Toluyoko

FGN Savings Bond

Features:

Minimum subscription of N5,000 and a maximum of N50 million

Interest income from savings bond are tax-free,
A competitive fixed rate – interest rate,
The savings bond are considered liquid as it would be tradeable on the Nigerian Stock Exchange,
The FGN Savings Bond Certificate can be used as collateral for loan,
It offers guaranteed return, and encourages financial inclusion among low-income households,
It enables individuals to enjoy those benefits which accrue to high net-worth investors in the capital market.

Earnings Flash \| Honeywell Flour Mill Plc 9M-2016 Results

Financial Highlights (N'Mn)
Headlines	9M- 2016	9M- 2015	Change
Revenue	37,974	39,775	-4.5%
Cost of sales	(27,003)	(31,675)	-14.7%
Gross Income	10,971	8,100	35.4%
Operating Profit	5,801	2,529
Investment Income	351	337	4.2%
Financial Expenses	(4,497)	(939)	378.9%
Profit/Loss Before Tax	1,655	1,927	-14.1%
Taxation	(332)	(442)	-24.9%
Profit/Loss After Tax	1,323	1,485	-10.9%

	9M-2016	9M-2015
Cash and cash equivalents	3,040	9,608	-68.4%
Trade & Other Receivables	2,492	1,690	47.5%
Trade & Other Payables	14,440	593	2335.1%
Net Assets	34,117	21,406	59.4%

Gross Margin	28.9%	20.4%	8.5%
Net Margin	3.5%	3.7%	-0.2%
Cost to Sales	71.1%	79.6%	-8.5%

Price(N)	1.1

EPS(N)	1.4
BVPS(N)	4.3
P/E(x)	0.6
P/BV(x)	0.2
ROAE (Annualised)	6.3%

Earnings Flash \| Flourmills 9M-2016 Results

Financial Highlights (N'Mn)
Headlines	9M- 2016/17	9M- 2015/16	Change
Revenue	389,944	263,680	47.9%
Cost of sales	(336,448)	(235,996)	42.6%
Gross Income	53,496	27,684	93.2%
Operating Profit	27,264	11,631
Investment Income	726	24,698	-97.1%
Financial Expenses	(17,697)	(16,543)	7.0%
Profit/Loss Before Tax	10,293	19,786	-48.0%
Taxation	(2,893)	(782)	269.9%
Profit/Loss After Tax	7,400	19,004	-61.1%

	9M-2016/17	9M-2015/16
Cash and cash equivalents	64,523	22,138	191.5%
Trade & Other Receivables	15,793	17,071	-7.5%
Trade & Other Payables	106,034	39,462	168.7%
Net Assets	100,534	100,542	0.0%

Gross Margin	13.7%	10.5%	3.2%
Net Margin	1.9%	7.2%	-5.3%
Cost to Sales	86.3%	89.5%	-3.2%

Price(N)	18

EPS(N)	1.4
BVPS(N)	38.3
P/E(x)	12.6
P/BV(x)	0.5
ROAE (Annualised)	9.8%

Earnings Flash \| FORTE OIL PLC FY-2016 Results

Financial Highlights (N'Mn)
Headlines	FY- 2016	FY- 2015	Change
Revenue	148,605	124,617	19.2%
Cost of sales	(128,021)	(106,256)	20.5%
Gross Income	20,584	18,361	12.1%
Net Finance (cost)/Income	(4,282)	(1,676)	155.5%
Profit/Loss Before Tax	5,340	7,012	-23.8%
Taxation	-2,450	-1,218	101.1%
Profit/Loss After Tax	2,890	5,794	-50.1%


Cash and cash equivalents	17,044	11,701	45.7%
Trade & Other Receivables	46,819	34,897	34.2%
Trade & Other Payables	44,401	34,183	29.9%
Net Assets	43,334	46,281	-6.4%

Gross Margin	13.9%	14.7%	-0.9%
Net Margin	1.9%	4.6%	-2.7%
Cost to Sales	86.1%	85.3%	0.9%

Price(N)	71.2

EPS(N)	2.2
BVPS(N)	33.3
P/E(X)	32.1
P/BV(X)	2.1
ROAE	6.4%

Earnings Flash \| TOTAL NIGERIA PLC FY-2016 Results
Financial Highlights (N'Mn)
Headlines	FY- 2016	FY- 2015	Change
Revenue	290,953	208,028	39.9%
Cost of sales	-241,851	-183,274	32.0%
Gross Income	49,102	24,753	98.4%
Net Finance (cost)/Income	-578	248	-332.8%
Profit/Loss Before Tax	20,353	6,495	213.3%
Taxation	-5,556	-2,448	126.9%
Profit/Loss After Tax	14,797	4,047	265.6%


