira ($21 million) compared with the same period a year ago.

Revenue also dropped to 10.74 billion naira ($54 million) in the period to end-June from 12.32 billion naira a year ago, the company said in a statement.

The company’s gross income fell to 4.35 billion naira against 5.16 billion naira last year.

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