Livestock Feeds Rakes 658.08 percent Net Profit; value N17,648 m from N2,328m in 90 days 2017

… Issuing rights issue of 1000 000 000 units ordinary shares of 50kobo each at N0.75 per share

Advertsiement

The management of Livestock plc has released unaudited financial statements ended march31, 2017 which showed Profit after tax of N17, 648million in 2017 compare with N2, 328million in 2016, accounts N15320million representing 658.08 percent.

The Board of Directors of the Company has in the disclosed that the revenue grew to N7 3,122,559 million in 2017 as against figures of N2 091 393 million, Cost of sales for 90 days stood at N2 739 580million in 2017 compare with N1 918 272millon in 2016, Gross profit figures stood at N382 979 million to N173 121million in 2017 and 2017 respectively.

Other indices are: Finance expenses of N237,693 million 2017 to N94,377 in 2016, Profit before taxation of N25,954  as against N3,423in previous period, inventories N17 6,673,637in2017 to N3,752,148 in 2016.

While the trade and other receivables stood N250,772m as against N332,548 m and finance expenses stood at N237,693m and figures N94,377m in 2017 2016 respectively

Livestock feed plc has Market Capitalisation of N1479 999 569.32 million, shares outstanding 1 999 999 418 and with current market price of 74kobo per share as at April 28, 2017 offering rights issue at 75kobo, one kobo lower than its current market price..

Amehnews recalled that at the Annual General Meeting held at Golden Tulip Festac Amuwo-Odofin, Lagos State on June17, 2015, it was resolved that the authorised share capital of the Company be increased from N1 billion to N2 billion. At the same Annual General Meeting, an approval was given to the Company to give rights issue to the shareholders.

On that note that the Company opens application on Tuesday April 18 and closes on Thursday May25, 2017 for the sale of rights issue of 1000 000 000 units ordinary shares of 50kobo each at N0.75 per share on the basis of one (1) new ordinary share for every two (2) ordinary share help as at the close of business on Tuesday February 28, 2017. The proceeds expected from the offer is N750 000 000.00 will be used to expand operations.

Furthermore, the rights issues being offered are tradable on the floor of the Nigerian Stock Exchange NSE for the duration of the rights issue. The issuing house of the offer is Lead Capital Plc.

Amehnews recalled that the first Rights Issue of 544 720 000 units was issued eleven (11) years ago that is September 2006 that which was accounted as the first of its kind.

The Livestock feed plc, a subsidiary of UACN Plc produces animal feeds which is 100% of its turnover. Other products include Fish feed and also an enzyme (Natuzyme) which is bought from other Companies for marketing and sales.

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