Okomu oil reports PBT growth of  N23bn, FX loss of N1.6bn as MTN reports pretax loss of N575.7bn

Okomu oil remained strong with a PBT growth of 54.8% y/y to ₦23.0bn amid stubborn inflationary environment – cost of sales and OPEX up 135.1% and 78.0% y/y to ₦10.3bn and ₦8.3bn, respectively – and mammoth net FX loss worth ₦1.6bn. The resilience was supported by robust improvement in revenue (up 79.6% to ₦43.5bn). Despite the 32.5% y/y growth in service revenue to ₦753.0bn, MTN was unable to deliver a positive bottom-line performance due to the negative impact of further depreciation in the Naira and inflationary pressure on cost lines – COS and OPEX rose 40.1% and 88.8% y/y respectively. Hence, the company reported a pre- and post-tax loss of ₦575.7bn and ₦392.7bn respectively.

Recovering from the previous session’s loss, the domestic bourse posted gains as the benchmark index rose by 0.27% to close at 98,225.63 points. Renewed demand for index heavyweight, MTNN (+3.96%) alongside ZENITHBANK (+2.56%), and FBNH (+6.95%) contributed to outweigh losses in ACCESSCORP (-0.59%), WAPCO (-8.75%), and DANGSUGAR (-9.95%),  keeping the market in the green. Consequently, the year-to-date (YTD) return rose to 31.36%, while market capitalisation gained ₦149.10bn to close at ₦55.55trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 193.52%. A total of 552.21m shares valued at ₦14.92bn were exchanged in 9,350 deals. GTCO (+0.00%) led the volume and value chart with 245.46m units traded in deals worth ₦7.95bn.
Market breadth closed positive at a 1.44-to-1 ratio with advancing issues outnumbering the declining ones. NAHCO (+10.00%) topped twenty-five (25) others on the leader’s table while DANGSUGAR (-9.95%) led seventeen (17) others on the laggard’s log.

Find below key highlights of market activities

Dividend Information for 2024