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Home Opinions Blurb

Earnings Analysis: Chellarams Plc Post 584% Increase In Pre-Tax Profits

Nairametrics by Nairametrics
September 25, 2013
in Blurb
Earnings Analysis: Chellarams Plc Post 584% Increase In Pre-Tax Profits
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Chellarms Plc released its 2013 first quarter results showing revenue grew 1% to N5.3billion when compared to the same period 2012. Operating profit dropped 31% to N66million compared t N95million a year earlier. Pre-tax profits however, rose 584% to N376million (2012 Q1: N55million).

[upme_private]Key Highlights

  • Profits rise was mainly due to income from non core operating income (other income). The results released did not provide details. 
  • Other income is usually not a good metrics for measuring a company’s performance because it is unstable. However, this is welcomed
  • Finance cost dropped in half this quarter compared to last.
  • Debt to equity is still very high and actually increased to 1.33. 
  • The company generated negative operating cash flows of N1.1 billion and they had to rely on income from investments in associates (N300m) and more debt to remain financially viable.
  • Selling and General Expenses as a percentage of Gross Profit is 90% and not what any serious company should be averaging. 
  • This is Not a company on my radar.
  • Bottom Line, I do not consider buying the stock

Chellarams Plc 2013 Q1

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Chellarams released its 2013 Q1 results in the website of the NSE[/upme_private]

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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