National Salt of Nigeria Rises to 3-Week High as Profit Jumps

October 31, 2011, 10:11 AM EDT

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By Vincent Nwanma

Oct. 31 (Bloomberg) -- National Salt Co. Nigeria Plc, a manufacturer of the condiment, rose to a more than three-week high after reporting a 33 percent increase in nine-month profit.

The stock gained 2.3 percent to 4 naira by the 2:30 p.m. close in Lagos, the highest since Oct. 7.

Net income rose to 1.36 billion naira ($9 million) for the period through September, from 1.02 billion naira a year earlier, the company said in a statement published on the website of the Nigerian Stock Exchange today.

National Salt shares have fallen 30 percent this year, compared with the Nigerian Stock Exchange All-Share Index’s 17 percent decline over the same period.

--Editors: Ana Monteiro, Karl Maier

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.