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Ecobank, Lafarge Cement WAPCO’s half-year profit rises

By BusinessNews Staff on August 3, 2014

Ecobank Transnational Incorporated Plc and Lafarge Cement WAPCO Plc have released their unaudited statements of comprehensive income for the half-year period ended June 30, 2014 with both companies recording double-digit increase in profit.

Ecobank’s results, filed with the Nigerian Stock Exchange, showed that its profit before tax rose by 28 per cent to N41.665bn in the first six months of 2014 from N32.674bn in the same period of 2013.

Its profit after tax appreciated by 15 per cent from the N27.527bn it declared in first half of 2013 to N31.629bn in the review period.

The results showed that the group’s revenue rose to N175.056bn from N153.602bn reflecting a 14 per cent increase, while it grew its total assets by 17 per cent to N3.818tn from N3.267tn, the results showed.

The Group Chief Executive Officer, ETI, Mr. Albert Essien, was quoted as saying the group was pleased with the “strong first half results”.

According to him, the results are evidence of the operational improvements the group has made across the business.

Essien added, “Our focus on efficiency has brought the cost-income ratio down further and driven a 27 per cent increase in profit before tax. All regions have contributed to this robust performance; and from a business perspective, Treasury has been particularly strong.

“We have also continued our long-term strategic development by starting banking operations in Mozambique, an important addition to our Southern African cluster.”

The ETI CEO, who said the group was delighted to have secured a banking license in Angola and intend to commence operations there in due course, said more progress was expected.

He said, “At our AGM in June, several new members were elected to the Group’s Board of Directors, including our Chairman, Emmanuel Ikazoboh, and we welcome them all. “

“Much has been achieved across several fronts in the second quarter and we look forward to continuing this progress for shareholders in the rest of 2014.”

On its part, Lafarge Cement WAPCO Plc grew its revenue by 12 per cent to N55.357bn in the first half of the year, from N49.481bn in the same period of last year, while its operating income rose by 21 per cent to N18.930bn from N15.620bn.

While its profit before tax surged by 29 per cent to N17.746bn in the review period from the N13.806bn it declared in the first half of 2013, its profit after tax advanced by seven per cent to N15.557bn from N14.586bn.

[Punch]

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