GLOBAL SPECTRUM ENERGY SERVICES : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

GLOBAL SPECTRUM ENERGY SERVICES PLC.

UNAUDITED FINANCIAL STATEMENT

&

3RD QUARTER REPORT

FOR

THE PERIOD ENDED 30TH SEPTEMBER, 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

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GLOBAL SPECTRUM ENERGY SERVICES PLC

STATEMENT OF FINANCIAL POSITION

PERIOD ENDED 30TH

	NOTES	Jul-Sep 2022	Jan-Dec 2021
Assets		N	N
NON CURRENT ASSETS
Property, Plant and Equipment	1	1,196,397,527	1,268,448,437
Investment Property	23	2,514,155,000	2,514,155,000
CURRENT ASSETS
Bank and cash balances	7	594,127,435	605,872,540
Intangible Assets	2
Inventory	3	0	0
Trade Receivables	4	1,492,748,251	825,859,582
Other Receivables	5	389,540,480	402,379,200
Prepayments	6	3,937,056	3,416,667
Other Assets	8	361,034,047	250,206,126
Total Assets (A)		6,551,939,796	5,870,337,552
LONG-TERM LIABILITIES
Borrowings	9	79,800,000	0
Trade payables	10	922,452,448	550,016,653
Other Payables	11	37,979,761	25,379,000
Tax payable	12	136,278,917	91,636,139
Deferred Tax	13	141,066,000	141,066,000
Total Liabilites (B)		1,317,577,125	808,103,045
Net Assets (A-B)		5,234,362,671	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	2,347,922,670	2,175,794,506
Revaluation Reserves	17	0	0
Total Equity		5,234,362,671	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 30TH OCTOBER, 2022

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GLOBAL SPECTRUM ENERGY SERVICES PLC
STATEMENT OF COMPREHENSIVE INCOME
PERIOD ENDED 30TH			Jul- Sep 2022	Jul- Sep 2021	Jan-Sep 2022	Jan-Sep 2021
	NOTES	N	N	N	N
Revenue	18		851,167,460	506,056,744	2,221,108,285	1,292,327,941
Direct cost	19		684,907,544	390,309,320	1,714,976,874	934,657,416
Gross profit			166,259,917	115,747,424	506,131,412	357,670,525
Other Income			5,452	4,227,659	3,357,295	10,023,893
Administrative expenses	20		90,072,198	74,420,899	239,362,976	209,551,287
Other operating expenses	21		-	0
Operating profit			76,193,170	45,554,184	270,125,731	158,143,130
Finance costs	22		10,377,315	1,459,794	15,841,219	4,459,922
Profit before taxation			65,815,855	44,094,390	254,284,512	153,683,208
Taxation	12		11,453,964	6,614,159	53,571,128	25,348,944
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		54,361,891	37,480,232	200,713,384	128,334,265

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GLOBAL SPECTRUM ENERGY SERVICES PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE QUARTER ENDED 30TH SEPTEMBER 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		128,334		-		128,334
As at 30 Sep, 2021	400,000	2,174,552	2,486,440		5,060,992
Changes in 2022
As at 1 January 2022	400,000	2,175,799	2,486,440		5,062,239
Adjustment in Retained Earning		(6)				(6)
Profit for the period		172,128	0		172,128
As at 30th Sep 2022	400,000	2,347,921	2,486,440 #	5,234,361

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