Investors on the Nigerian Stock Exchange (NSE), yesterday failed to embrace the shares of FBN Holding Plc, despite the firm’s announcement of its year ended December 31 2017 annual accounts indicating a 25 kobo per share dividend payout to shareholders along improved performance recorded in all indicators by the group, as its share price went down by 5.22 percent to close at 12.7 kobo at the close of transactions.
This according to reliable market sources was the lease expectation of most to market operators’ who expressed reservations over the development.
The breakdown of the group’s performance shows that 25 kobo dividend was proposed for the full year ended December 31, 2017, which is above 10 kobo that was paid in 2016. Closure date for the corporate action is May 7, 2018, while payment is May 16, 2018, Shareholders Annual General Meeting (AGM) is schedule to hold on May 15, 2018 in Lagos.
Analysis of the audited accounts shows that gross earnings went up by 2.34 percent from ₦581,831 billion in 2016 to ₦595,444 billion in 2017. Interest income grew by 15.87 percent from ₦405,281 billion in 2016 to ₦469,586 billion in 2017.
Profit before tax was up by 147.63 percent from ₦22,948 billion in 2016 to ₦56,825 billion in 2017. Profit for the period under consideration was up by 226.81 percent to ₦40,011 billion which is above ₦12,243 billion that was reported same period in 2016. Earnings per shares was up by 208.96 percent from 0.39 kobo in 2016 to ₦1.22 kobo in 2017.