NSE Admits N13.2b Shares of Resort
Savings and Loans
A total of N13.175 billion shares of resort savings and loans were yesterday admitted into the official list of the Nigeria stock exchange (NSE).
The shares which were listed at 95kobo, gained 4 kobo to close at 99 kobo at the close of transactions yesterday.
Briefing stock brokers and other stake-holders, the managing director of the company Abimbola Olayinka assures shareholders of improved performance in the years ahead.
He explained that resort savings and loans mortgage bank listed on the mortgage companies sub-sector had a successful private placement last year preparatory to the listing yesterday.
Olayinka said the company is collaborating with other real estate with the aim of lifting its turnover and investment in the sub-sector across the country.
Presently, according to the company, its branches increased from two to six located across the country, while plans are on to open more branches soon.
Information made available added that the company has a wholly owned subsidiary Resort Developers Limited which anchors its real estate operations.
The subsidiary has projects in stream, which is expected to impact positively on the asset base and profitability of the bank.
The chairman of resort savings and loans plc, Chief Joe Idudu said funds were being put to judicious use as evidence from the financial performance.
He said the company recorded a turnover of N485 million for the year ended December 31, 2008 up by 1,139 per cent from N39 million.
Profit after tax of N145 million was recorded, showing an increase of 1,108 per cent above the N13 million of 2007. Net assets of the company stood at N5.6 billion compared with N153 million in 2007.
“The impressive performance is accounted for by higher and sustainable earnings derived from its core operations as seen in the growth interest income to N378 million as against N7 million in 2007.
“The strategic business units are being strengthened to contribute to the profitability of the bank and this is expected to impact positively on the asset base and profitability of the bank.
“The subsidiary has projects in stream that will impact positively on the asset base and profitability of the bank
“Presently the bank has branches at Boyle Street, Lekki, Ikeja, Jalingo and Abuja. The branches grew from two at the beginning of the year to six before the end of 2008.
“Other branches are coming up at Port-Harcourt, Mushin among others. The bank’s strategy is to establish branches revolving around developing an estate within the locality or nearness to major market with a view to attracting business from all strata of the populace”, Idudu added.
Source: THE GUARDIAN, Tuesday, November 24, 2009,Page 20
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