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1. Head Office:
Kariko Towers (2nd Floor),
No. 9, Wharf
Road,
Apapa, Lagos.
P. O. Box
3208, Surulere, Lagos.
Tel: 234-01-4600501-3, 4600017
2. Nature of Business:
Processing of Crude Salt
3. Date of Incorporation:
7th September, 1993
4. Date Listed on The Exchange:
23rd September, 1993
5. NSE Classification:
Food, Beverages and Tobacco.
6. Board of Directors:
Gen. T. Y. Danjuma (Rtd.), GCON, - (Chairman)
Maj. Gen. N. C. Maduegbunam
Dr. H. U. Sanusi
Engr. K. M. Erikitola
Lt. Col (Rtd.) T. O. Miri-Dashe
Col
(Rtd.) H. I. Mgbemena, (MD/CEO)
7. Ag. Company Secretary:
Florence
Sam Iroye (Mrs.)
8. Auditors:
BDO Oyediran Faleye Oke & Co.
(Chartered Accountants)
Barbinder Chambers
Elephant Cement House (5th Floor)
Alausa - Ikeja, Lagos.
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9. Company Registrars:
DBL Securities Limited
Registrar’s Unit,
16, Norman
Williams Street,
South West Ikoyi, Lagos.
10. End of Accounting Year
31st December
11. Capital Structure
i.Authorised:
N300,000,000.00
ii.Paid-Up
N 116,569,000.00
12. Subsidiaries/Associates
Witt & Busch Limited, Apapa, Lagos.
13. No. of Employees
126
14. Analysis of Shareholdings:
Cross Group Holdings, Luxembourg - 40%
Defence Industries Corp of Nigeria - 20%
Nigerians - - 34%
Staff Trust Fund - - 6%
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FIVE-YEAR FINANCIAL SUMMARY
CAPITAL EMPLOYED 17
MONTHS
12 MONTHS
2003 2002 2001 2000 1999
N‘000 N‘000 N‘000 N‘000 N‘000
Turnover 1,333,047 1,762,107 2,739,490 2,454,665 2,698,499
====== ====== ====== ====== ======
(Loss)/Profit Before Taxation (789,534) (210,766) 214,164 244,379 278,286
Exceptional/extra-ordinary
items - - (10,000) - -
Taxation (22,267) (39,591) (32,547) (32,962) (17,954)
———— ———— ———— ———— ———
(Loss)/Profit After Taxation (811,801) (250,357) 171,617 211,417 260,332
Dividends - - - (70,000) (210,000)
Retained/(Loss) earnings (811,801) (250,357) 171,617 141,417 50,332
====== ====== ====== ====== ======
BALANCE SHEETS:
Fixed assets 681,917 1,142,685 1,216,911 1,349,565 1,327,037
Long term Invest. 85,981 123,715 142,321 149,329 151,867
Current assets 1,430,135 954,140 841,133 472,029 571,742
———— ———— ———— ———— ———
Total assets 2,198,033 2,220,540 2,200,365 1,970,923 2,050,646
Less:
Current liabilities (1,939,275) (1,149,981) (927,952) (553,010) (774,150)
Deferred taxation (39,591) (39,591) - - -
———— ———— ———— ———— ————
Total net assets 219,167 1,030,968 1,272,413 1,417,913 1,276,496
====== ====== ====== ====== ======
Share Capital 80,000 80,000 80,000 70,000 70,000
Capital Reserve 42,809 42,809 42,809 42,809 42,809
General Reserve 309,935 309,935 309,935 309,935 309,935
Profit and loss account (213,577) 598,224 839,669 995,169 853,752
———— ———— ———— ———— ———
Shareholders’ funds 219,167 1,030,968 1,272,413 1,417,913 1,276,496
====== ====== ====== ====== ======
STATISTICS:
Dividends per share (k) - - - 50 150
(Loss)/earnings per share
(k) (507) (156) 107 101 36
Adjusted (loss)/earnings per
share (k) - - - 88 31
Net asset per share (k) 137 6.44 795 1013 912
Adjusted (k) - - - 886 798
NOTE:
The earnings, dividends, and
net assets per share of 50 kobo have been computed respectively on the
results after taxation, dividends proposed for the year and the
shareholders’ funds at the balance sheet date each based on the
number of ordinary shares in issue as at 31 December 2003. The use of the
number of shares as at 31 December 2003 required re-computation of the
figures for 1999, 2000 and 2000 which are indicated as “Adjusted”.
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