Done: Publication of 2010 annual results.
Analysis: The subsidiary gas AKWA Group completes the year 2010 auspicious, consolidating its position as market leader of the filling and distribution of LPG in Morocco with a market share of 44% (against 42% at end 2009) and this followed an increase of 4% to 831,408 MT of its flows. Operationally and drawing plenty of profit optimization link in its supply chain, AFRIQUIA GAS displays an operating profit of ZAR 429.7 million (vs. our forecast of 410.4 million MAD), in appreciation of 13% from a year earlier.
In a proportion almost identical, the earning power of the society improves from 12% to MAD 329.3 M (vs. our forecast of 306.2 million MAD). Balance sheet side, equity is hoisted from 5.2% to MAD 1,800 million, for a total balance of MAD 5,734 million, an increase of 21.9% compared to end 2009. In addition, the Board should propose at the next Ordinary General Assembly the distribution a dividend of MAD 73 (vs. MAD 70 to end 2009), a D / Y 4.3% observed during the 23 February 2011 from MAD 1685.
In terms of outlook, the company intends to continue its investment program relating primarily to the expansion of its storage capacity. With this in mind, the gas subsidiary of the Group in 2011 AKWA should inaugurate the second phase of the new terminal JORF LASFAR, with 4 air spheres with a capacity of 7000 m3 each, for a total amount of MAD 240 million .
Conclusion: At the end of 2010, GAS AFRIQUIA displays financial indicators sharply higher, capitalizing mainly on strengthening its flow as well as continuing its policy of optimizing all the links of its gas chain. Recommendation is being updated in anticipation of the publication of detailed statements of the company.
Analysis: The subsidiary gas AKWA Group completes the year 2010 auspicious, consolidating its position as market leader of the filling and distribution of LPG in Morocco with a market share of 44% (against 42% at end 2009) and this followed an increase of 4% to 831,408 MT of its flows. Operationally and drawing plenty of profit optimization link in its supply chain, AFRIQUIA GAS displays an operating profit of ZAR 429.7 million (vs. our forecast of 410.4 million MAD), in appreciation of 13% from a year earlier.
In a proportion almost identical, the earning power of the society improves from 12% to MAD 329.3 M (vs. our forecast of 306.2 million MAD). Balance sheet side, equity is hoisted from 5.2% to MAD 1,800 million, for a total balance of MAD 5,734 million, an increase of 21.9% compared to end 2009. In addition, the Board should propose at the next Ordinary General Assembly the distribution a dividend of MAD 73 (vs. MAD 70 to end 2009), a D / Y 4.3% observed during the 23 February 2011 from MAD 1685.
In terms of outlook, the company intends to continue its investment program relating primarily to the expansion of its storage capacity. With this in mind, the gas subsidiary of the Group in 2011 AKWA should inaugurate the second phase of the new terminal JORF LASFAR, with 4 air spheres with a capacity of 7000 m3 each, for a total amount of MAD 240 million .
Conclusion: At the end of 2010, GAS AFRIQUIA displays financial indicators sharply higher, capitalizing mainly on strengthening its flow as well as continuing its policy of optimizing all the links of its gas chain. Recommendation is being updated in anticipation of the publication of detailed statements of the company.
BMCE Capital Bourse
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