2006: BCC, WAPCO record highest capital growth
Stories by ABDULLAHI BABA ALAWUSA

BENUE Cement Company Plc and West African Portland Cement Plc were the two companies that fetched investors the highest returns in terms of capital appreciation at Nigeria Stock Exchange (NSE) in 2006.
An analysis of the stock market by Meristem Securities Limited on Friday, a copy of which was obtained by Business Triumph, rated BCC and WAPCO on top for the year ended although investors in some other companies also reaped significant returns in the first three quarters of the year.
BCC ended the year 2006 with a price rise of 469 per cent while WAPCO recorded a 212 per cent growth, the Meristem analysis indicated.
Accordingly, Tripple Gee and Company Plc followed with a price rise of 178 per cent, just as CAP Plc, Cement Company of Northern Nigeria Plc, Flour Mills Nigeria Plc and Nampak Nigeria Plc appreciated by 178 per cent, 171 per cent and 156 per cent respectively.
The analysis highlighted the efforts of Dangote Industries Plc towards turning the fortunes of the cement company around, which yielded good results and boosted BCC’s growth.
BCC which ended the year 2005 with appreciable profit margin, also recently announced an increase in profit before tax for the third quarter ended September 30, 2006, an indication of the company’s smooth growth on the stock market.
The company’s profit before tax rose by 183 per cent from N1.2 billion in 2005 to N3.4 billion, while profit after tax grew significantly by 163 per cent from N1.8 billion to N3 billion.
Business Triumph recalls that the Managing Director and Chief Executive Officer of BCC, Alhaji Tajuddeen Sijuade, had told stock market operators in August that the company would pay a dividend of N6.41 per share for the year ending December 31, 2006, being the highest ever to be paid by any cement manufacturing company in the country.
Business Triumph reliably gathered that the target of the company is to build a modern cement company deploying the latest technology with production capacity of 2.7 million metric tones by June 2007. That is about 50 per cent of the current installed capacity of Ashaka Cement Plc, Cement Company of Northern Nigeria Plc and West African Portland Cement Plc combined together.
Other top price gainers for the year ended, according to the Meristem analysis, include Oceanic Bank International Plc (137 per cent); Access Bank Plc (133 per cent); Longman Nigeria Plc (127 per cent); University Press Plc (121 per cent).
On the negative side, Livestock Feeds Plc returned the highest loss of 66 per cent followed by United Nigeria Textiles Plc with 60 per cent loss. Moreover, Cadbury Nigeria Plc dipped by 50.5 per cent, while Nigerian Bottling Company Plc recorded a negative return of 45 per cent.