First Aluminium post 47% rise in profit for nine months

11 plc

First Aluminium Nigeria plc reported 47% rise in profit to NGN110.9 million in its financial report for the nine months ended in 2017 compared to NGN75.2 million reported same period in the financial year 2016.

The company had a turn over of NGN5.0 billion for 2017 in contrast to NGN7.0 billion posted in the previous year while gross profit was NGN676.1 million against NGN780.1 million in the year before.

Operating profit also dropped to MGN529.4 million in contrast to NGN563.0 million in the fiscal year 2016.

Total assets acquired by First Aluminium Nigeria plc was NGN10.2 billion compared to NGN8.9 billion posted in the year before while total liabilities was NGN5.2 billion versus NGN4.0 billion in 2016.