Abc Transport PlcNSENG: ABCTRANS

Quarter 1 - financial statement for 2025

· MarketScreener


ABC TRANSPORT PLC

RC No 219970

Km 5 MCC Road, Umuoba, Uratta P.O. Box 2575, Owerri, Imo State, Nigeria Tel:083-300667, 083-300668 0805-3002000, 083-9600958

e-mail-info@abctransport.com

Directors:Prince Olumide Obayomi(Chairman); Frank Nneji, Kabiru Yusuf; Mr Bamidele Asije; Mrs Ifeoma Adeoye,Mr Rex Okoro; Jude Nneji(MD/CEO)

TABLE OF CONTENTS

CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME

1

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION

2

CONSOLIDATED AND SEPARATE STATEMENT OF CASHFLOW

3

CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY

4

CONSOLIDATED AND SEPARATENOTE 1

5 -6

CONSOLIDATED AND SEPARATE NOTE 2-6

7

CONSOLIDATED AND SEPARATE NOTE 7-10

8

CONSOLIDATED AND SEPARATE NOTE 11-13

9

CONSOLIDATED AND SEPARATE NOTE 14-16

10

CONSOLIDATED AND SEPARATE NOTE 17

11

CONSOLIDATED AND SEPARATE NOTE 18-21

12

SEGMENT REPORT

13-14

DISCLOSURES 1-13

15-19

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

Group

Company

2025

2024

2025

2024

Continuing operations

Notes

=N=000

=N=000

=N=000

=N=000

Revenue from contract with customer

14

3,631,989

2,307,862

1,826,288

1,217,172

Direct costs

16

(2,871,975)

(1,771,689)

(1,464,533)

(906,235)

Gross profit

Administrative expenses

760,014

536,173

361,755

310,936

(475,185)

(364,670)

(256,675)

(177,978)

284,829

171,503

105,079

132,959

116,589

59,779

79,602

44,946

-

39

-

39

17

Other operating income 15

Interest income 18

Investment income

18

1,075

493

1,031

493

19

51,116

(125,962)

67,788

27,998

20

(101,549)

(125,904)

(99,717)

(116,478)

352,059

(20,052)

153,783

89,956

11.

(128,875)

(59,044)

(59,843)

(35,910)

223,184

(79,096)

93,940

54,046

Net fair value gains on financial assets through profit or loss

Other gains and losses Finance costs

(Loss)/profit ) before income tax

Income tax expense

(Loss)/profit from continuing operations

Attributable to:

Equity shareholders

Non-controlling interests

0

194,739

(25,467)

93,940

54,046

28,445

(53,629)

-

-

223,184

(79,096)

93,940

54,046

Other Comprehensive income:

Items that will not be reclassified subsequently to profit or loss:

Net exchange differences on translating foreign operations

(1)

(116,424)

(156,663)

a



(116,424)

(156,663)

Other comprehensive income

Total comprehensive (loss)/income for the year

106,760

(235,759)

93,940

54,046

Attributable to:

Equity shareholders

Non-controlling interests

79,479

(180,563)

93,940

54,046

27,281

(55,196)

-

106,760

(235,759)

93,940

54,046

Basic earnings per share(kobo)

9

(3)

3.93

2.26

Diluted earnings per share(kobo)

9

(3)

3.93

2.26

The accompanying notes and statement of m terial accou

nting policy information form an integral part of these consolidated and Separate financial statements.

1



ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL FOR THE FIRST QUARTER ENDED MARCH 31, 2025

POSITION

31-12-24

Group

GROUP

Company

2025

Note N'000

2024

N'000

2024

N'000

2025

N'000

2024

N'000

Non-current assets

Property, plant and equipment 1 10,602,187

4,307,545

8,250,559

9,458,609

3,297,547

Intangible assets 12 18,661

22,025

15,896

15,574

21,428

Right of use assets 23,252

23,252

21,172

-

-

Investment in subsidiaries

-

-

141,470

141,470

Financial assets - FVOCI

1,845

1,845

1,845

1,845

1,845

Financial assets - FVPL

19,906

16,272

18,876

19,906

16,272

Deferred tax asset

423,453

59,864

412,435

59,864

59,864

Total non-current assets

Current assets

Inventories

2

Trade and other receivables

4

Other assets

5

Cash and Cash equivalents

6

Current Tax asset

Total current assets

Total assets

Equity and reserves

Issued share capital

Share premium

Retained earnings

Other comprehensive income reserve

Shareholder's fund

Non-controlling interests

Total equity and reserves

Non-current liabilities

Loans and borrowings

10a

Larfarge Advance frieght fees

Provisions

9

Deferred tax liabilities

Total non-current liabilities

Current liabilities

0

Loans and borrowings

10b

Post employment benefits - defined contribution

Post employment benefits - defined benefits

13

Current tax liabilities

11

Trade and other payables

7

Contract laibilities

8

Overdraft

Total current liabilities

Total Liabilities

Total equity and liabilities









11,089,304

4,430,802

8,720,782

9,697,269

3,538,426

830,956

885,674

1,060,714

251,379

299,154

545,594

587,933

754,988

567,312

324,403

1,643,334

1,083,970

1,138,790

569,899

399,873

189,042

397,798

318,781

76,130

93,147

-

-

9,809

-

3,208,926

2,955,376

3,283,083

1,464,721

1,116,578

14,298,230

7,386,178

12,003,865

11,161,989

4,655,004

1,196,311

1,196,311

1,196,311

1,196,311

1,196,311

434,607

434,607

434,607

434,607

434,607

(318,271)

