No Dividend as Seven-Up Records N11bn Full Year Loss

Shareholders of Seven-Up Bottling Company Plc will be without dividend as the company has recorded a loss of N10.7 billion for the year ended March 31, 2017. The shareholders had received a dividend of N1.60 per share for the year ended March 31, 2016, when the company posted a profit after tax of N3.34 billion.

However, this time around, Seven-Up Bottling Company has recorded a negative bottom-line. The company posted a revenue of 108.227 billion in 2017, up by 26 per cent from N85.6 billion in 2016.

Cost of sale went up from N60.6 billion to N95 billion, while gross profit stood at N12.9 billion, compared with N25 billion in 2016. Selling and distribution expenses rose from N11.8 billion to N13.9 billion, just as administrative expenses inched up marginally from N6.6 billion to N6.7 billion.

Finance cost rose from N3.2 billion in 2016 to N4.02 billion in 2017. Consequently, Seven-Up ended the year with a loss of N10.7 billion, compared with a profit of N3.34 billion in 2016.

Meanwhile, trading at the stock market yesterday remained bearish for the third consecutive day as investors continue to rebalance their portfolio following end of the first half of the year and the commencement of the second half.

At the close of trading, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 0.33 per cent to close at 32,302.32, market capitalisation ended at N11.13 trillion.

The depreciation recorded in the share prices of Guinness, PZ Cussons, Flour Mills, Unilever, Access Bank Plc and ETI Plc contributed to the decline recorded yesterday.

In all, 33 stocks depreciated led by Flour Mills (-9.7 per cent), trailed by Neimeth International Pharmaceuticals Plc (-8.0 per cent). Transcorp Plc shed 6.5 per cent, just as C& I Leasing Plc and Julius Berger Nigeria Plc went down by 5.0 per cent each.

On the positive side, only 12 stocks appreciated. Unity Bank Plc led with 9.8 per cent, followed by Fidson Healthcare Plc with 4.8 per cent, while Berger Paints Nigeria Plc chalked up 4.5 per cent.

Investors staked N2.97 billion on 311.38 million shares up by 74.8 per cent compared with N1.70 billion invested in 206.183 million shares the previous day.