Cash and cash equivalents	21,842	13,502	61.8%
Trade & Other Receivables	48,498	24,631	96.9%
Trade & Other Payables	95,679	48,261	98.3%
Net Assets	23,570	16,242	45.1%

Gross Margin	16.9%	11.9%	5.0%
Net Margin	5.1%	1.9%	3.1%
Cost to Sales	83.1%	88.1%	-5.0%
Dividend (N)	10.0
Price(N)	289
Dividend Yield	3.5%
EPS(N)	43.6
BVPS(N)	69.4
P/E(X)	6.6
P/BV(X)	4.2
ROAE	74.3%

Earnings Flash \| DANGOTE CEMENT PLC FY-2016 Results

Financial Highlights (N'Mn)
Headlines	FY- 2016	FY - 2015	Change
Revenue	615,103	491,725	25.1%
Cost of sales	-323,816	-201,808	60.5%
Gross Profit	291,287	289,917	0.5%
Investment Income	43,817	13,494	224.7%
Financial Expenses	-45,381	-33,477	35.6%
Profit/Loss Before Tax	180,929	188,294	-3.9%
Taxation	5,695	-6,971	-181.7%
Profit/Loss After Tax	186,624	181,323	2.9%

	FY- 2016	FY - 2015
Cash and cash equivalents	115,693	40,792	183.6%
Trade & Other Receivables	26,279	11,544	127.6%
Trade & Other Payables	268,966	127,597	110.8%
Net Assets	797,345	644,720	23.7%

Gross Margin	47.4%	59.0%	-11.6%
Net Margin	30.3%	36.9%	-6.5%
Cost to Sales	52.6%	41.0%	11.6%
Dividend Declared (N)	8.50
Price(N)	168.99
Dividend Yield	5.0%
EPS(N)	11.0
BVPS	46.8
P/E(x)	15.4
P/BV(x)	3.6
ROAE	25.9%

Guaranty Trust Bank PLC FY:2016 Result - Financial Highlights (N'Mn)
Headlines	FY 2016	FY 2015	Change
Gross Earnings	414,616	301,851	37.4%
Interest Income	262,494	229,237	14.5%
Interest Expense	-67,094	-69,290	-3.2%
Net Interest Income	195,400	159,947	22.2%

Operating Expenses	-98,389	-83,784	17.4%
Loan Loss Expenses	-65,290	-12,408	426.2%
Profit/Loss Before Tax	165,136	120,695	36.8%
Taxation	-32,856	-21,258	54.6%
Profit/Loss After Tax	132,281	99,437	33.0%

	FY 2016	FY 2015
Cash and cash equivalents	455,863	254,633	79.0%
Loans & Advances	1,590,084	1,372,977	15.8%
Total Assets	3,116,393	2,524,594	23.4%
Total Liabilities	2,611,491	2,111,032	23.7%
Deposits	2,111,314	1,636,607	29.0%
Net Assets	504,903	413,562	22.1%

Cost to Income Ratio	33%	36.5%	7.9%
Loan to Deposits	75.3%	83.9%	-8.6%
ROAE	28.8%
Dividend Yield	6.8%
Price(N)	25.87
Dividend(N)	1.75
EPS	4.5
BVPS	17.2
P/E(X)	5.8
P/BV(N)	1.5

STANBIC IBTC HOLDINGS PLC - Financial Highlights (N'Mn)
Headlines	FY 2016	FY 2015	Change
Gross Earnings	156,425	140,027	11.7%
Interest Income	87,467	82,686	5.8%
Interest Expense	-29,608	-38,826	-23.7%
Net Interest Income	57,859	43,860	31.9%
Operating income	126,053	100,648	25.2%
Operating Expenses	-69,041	-62,066	11.2%
Loan Loss Expenses	-19,803	-14,931	32.6%
Profit/Loss Before Tax	37,209	23,651	57.3%
Taxation	-8,689	-4,760	82.5%
Profit/Loss After Tax	28,520	18,891	51.0%

	FY 2016	FY 2016
Cash and cash equivalents	301,351	211,481	42.5%
Loans & Advances	368,229	380,295	-3.2%
Deposits	614,735	588,959	4.4%
Net Assets	140,798	128,967	9.2%

Cost to Income Ratio	54.8%
Loan to Deposits	59.9%
Net Margin	18.2%
ROAE	21.10%




Dividend Yield	2.8%
Price(N)	17.7
Dividend (N)	0.5
EPS (N)	5.70
BVPS (N)	12.90
P/E(x)	3.1
P/BV (x)	1.28