(885,534)

(513,010)

(313,351)

(605,163)

(193,097)

(153,048)

(77,837)

18,188

18,188

1,119,550

592,336

1,040,071

1,335,755

1,043,943

256,338

403,507

229,058

-

-

1,375,888

995,843

1,269,129

1,335,755

1,043,943

793,042

1,505,989

775,844

793,042

1,425,112

5,598,235

3,682,947

5,598,235

141,573

61,749

141,573

141,573

61,749

14,625

27,695

30,970

-

-

6,547,476

1,595,434

4,631,334

6,532,851

1,486,862

979,463

538,256

1,069,285

918,841

414,574

378,170

336,628

376,224

336,628

115,641

367,058

113,681

645,581

527,175

653,940

320,587

174,719

4,011,448

2,836,156

3,820,281

1,541,685

877,273

229,200

238,886

192,838

136,048

207,324

131,005

202,158

-

-

6,374,866

4,794,902

6,103,402

3,293,384

2,124,199

12,922,342

6,390,335

10,734,736

9,826,235

3,611,060

14,298,231 7,386,178 12,003,865 11,161,990

4,655,004

The consolidated and Separate financial statements were approved by the Board of Directors on and signed on its behalf by: Managing Director/CEO FRC/2015/PCNNG/00000011844







Chief Financial Officer FRC/2014/ICAN/00000007350

The accompanying notes and statement of material accounting policy information form an integral part of these consolidated and

separate financial statements.

2



ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

Group

Company

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

Net cash inflow(outflow) from operating activities

2,815,291

565,549

2,887,367

502,933

Cash flow from investing activities:

Investments in financial assets

Investments in financial assets(withdrawal)

Investment in finance lease receivables

Purchase of Property,plant and equipment

(2,826,362)

(46,007)

(2,815,274)

(23,527)

Purchase of Intangible assets

-

(1,361)

0

(1,361)

other movement in PPE

-

-

-

-

Investment in Subsidiaries(ABC Cargo Express)

-

-

-

-

Transfers from finance lease receivables(Net)

-

-

-

-

Tranfers to Associated Coy

-

-

-

-

Sale of property, plant and equipment/Assets Held-for-Sal

40,676

40,676

Proceed from investment

-

-

-

-

Sale of available-for-sale financial assets

-

-

-

-

Dividends received

-

-

-

-

Interest received

1,075

39

1,031

39

Cash received from Investment in finance leases

0

0

Borrowing cost on fixed assets addition

0

0

Net cash inflow(outflow) from investing activities

(2,784,612)

(47,330)

(2,773,567)

(24,850)

Cash flows from financing activities:

Issue of shares

Borrowings/leases-Additions

Repayment of borrowings

Repayment of finance Lease obligations

Finance Charges

Dividends paid to the company's shareholders

Dividends paid to non-controlling interests

1,117,884

23,963

(1,190,507)

(436,408)

0

(101,549)

(125,904)

-

-

229,000

(278,891)

(99,717)

0

0

(330,839)

0

(116,478)

-

-

Net cash inflow(outflow) from financing activities

(174,172)

(538,349)

(149,607)

(447,317)

Net increase(decrease) in cash and cash equivalents

(143,494)

(20,130)

(35,807)

30,767

Cash and cash equivalents at 1 January

201,531

215,768

111,938

62,380

Cash and cash equivalents at 31/3/2025

58,037

195,638

76,131

93,146

N:B :Overdaft is considered as part of cash and cash equivalents

3

ABC TRANSPORT PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

Attributable to equity holiders- the Group

Issued

share

Share

capital

premium

=N=000

=N=000

Retained

earnings

=N=000

OCI

reserves

=N=000

Non

controlling

interests

=N=000

Total

=N=000

At 1 January 2024

Changes in equity for 2024

(860,067)

2,048

458,703

Profit for the year

(25,467)

(53,629)

Remeasurement of defined benefit obligation

1,196,311

434,607

1,231,602

0

0

(79,096)

0

(156,663)

Net exchange differences on translating foreign operations (155,096) (1,567)

1,196,311

434,607

(885,534)

(153,048)

403,507

995,843

Transactions with owners, recorded directly in equity: Dividend paid

MARCH 31, 2024

1,196,311

434,607

As at 1 January 2025 (513,010) (77,837) 229,058 1,269,129

Profit for the year

194,739

28,445

223,184

Remeasurement of defined benefit obligation

0

Net exchange differences on translating foreign operations

(115,260)

