Key extracts of the financial statement of the company for the year ended
Gross profit dropped from N27.4 billion in 2018 to N6.67 billion in 2019. Notwithstanding cost control measures, the company relapsed from operating profit of N10.43 billion in 2018 to operating loss of N10.35 billion. Loss before tax stood at N8.3 billion in 2019 as against pre-tax profit of N13.6 billion in 2018. With a tax gain of N4.1 billion in 2019, net loss after tax stood at N4.2 billion as against profit after tax of N10.1 billion recorded in 2018.
The full-year report represented a major reversal for a company that reported a net profit of N3.5 billion in the first half. The six-month report for the period ended
Total turnover for the first half 2019 stood at N42.6 billion, 11 per cent below N48.1 billion recorded in comparable period of 2018. Profit after tax dropped by 37 per cent from N5.6 billion in first half 2018 to N3.5 billion in first half 2019.
However, the company recorded a considerable leap in the three-month second quarter to record a 24 per cent increase in its profit after tax at N1.9 billion. Turnover rose by 18 per cent in second quarter to N23.4 billion as against N19.2 billion in first quarter of 2019. During the period, profit after tax rose from N1.5 billion in first quarter 2019 to N1.9 billion in second quarter 2019.
Cost of sales decreased marginally by 4.5 per cent from N32.8 billion in
Managing Director,
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The company noted that its strategic initiatives rest on its global best practices, strong heritage as well as the professionalism of its people.
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