Meyer Plc Records 40% Gains, Leads Top Performers
In the last two weeks, we have seen MEYER gain over 122% from N0.72 to currently stand at N1.60 per share. Its market capitalization currently stands at N849,980,356.80, also gaining 41.59% in just four trading sessions.
MEYER is the top performer in what turned out to be a very bullish week for the Nigerian Exchange, as its All-Share Index gained 1.99% to currently stand at 47,558.45 basis points. During the four-day trading week, 51 equities appreciated in price, higher than 33 equities in the previous week.
Meyer Plc is in the paint manufacturing business. Meyer Plc is an offshoot of the former Hagemeyer Nigeria Limited, the manufacturer of Sigma Paints and Cosmetics.
The company produces and manufacture different types of paints for a wide verity of use which includes architectural paints, wood paints, auto refinishes, industrial and marine, road lining paints, roof coatings, tube coatings, hp coatings and adhesives.
The two-week rally in its share price came after the company released its audited financial report for the year 2021. The report revealed a significant increase in its revenue.
NewsBeatng reports that the company was able to grow its revenue by 35.10% from N827.6 million to N1.12 billion Year-on-Year. Notably, the company’s profit after tax (PAT) declined by approximately 97% from N1.12 billion in 2020 to N33.7 million in 2021.
The reason for the significant decline is because the company did not dispose any buildings in 2021. In 2020, the company recorded a profit of approximately 1.8 billion from the disposal of one of its buildings.
This outlier proved to have a significant impact on the company’s top line items. Taking away the disposal, the company would have been able to post a loss (loss before tax) of N143.45 million in 2020.
After the company’s results was posted, its trading volume spiked, with more shares changing hands than average. The highest volume during the four-day trading week was posted on Thursday, as it recorded a volume of 798,057.
Also on Thursday, its share price traded at a 52-week high of N1.63 before ended the trading session at N1.60.
Meyer began the year with a share price of N0.46 and has since gained approximately 250% on that price valuation, ranking it second on the NGX in terms of year-to-date performance.
MEYER’s share price has also appreciated 191% over the past four-week period alone, the second best on the NGX.
Meyer is the 100th most traded stock on the Nigerian Stock Exchange over the past three months. MEYER has traded a total volume of 4.41 million shares, in 198 deals, valued at N4.52 million over the period, with an average of 70,065 traded shares per session.
A volume high of 798,057 was achieved on April 14th, same day it traded its 52-week high.