First Aluminium's Profit Grows by 252.4% in 3 Months
First Aluminium Nigerian Plc has recorded a profit after tax of N22.2 million for the first quarter ended March 31, 2004, compared with N6.3 million in 2003, representing a growth by N15.9 million or 252.4 per cent.
The company's financial results for the same period released at the weekend its unaudited results revealed a turnover of Nl.3 billion, as against N1.0 billion in the comparable period of 2003, representing an increase by N300 million or 30 per cent.
The company announced N190.7 million profit after tax for the year ended December 31, 2003, compared with a loss of N218.0 million it recorded for the same period in 2002.
It could be recalled that the company's audited financial results released recently to the market operators by the Nigerian Stock Exchange (NSE) showed a turnover of N4.8 billion in 2003, as against N4.1 billion in 2002.
It declared a dividend of 10 kobo per share. The closure of register of members is July 5, 2004, while payment date is on August 2, 2004.
The company went to the capital market last year to raise funds during which Investment Banking & Trust Company Limited (IBTC), underwrote 50 per cent of its Offer for Subscription of 925,084,142 ordinary shares of 50 kobo each at 85 per share because of the confidence it had in First Aluminium's Offer.
The company explained in its prospectus that the offer was undertaken to enable First Aluminium finance further capacity enhancement in its rolling mill, refinance the shortfall in the rolling mill equipment modernisation programme and provide the company with additional working capital for raw material importation. It would also enable the company increase laminate tube equipment capacity and fund the purchase of power generating equipment.
First Aluminium Nigeria Plc was incorporated in Nigeria on August 20, 1960 as Alcan Aluminium of Nigeria Limited, a subsidiary of Alcan Aluminium Company of Canada, one of the world's foremost international aluminium companies. The company changed its name to First Aluminium Company (Nigeria) Limited when it became a subsidiary of Alucon Holdings S.A., a wholly owned subsidiary of the Inlaks Group, based in Monte Carlo. On May 10, 1991, the company changed its name to First Aluminium Company (Nigeria) Plc and adopted its present name on July 23, 1992. The Company became quoted on The Nigerian Stock Exchange on November 5, 1992.
At incorporation, the company's authorised share capital was �10,000 comprising 10,000 ordinary shares of �1 each. The shares were subdivided into ordinary shares of 50 kobo each on July 21, 1983. First Aluminium's authorised share capital currently stands at N1 billion comprising 2 billion ordinary shares of 50 kobo each, while its issued and paid-up share capital is N158,568,490 comprising 317,136,980 ordinary shares of 50 kobo each.
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