News Column

Julius Berger Issues Bonus Share to Shareholders

May 6, 2014

Julius Berger Nigeria (JBN) Plc has declared a bonus of one new share for every 10 shares held for the financial year ended December 31, 2013. The construction giants disclosed the bonus issue in a notification to the Nigerian Stock Exchange (NSE), saying it is in addition to the dividend of N2.70 per share already announced.

JBN had reported a revenue of N212 billion for the 2013 financial year, compared with N201 billion in 2012. Profit before tax stood at N16.2 billion, as against N12.3 billion in 2012, while profit after tax fell from N8 billion to N7.8 billion. The directors recommended a dividend of N2.70 per share for the year compared with N2.50 in the 2012.

However, the company informed the NSE that it is also giving a bonus of one for 10 to the shareholders.

According to the company, the bonus shares will rank parri passu in all respects with the existing ordinary shares of the company except that such shares shall not qualify for dividend recommended by the Directors in respect of the year ended December 31, 2013.

Meanwhile, trading at the stock market remained bearish with NSE All-Share Index, declining by 0.34 per cent to close at 28,447.89. Similarly, the market capitalisation of equities shed N43.1 billion to close at N12.66 trillion.

But analysts at Meristem Securities Limited said the negative trend, which has put the year-to-date(YTD) performance of the market at 6.9 per cent notwithstanding, the Nigerian bourse remains attractive with a P/E ratio of 12.81x compared with peers such as Ghana (37.00x), Egypt (58.27x and South (18.45x), which have posted 5.24 per cent, 22.45 per cent and 5.59 per cent YTD returns respectively.

Meanwhile, Transcorp Plc led the price gainers, rising by 7.0 per cent to close at N3.66 per share. University Press Plc followed with 5.0 per cent to close at N3.99. Conversely, A.G Leventis Plc led the price losers shedding 6.2 per cent, while FBN Holding lost 5.6 per cent.

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Source: AllAfrica

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