GLOBAL SPECTRUM ENERGY SERVICES : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

GLOBAL SPECTRUM ENERGY SERVICES PLC.

UNAUDITED FINANCIAL STATEMENT

&

2ND QUARTER REPORT

FOR

THE PERIOD ENDED 30TH JUNE, 2022

GLOBAL SPECTRUM ENERGY SERVICES PLC

TABLE OF CONTENT

PAGE

STATEMENT OF FINANCIAL POSITION	3
STATEMENT OF PROFIT / LOSS AND OTHER	4
COMPREHENSIVE INCOME
STATEMENT OF CHANGES IN EQUITY	5
STATEMENT OF CASH FLOW	6
NOTES TO THE ACCOUNTS	7- 11

2

GLOBAL SPECTRUM ENERGY SERVICES PLC

STATEMENT OF FINANCIAL POSITION

PERIOD ENDED 30TH

	NOTES	Jan- Jun 2022	Jan-Dec 2021
Assets		N	N
NON CURRENT ASSETS
Property, Plant and Equipment	1	1,220,414,497	1,268,448,437
Investment Property	23	2,514,155,000	2,514,155,000
CURRENT ASSETS
Bank and cash balances	7	570,425,122	605,872,540
Intangible Assets	2
Inventory	3	0	0
Trade Receivables	4	1,387,031,985	825,859,582
Other Receivables	5	379,751,699	402,379,200
Prepayments	6	8,124,112	3,416,667
Other Assets	8	318,475,666	250,206,126
Total Assets (A)		6,398,378,081	5,870,337,552
LONG-TERM LIABILITIES
Borrowings	9	230,640,317	0
Trade payables	10	694,734,083	550,016,653
Other Payables	11	18,183,599	25,379,000
Tax payable	12	133,753,303	91,636,139
Deferred Tax	13	141,066,000	141,066,000
Total Liabilites (B)		1,218,377,303	808,103,045
Net Assets (A-B)		5,180,000,779	5,062,234,506
Equity
Share Capital	15	400,000,000	400,000,000
Deposit for Shares	14	2,486,440,000	2,486,440,000
Retained earnings	16	2,293,560,778	2,175,794,506
Revaluation Reserves	17	0	0
Total Equity		5,180,000,779	5,062,234,506

AKINDELE WASIU FRC/2018/ICAN/00000018056

Managing Director

CLEMENT AKANIBO FRC/2014/ICAN/00000008266

Director

IWUJI AUGUSTINE FRC/2021/001/00000024230

Chief Financial Officer

BOARD APPROVAL DATED 29TH JULY, 2022

3

GLOBAL SPECTRUM ENERGY SERVICES PLC
STATEMENT OF COMPREHENSIVE INCOME
PERIOD ENDED 30TH			Apr- Jun 2022	Apr-Jun 2021	Jan-Jun 2022	Jan-Jun 2021
	NOTES	N	N	N	N
Revenue	18		699,194,431	445,681,976	1,369,940,825	786,271,198
Direct cost	19		548,552,704	302,467,807	1,030,069,330	544,348,096
Gross profit			150,641,727	143,214,169	339,871,495	241,923,101
Other Income			3,347,874	-	3,351,843	5,796,234
Administrative expenses	20		81,494,691	64,309,602	149,290,777	135,130,389
Other operating expenses	21		-	0
Operating profit			72,494,910	78,904,568	193,932,561	112,588,946
Finance costs	22		3,853,475	1,658,752	5,463,904	3,000,128
Profit before taxation			68,641,435	77,245,816	188,468,657	109,588,818
Taxation	12		12,160,359	11,586,869	42,117,164	18,734,785
Other comprehensive income			-	-
Exchange differences on translation of foreign oper	-	-
Income tax effect			-	-
Other comprehensive income for the quarter,net of	-	-
Total comprehensive income for the quarter	56,481,077	65,658,946	146,351,492	90,854,033

4

GLOBAL SPECTRUM ENERGY SERVICES PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE QUARTER ENDED 30TH JUNE 2022

	Issued Share		Retained		Deposit for	Total
	Capital		Earnings		Shares	Equity
	N'000		N'000				N'000
As at 1 January 2021	400,000	2,048,771	2,486,440		4,935,211
Changes in 2021
Adjustment in Retained Earning	0	-2,553	0		-2,553
Profit for the Quarter	0		90,854		-		90,854
As at 30 Jun, 2021	400,000	2,137,072	2,486,440		5,023,512
Changes in 2022
As at 1 January 2022	400,000	2,175,799	2,486,440		5,062,239
Adjustment in Retained Earning		-5				-5
Profit for the period		117,766	0		117,766
As at 30th Jun 2022	400,000	2,293,560	2,486,440 0	5,180,000

5