Seplat Petroleum Development Company Plc reported its third quarter earnings for 2015. Sales declined 15.7% to $ 172 million.

Gross profit declined 20% to USD 83 million for the three month period. Gross profit for the first nine months of 2015 declined 45% to $ 192 million.

Profit before tax declined 62.2% for the third quarter to $ 27 million.

Profit after tax declined 60.4% to $ 28 million. For the first nine months of 2015 PAT declined 72.8% to $ 62 million.

"Last week, the Supreme Court adjourned further hearing on the controversy surrounding the sale of the oil mining lease on three disputed oil blocks, OMLs 52, 53 and 55, sine-die, though the hearing was originally slated to commence last week. Analysts at FBN Capital say, the continued delay in the resolution of the legal dispute around Seplat’s acquisition of participating interests in OMLs 53 & 55 continues to present operational and valuation risks to the firm. Having put in an application for the extension of its pioneer tax status, management reiterated a confident position, given that it has either met or exceeded all conditions. "

The financial results following the Company's IPO last year have been disasterous for people who bought the IPO. All lofty projections that the Company showed in the IPO prospectus have gone for a toss following a 55% decline in crude oil price in the last one year.

Shares of SEPLAT are down more than 50% since the IPO and now the shareholders can begin the wonder what went wrong.

Source: http://www.ebtsconsults.com/2015/10/seplat-q3-gross-profit-down-20.html

Dangote Cement Plc reported its third quarter financial results which showed top line sales increased by 21.6% to N 123.23 billion in the three month period.

Gross profit rose 7.3% to N 69 billion.

Operating expenses rose 35% to N 19.77 billion.

Profit before tax declined 18.7% to N 38.18 billion for the third quarter of 2015.

DANGCEM suffered some big charges in form of other comprehensive income to N 21.98 billion.

Profit after tax declined 35.7% to N 27.61 billion. For the first 9 months of 2015 PAT rose 8.8% to N 151.67 billion.

Shares of DANGCEM were unchanged today at the Nigerian Stock Exchange in Lagos.

Source: http://www.ebtsconsults.com/2015/10/dangcem-reported-73-rise-in-q3-gross.html

Guaranty Trust Bank Plc reported its third quarter results which showed 21.9% growth in interest income of N 59 billion. Interest expense grew faster by almost 30% to N 19 billion. Other income declined almost 6% to N 16.2 billion. Operating expenses rose more than 8% to N 24.7 billion.

Profit before tax rose 6% to N 28.9 billion for the third quarter. For the first 9 months of 2015 Profit before tax is up 14% to N 92 billion.

Analysts at FBN Capital expected better results and commented "Relative to our estimates, the results were weaker than expected, with PBT and PAT coming 13% and 15% below our expectations. The shortfall stemmed from a weaker-than-expected recovery in non-interest income. Having reported N23.2bn in non-interest income in Q1, GT Bank reported N14.8bn in Q2. Guidance for Q3 was vague, but a recovery was expected. The N16.3bn reported in Q3 is still some way below the Q1 result. As a result, profit before provisions came in 8% lower than our forecast. Although loan loss provisions surprised positively, coming in 21% lower than our forecast, this was not significant relative to the weakness on the non-interest income line."

Shares of GUARANTY increased by 2.08% to N 24.5 per unit at the Nigerian Stock Exchange at the time of writing this article.

Source: http://www.ebtsconsults.com/2015/10/gt-bank-posts-n-289-billion-pbt-for-q3.html

Zenith Bank Plc reported its third quarter results that showed 10% year on year growth in Profit before tax of N 31.9 billion. Other Comprehensive income rose by N 3 billion which led to Profit after tax of N 32.9 billion for the third quarter.

Non interest income grew 16% year on year while Operating expenses rose by 12% year on year. Loan loss provisions rose 31% to N 2.5 billion.

Analysts at FBN Capital said "Compared with our estimates, PBT was slightly behind, by 6.5%. However, PAT beat by 13%, thanks to a combination of lower-than-expected taxes (-62%) and the OCI (we had forecasted zero on this line). Returning to the PBT, the slight weakness relative to our forecast was driven by funding income, similar to what we saw for the q/q trends. Non-interest income, loan loss provisions and opex all surprised positively. The trend in funding income represents a reversal of what we saw in Q2. At the time management indicated that margin expansion drove the better-than-expected result in funding income as the bank did not renew expensive deposits which it had taken in around year-end once they matured. We would be looking for explanations from management as to why the trend reversed in Q3 (we do not believe that a -3% q/q decline in the loan book fully explains the funding income development given that a swap of state government loans for FGN bonds would have contributed to that decline in the loan book)."

Shares of ZENITHBANK declined by 0.45% to settle at N 17.7 per unit at the Nigerian Stock Exchange in Lagos.

Source: http://www.ebtsconsults.com/2015/10/zenith-bank-posts-n-319-billion-pbt-for.html

Nestle Nigeria Plc reported its third quarter yesterday that showed 18.6% increase in top line sales of N 42 billion. Gross profit increased 28% to N 19.34 billion for the three months ended Sep 30 2015. For the first nine months of 2015 NESTLE reported gross profit of 48 billion up by 8.4% year on year.

Profit before tax increased 63% to N10.2 billion.


Profit after tax increased 66.1% to N 8.34 billion for the three month period. For the first nine months of 2015 Profit after Tax increased by 2.2% to N 17.23 billion.


NESTLE has proposed an interim dividend of N 10 per unit similar to what it paid last year. That is a dividend yield of just 1.2% but it will go up when the Company announces a final dividend at the end of its financial year.


These are positive results but we should not expect much action from the stock because it is already trading at a P/E ratio of 29 times at N 829 per unit at the Nigerian Stock Exchange in Lagos.

Source:http://www.ebtsconsults.com/2015/10/nestle-q3-pat-up-66-interim-dividend-n.html

Oando released its interim financial statements for the third quarter of 2014 and 2015.


The result showed that gross profit fell 36% in the third quarter of 2015 to N41 billion from N64 billion in the third quarter of 2014.


The company declared a loss before tax of N52 billion


See Summary of result http://www.ebtsconsults.com/2015/10/oando-losses-continue-posts-n47-billion.html

Diamond Bank released its Q3’2015 financial results for the year ended 30 September 2015.

The result showed Pre-tax Profits dropped by 21.68% from N23 billion in Q3’2014 to N18 billion in Q3’2015.

For summary of result, visit, http://www.ebtsconsults.com/2015/10/diamond-bank-pat-drops-by-208-to-n15.html