Daar Communication rewards investors with bonus shares

Daar Communications Plc has said that it will be rewarding its shareholders with a bonus dividend of one share for every two shares held in the company.

The company disclosed this in its financial statement for the period ended December 31, 2012.

More so, the company indicated in a statement filed to the Nigerian Stock Exchange (NSE) that the one for two bonus offer is for November 07, 2014, while Annual General Meeting (AGM) has been scheduled for November 20, 2014.

This development was coming on the heels of the recent notice of delisting of the company by NSE due to failure to file quarterly and annual financial statements as required under the listing rules.

However, the company reacted to this notice with a release of its financial statement for the period ended December 31, 2012 where its major indicators suffered a retrogression.

According to the result the Daar Communication’s revenue declined by 18 per cent to N4.23 billion in the period under review from N5.14 billion recorded in the corresponding period of 2011.

Profit before tax (PBT) shaved a whopping 89 per cent to N354.33 million from the N3.36 billion earned the prior year.

Profit after tax (PAT) for the period decreased further by 90 per cent to N273.88 million from N2.69 billion.

Total equities and liabilities took 22 per cent plunge, closing at N25.28 billion from the N32.38 billion that was recorded the erstwhile.

Furthermore, the Nigerian Stock Exchange (NSE) daily official list for the period ended Friday 10, 2014 showed that the company›s earnings per share (EPS) which  represents the portion of a company’s earnings, net of taxes and preferred stock dividends, that is allocated to each share of common stock closed at 43 kobo.

Also, its price to earnings (P.E) Ratio, a valuation method used to compare a company’s current share price to its per-share earnings, settled at N1.16.

Again, the stock is sold at 50 kobo per share, an indication that it has reached its lowest ebb. 

Source : Tribune

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