MULTI-TREX GROWS NET ASSETS TO N6.25BN IN 2011

Multi-Trex Integrated Foods Plc has grown its net assets by 118.31 per cent to N6.248 billion in its 2011 financial year. , up from N2.862 billion recorded in 2010.

The company, according to its audited results for the year ended, April 30, 2011, presented to the Nigerian Stock Exchange, NSE, also recorded significant improvement in its fixed assets, as it appreciated by 41.73 per cent to N12.499 billion from a fixed asset of N8.819 billion recorded in its 2010 financial year.

The cocoa processing company, in the same period posted a turnover of N6.736 billion, up by 116.94 per cent from N3.105 billion recorded in 2010.

It, however, recorded a profit before tax of N158.661 million, dropping by 30.39 per cent from N227.924 million recorded in 2010, while its profit after tax appreciated by 69.79 per cent to N67.939 million from N224.863 million recorded in 2010.

The company's trade debtors stood at N1.846 billion up from N22.398 million in 2010, trade creditors stood at N219.456 million, up from N191.576 million recorded in 2010, short term borrowings dropped to N6.283 billion from N7.447 billion in 2010, while its cash and bank balances stood at N1.103 billion, up from N94.681 million in 2010.

Meanwhile, Lasaco Assurance Plc announced a profit after tax of N249.658 million for the year ended, December 31, 2010.

According to the audited result presented to the Nigerian Stock Exchange, NSE, its profit after tax dipped by 49.89 per cent from N498.231 million recorded in its 2009 financial year.

The company recorded gross premium of N2.044 billion, dropping by 38.09 per cent from N3.302 billion recorded in 2009, while it recorded a profit before tax of N322.56 million, down by 51.05 per cent fromN658.916 million.

Also, construction and civil engineering firm, Roads Plc recorded a decline of 8.74 per cent in its profit after tax in its 2011 financial year.

Despite the decline in its after-tax profit, the company is proposing a dividend of N0.50 per share, subject to the approval of shareholders at its forthcoming annual general meeting.

According to its audited results for the year ended, March 31, 2011, its profit after tax stood at N73.197 million, down from N80.208 million recorded in 2010.

The company recorded a turnover of N3.61 billion, dropping by 5.81 per cent from N3.837 billion recorded in 2010, while it posted a profit before tax of N121.972 million, representing a depreciation of 1.18 per cent from N120.552 million recorded in 2010.

Guinea Insurance Plc, on the other hand, posted gross premium of N1.012 billion in its audited financial result for the year ended, December 31, 2010.

This represented a drop of 0.48 per cent from gross premium of N1.017 billion recorded in 2009.

The company posted a loss before tax of N94.42 million compared to a profit before tax of N19.663 billion in 2009, while it posted a loss after tax of N106.002 million compared to a loss after tax of N13.394 million in 2009.