Stockbrokers laud ABC Transport growth path

by | May 17, 2018 12:45 am

The stockbrokers at the Nigerian Stock Exchange (NSE) have applauded ABC Transport Company Plc for achieving record growth in 25 years.   

ABC Transport Company Plc, one of the largest road transportation companies in West Africa is listed on the Services Sector (Road Transportation Subsector) of the Nigerian Stock Exchange (NSE) Main Board.

The stockbrokers acknowledged the company’s growth on Tuesday May 15, 2018, when Frank Nneji, the founder and CEO of the ABC Transport Company Plc led the management of the company to sound the closing gong on the trading floor of the Nigerian Stock Exchange as part of the celebration of the company’s 25th anniversary.

“This is actually 25 years of our existence as a company. We listed in December 2006 that is 12 years ago. We are glad to be here listed on the Nigerian Stock Exchange. Now as a transport company, we cover wider spectrum of the transport business,” Nneji said on the trading floor before sounding the closing gong.

Sam Ndata, doyen of the stockbrokers said “We welcome you to this floor. We worked with you when you listed. We are inviting you to come for Facts Behind the Figures which is one of the things you signed when you listed. We know you are doing well as a company. We ride on your vehicles. Congratulations to ABC Transport for the 25 years celebration”.

ABC Transport Plc consolidated financial statements for the period ended December 31, 2017 show group revenue grew to N7.186billion from a low of N6.710billion in 2016 financial year.

Gross profit increased to N1.617billion from N1.211billion in 2016. The company reported profit before tax (PBT) of N766.84million in 2017 against loss before tax (LBT) of N490.579million in 2016.

In the first-quarter (Q1) to March 31, 2018, ABC Transport Plc reported group revenue of N1.481billion against N1.77billion in corresponding first-quarter of 2017.

ABC Transport Plc has market capitalisation in excess of N762.542million with shares outstanding of 1,657,700,001 units. As at Tuesday May 15, 2018, the company’s share price stood at 46kobo.

ABC Transport Plc commenced operation in road passenger transportation on February 13, 1993 as an off-shoot of Rapido Ventures with a view to running a modern road transportation system in Nigeria.

In March 2003, Capital Alliance Private Equity (CAPE) acquired 30percent shares of ABC Transport. With the acquisition, Capital Alliance (Nigeria) became stakeholders in ABC TRANSPORT, a partnership that re-positioned the company for greater performance.

ABC Transport operates luxury bus services according to accepted international standards of road transportation. Its services are specially designed for distinguished travellers who would otherwise use air service.

The company’s operations within and outside Nigeria are carried out in ultra-modern terminals, with comfortable lounges in various cities like Lagos (Jibowu and Amuwo-Odofin), Aba, Owerri, Port-Harcourt, Abuja, Enugu, Onitsha, Umuahia, Jos, Mbaise, Bolade, and Accra (Ghana).

ABC buses are dubbed with the company’s trademark the Reindeer. The company said choice of the Reindeer as the company’s symbol was made after a careful study of the peculiarities of the animal which is strong, fast and moves in herds.

For the company’s remarkable achievement in transportation, ABC Transport was adjudged the Best Transporter in Nigeria by the Chartered Institute of Transport, Nigeria and has since then consistently won the National Bus Operator of the Year Award along with other accolades by renowned bodies.

Iheanyi Nwachukwu