Q3: Lafarge, 5 others gross N324bn

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Updated Mon, 03 Nov 2014 11:28:02 GMT

In the last nine months, the revenue of Lafarge Africa Plc jumped to N159billion to lead five other quoted companies which altogether made a haul of over N324billion in their finan-cials for the third quarter of the year.

The companies include Skye Bank, Transna-tional Corporation of Nigeria (Transcorp), and Union Bank.The rest are Custodian and Allied as well as Sterling Bank Plc.

A breakdown of its balance sheet for the pe-riod showed that the cement giant made a net income of N31.5billion, which represents an 84 per cent increase when compared with the same period last year. “The company’s profit after tax from continuing operations stood at N32billion, which represents an increase of 23 per cent when  adjusting 2013 for the one-off profit of N22billion arising from the disposal of Pan Afriadjusting 2013 for the one-off can Cement (Pty) Limited in South Africa and N3.2billion prior year tax credit in 2013,” the company explained in a statement. Its year-to-date rev-enues increased by 3 per cent to N159billion, compared to N154billion for the same pe-riod last year. -

Skye Bank , on its part, re-corded a Profit before tax of N12.3billion during the period which represents a quarter-on-quarter growth of 33 per cent. With gross earnings of N97.1billion, the bank was able to reduce its interest ex-pense by 15 per cent year-on-year to close at N30.3billion as against N35.7billion as at September 2013.

Transnational Corporation of Nigeria Plc (Transcorp) continued on an impressive growth trajectory for its 2014 fiscal year following the an-nouncement of its profit be-fore tax of N9.7billion for the period. The Highlights of the results include N31.4billion gross revenue for the group ,which represents 167 per cent growth from third quarter 2013 results of N11.8billion.

Union Bank of Nigeria Plc, during the period, made a gross earnings of N74.8billion. Its Interest income stood at N56.2billion , while its profit before tax rose to N8.3billion from the N6.8billion recorded same period in 2013.Its profit after tax also inched up to N8.1billion from last year’s N7.6billion.

Custodian and Allied Plc, in its unaudited financials gar-nered N3.8billion as profit before tax and profit after tax of N3.2 billion for the nine-month period, which ended last September. The company explains in a statement that the result represents an increase of 54 per cent over the N2.06 billion profit after tax recorded in the corresponding period of 2013.

Similarly, its shareholders’ funds increased by 11 per cent to N21.2 billion from N19.1 billion as at December 2013.Its total assets stood at N49.9 bil-lion , up from the N45.6 billion reported as at December .