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Analysis: Chellarams Plc 2013 H1 Results Indicates Poor Revenue Growth, Low Operating Margins

Nairametrics by Nairametrics
December 22, 2013
in Blurb
Analysis: Chellarams Plc 2013 H1 Results Indicates Poor Revenue Growth, Low Operating Margins
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Chellarams Plc 2013 H1 Results ↓

Chellarams 2013 H1

Chellarams Plc released its 2013 H1 results showing revenue rose 8.5% from N10.2billion (2012: H1) to N11.1billion (2013: H1). Gross Profit however dropped 6.7% to N1.1billion compared to the N1.2billion it posted a year earlier. Pre-tax profits rose 124% to N303million from N135million posted a year earlier.

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Key Highlights[upme_private]

  • The result looking flattering on surface but a further analysis indicates it is not all rosy
  • Operating profit which is a better measure of a company’s organic performance showed the company posted N44million a whopping  85% drop from the N285million posted a year earlier
  • The drop basically reflects the poor single digit sales growth.
  • In fact on a QoQ basis, Revenue dropped 7%. The company also made an operating loss of N22million this quarter and a pre-tax loss of N73million this quarter as well.
  • The pre-tax profit posted is basically on the back of other income recorded in the first quarter interim results.
  • Chellerams has been faced with operational challenges since 2011. Its investments in the KFC Franchise is a welcome one and the same store expansion drive of the franchise offers it growth in revenues.
  • Chellarams is not on our radar

Chellarams Nigeria Plc released its 2013 H1 results in the website of the NSE[/upme_private]

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