First Bank [FBN Holdings] is expected to maintain a continuing growth in profit for the fourth year running in the 2013 financial year. The company sustained revenue growth during the third quarter and prospects are good for posting one of the highest gross earnings in the banking industry in 2013.
The company posted a net profit of N58.66 billion at the end of the third quarter against the corresponding figure in the preceding year and full year net profit is estimated at N81.5 billion for FBN Holdings for the 2013 operations. This will be an increase of 7.8% over the net profit figure of N75.57 billion the bank posted in 2012. The bank had grown after tax profit by 65.5% in 2012 and has maintained profit growth every year since 2010.
Although there is an industry-wide slowdown in profit growth per interim reports in the 2013 financial year as Asset Management Corporation of Nigeria (AMCON) debits reduced profit margins of banks generally, First Bank nevertheless remains one of the top banks by profit at the end of the third quarter.

more on http://thecitizenng.com/company-review/first-bank-grows-profit-q3-gears-gross-earnings/

Airline Services & Logistics may post the lowest profit in six years if its third quarter performance fails to improve considerably at full year. A big drop in profit happened in the third quarter and full year prospects indicate a possible profit crash from the peak figure the company recorded in 2012. Profit is under attack from both declining revenue and rising cost.
The company’s turnover declined by 10.2% to N2.66 billion in the third quarter over the corresponding period last year. The full year outlook is indicating that revenue growth may step up in the final quarter due to seasonal boost in economic activity. However a decline in revenue still looks likely for the company at the end of the year.
Based on the third quarter growth rate, turnover is projected at N3.76 billion for the company in 2013. That will be a slight decline from the turnover of N3.83 billion the company reported in 2012. The company has not been able to achieve a reasonable growth in revenue since 2010 when its turnover declined from the 2009 peak of N3.84 billion. Its competitor, NAHCO has not achieved a strong growth in turnover either but has maintained a continuing growth over the past five years.
Inability to grow revenue is undermining the profit performance of the company. After tax profit fell by 82.6% in the third quarter to N79.3 million from N456 million in the corresponding quarter last year. The poor performance isn’t expected to be remedied at full year. After tax profit is projected at N112 million for the company at full year. This is indicating that profit could fall by more than 77% at the end of this year.
The company had grown after tax profit by about 105% to a peak of N492 million in 2012. It has had a comparatively more stable profit performance than NAHCO over the past five years but its stable earnings record is very likely to be broken this year.
The big fall in the company’s profit follows both the decline in revenue and inability to cut costs in line with the revenue weakness. The main offensive cost element is administrative cost, which grew by about 13% against the 10.2% drop in turnover. It therefore had the biggest adverse impact on the company’s bottom line during the review period.
The company was able to keep cost of sales under control, as it went down at equal pace with revenue. Two other income lines declined during the period, which also affected profit capacity. These are interest income and other gains both of which declined in the third quarter. Interest cost also declined during the period.
The company has paid off its short-term borrowings of about N65 million at the end of last year and has taken a long-term loan of N530 million in the course of this year. The company isn’t suffering the high interest burden that is undermining the profit performance of many companies this year.
Profit margin dropped significantly from 15.4% in the corresponding period last year to 3.0% in the third quarter. A net profit margin of 15.8% was recorded at the end of last year. NAHCO recorded a far higher net profit margin at 10% in the third quarter, which was equally a decline from 13.3% in the corresponding quarter last year.
The company earned 12 kobo per share at the end of the third quarter, which is a drop from 72 kobo in the corresponding period in 2012. Based on the full year profit projection, the company is expected to earn 18 kobo per share at the end of this year. This will be a major drop from the 78 kobo per share it posted at the end of last year.

more on http://thecitizenng.com/company-review/airline-services-logistics-faces-a-bad-earning-season/

Continental Reinsurance is promising to achieve one of the strongest improvements in revenue and profit this year. The reinsurance company has maintained a stable growth in revenue for the past several years and profit has grown every year since 2009. The company seems to be one of the few in the market that are still able to maintain the status of growth companies after most of the rising stars fell during the financial crisis.
The company lifted after tax profit by more than 127% to N1.44 billion in 2011 and maintained further growth in 2012. An accelerated growth in profit can be expected from Continental Reinsurance in 2013.
At the end of the third quarter in September, the company reported an after tax profit of N1.35 billion for the group, which is an increase of 8.6% over the corresponding company figure of N1.25 billion last year. Based on the growth rate in the third quarter, after tax profit is projected at N1.95 billion for the company at full year.
The full year profit projection will amount to an accelerated growth of about 20% from the full year profit figure of N1.63 billion the company posted in 2012. It had improved after tax profit by 12.7% from N1.44 billion in 2011. The company has shown one of the most stable earnings performance records from the insurance sector in recent years. In the heat of the financial crisis in 2008, it suffered only a profit drop of 30% and recovered with a big profit leap of over 91% in 2009.
A stable and continuing growth in revenue has been maintained by the company for several years and growth is expected to accelerate as well for the company this year. At the end of the third quarter, gross premium income came to about N11.80 billion, which is a rise of 25.8% over the corresponding revenue figure in 2012.
Based on the growth rate seen in the third quarter, the company’s gross premium income is projected at N16.4 billion at the end of this year. This will be an accelerated growth of 36% over the full year gross premium income of about N12 billion in 2012. Net premium income amounted to N10.39 billion during the same period and is projected at N15.2 billion at full year.

More on http://thecitizenng.com/company-review/continental-reinsurance-heads-for-accelerated-growth-in-earnings/

Black KIA Sportage 2007 model with black leather interior.
75,000 mileage
Engine is in good condition

Black KIA Sportage 2007 model with black leather interior.
75,000 mileage
Engine is in good condition

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