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IN financial year 2011, President Jonathan had intervened in the cement manufacturing industry to ensure lower prices. He directed that manufacturers should find ways to bring down the price of cement bag with immediate effect because it was beginning to affect housing delivery in the country.

As much as possible, operators in the market had agreed to work towards this even though in the mixed economy we run with more emphasis on its capitalist side, there is little or no room for such handed down government directives. Instead, the market was expected to dictate prices and profitability. Thus, a key question answered by 2011 annual returns by quoted cement manufacturers offer opportunity to find out if, despite the directive, the business still remains attractive and rewarding.

IN financial year 2011, President Jonathan had intervened in the cement manufacturing industry to ensure lower prices. He directed that manufacturers should find ways to bring down the price of cement bag with immediate effect because it was beginning to affect housing delivery in the country.

FOR DN Meyer Plc financial year 2011 was one it was at last great to be alive still. For years, this company has been struggling to resurface once again but it had been quite a task until 2011. Or so, the brief on the year's annual returns sent to the Nigerian stock exchange recently indicates very clearly.

It was a year indeed the company's various  stakeholders will like to remember for a while to come especially when future performances confirm that this was not a flash in the pan but a true to life and lasting trend. The year was good for D N Meyer, not necessarily because its turnover growth was that fantastic but more because most factors that normally affect the fortunes of companies annually were well under control or recorded very positive developments.

FOR many investors and operators in the Nigerian capital market, the key question now is: Will the banks recover this year? They have been performing below par since 2008 and thus helped to keep the stock market (especially the secondary equities market) down, to the discomfort of many who until 2008 could not recall when the market was less than bullish. Let us note, though, that at the early indigenisation days when people knew little of or nothing about shareholding, the market was bearish in a way and stockbrokers had to hawk shares almost from door to door.

FROM any angle any stakeholder reviews the figures of Pharmadeko PLC for 2011, the conclusion will be the same: Now you are talking, many will say, with visible relief. The year was remarkable not just because like for DN Meyer, there was resurfacing but, more importantly, this was principally because the growth in cost pressures though great, still fell short of growth recorded in income flow, especially core turnover. Some of the growths recorded were superlative but then, it all ended well for the company.

The first good news was the almost triple growth recorded in core turnover. It closed the year 155 per cent up from N494.5m in 2010 to N1261m. This was watered down a little by the much lower 6.25 per cent increase in income from other sources reported at N22.1m as against N20.8m in 2010. Thus, by year end, overall income of the company increased by 149.4 per cent to N1283.1m from N514.5m.

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