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BOC Gases reports 39.6% plunge in full year profit despite increased revenue, declares N0.30 dividend



BOC Gases reports 39.6% plunge in full year profit despite increased revenue, declares N0.30 dividend

BOC Gases Nigeria PLC has announced its Full Year 2019 profit plummeted by 39.61%, compared to the figure it posted in the corresponding period of 2018.

The comprehensive account of the industrial and medical gas producer is detailed in its annual reports and financial statements for the period under review, published on the Nigerian Stock Exchange (NSE) website Thursday.

Revenue inched up from N2.870 billion at FY2018 to N3.070 billion at the same time last year, implying a 6.97% growth.

However, Profit Before Income Tax cratered by 42.44% to N321.538 million at FY2019 from the N558.569 million recorded the year before.

Profit for the Year diminished from N357.604 million to N215.967 million in between the periods.

Read Also: Sterling Bank declares N0.03 dividend

The Earnings Per Share of BOC Gases shrank by nearly 40% from N0.86 at FY2018 to N0.52 in the period in question.

But Total Equity advanced, though marginally, by 2.05% to N2.712 billion from N2.663 billion.

The underwhelming performance of BOC Gases derived from the firm’s increasing expenditure on Cost of Sales, which enlarged from N1.426 billion to N1.665 billion.

In the same vein, its Selling and Distribution Expenses escalated from N509.929 million to N600.826 million while Administrative Expenses climbed to N610.828, up from N530.625.

There was a rise in the cost of servicing long-term debt as reflected in its Finance Cost, which ballooned from N2.345 billion to N41.150 under one year.

Meanwhile, the BOC Gases board has made a dividend declaration of N0.30 per share to reward its shareholders for FY2019.

Investors whose names appear in the company’s register by close of business on 5th June 2020 will be eligible for this.

With outstanding shares numbering around 1.686 billion, BOC Gases dividend yield is 7.41%.

Its Earnings Per Share is N0.56 while its Price to Earnings Ratio is 7.24.

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