(1,164)

(116,424)

Transactions with owners, recorded directly in equity:

Dividend paid

MARCH 31, 2025

1,196,311

434,607

(318,271)

(193,097)

256,338

1,375,888

ABC TRANSPORT PLC

SEPARATE STATEMENT OF CHANGES IN EQUITY

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

Attributable to equity holiders- the Company

Issued

share

Share

Retained

OCI

capital

premium

earnings

reserves

=N=000

=N=000

=N=000

=N=000

1,196,311

434,607

(659,209)

18,188

Total

=N=000

989,897

0

0

54,046

At 1 January 2024

Changes in equity for 2024

Profit/(Loss) for the year

Remeasurement of defined benefit obligation

Transactions with owners, recorded directly in equity:

Dividend paid

MARCH 31, 2024

54,046

1,196,311

434,607

(605,163)

18,188

1,043,943

As at 1 January 2025

1,196,311

434,607

(407,291)

18,188

1,241,815

Changes in equity for 2025

0

Profit/(Loss) for the year

-

-

93,940

93,940

Remeasurement of defined benefit obligation

-

-

-

-

-

Right issue/expenses

-

-

-

-

-

Transactions with owners, recorded directly in equity:

-

-

-

-

-

Dividend paid

-

-

-

MARCH 31, 2025

1,196,311

434,607

(313,351)

18,188

1,335,755





The accompanying notes and statement of material accounting policy information form an integral part of these consolidated and separate financial statements.

4

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

NOTES TO THE ACCOUNTS

PROPERTY,PLANT AND EQUIPMENT

GROUP

MOTOR VEHICLE

EQUIP, FURN &

& FITTINGS

COMPUTER

LAND

BUILDINGS

WIP

TOTAL

1

Right of Use-TSS

Total

COST/REVALUATION:

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

BALANCE 01/01/2025

11,050,573

684,405

119,702

307,458

1,399,952

946,173

14,508,263

89,288

89,288

ADDITIONS/REVALUATION

2,509,658

38,433

2,631

15,430

170,879

89,333

2,826,362

-

0

TRANS & RECLASSIFICATION

0

(183,841)

(183,841)

0

DISPOSALS/ADJUSTMENT

(179,448)

0

(179,448)

0

TRANSFERS FROM WIP

0 0

BALANCE 31/3/2025

13,380,783

722,838

122,333

322,887

1,570,831

851,664

16,971,336

89,288

89,288

DEPRECIATION:

BALANCE 01/01/2025

4,630,164

528,197

91,527

0

1,007,816

0

6,257,704

73,392

62,731

CHARGE

263,394

11,598

2,512

0

13,314

290,818

1,919

1,919

ELIMINATED ON DISPOSAL

(179,373)

0

0

0

(179,373)

0

DISPOSAL/ADJUSTMENT

-

-

TRANSFER TO FLR/ASSO

-

-

DERECOGNISED

-

-

BALANCE 31/3/2025

4,714,185

539,796

94,039

0

1,021,129

0

6,369,149

75,311

64,650

AT 31/3/2024

2,634,305

100,676

21,673

299,528

410,491

840,872

4,307,545

23,252

23,252

AT 31/3/2025

8,666,598

183,042

28,294

322,887

549,701

851,664

10,602,187

13,977

24,638

5

PARENT

MOTOR VEHICL

EQUIP, FURN

COMPUTER

LAND

BUILDINGS

WIP

TOTAL

& FITTINGS

COST/REVALUATION:

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

BALANCE 01/01/2025

10,711,871

543,448

109,144

187,458

1,383,344

101,384

13,036,649

ADDITIONS/REVALUATION

2,507,262

38,193

427

15,430

170,879

83,084

2,815,274

TRANS & RECLASSIFICATION

-

(183,841)

(183,841)

DISPOSALS/ADJUSTMENT

(179,448)

-

-

-

-

-

(179,448)

TRANSFERS FROM WIP

0

BALANCE 31/3/2025

13,039,685

581,641

109,571

202,887

1,554,223

626

15,488,633

DEPRECIATION:

BALANCE 01/01/2025

4,392,143

436,648

90,388

-

1,007,816

-

5,926,995

CHARGE

226,331

5,865

1,950

-

13,314

-

247,460

TRANSFERS

32,452

2,489

34,941

ELIMINATED ON DISPOSAL

(179,373)

-

(179,373)

BALANCE 31/3/2025

4,471,553

445,002

92,338

-

1,021,129

-

6,030,023

AT 31/3/2024

2,621,553

65,683

20,217

179,528

410,492

-

3,297,473

AT 31/3/2025

8,568,132

136,639

17,232

202,887

533,093

626

9,458,609

6

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

INVENTORY

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

Motor vehicle spares

199,284

230,312

199,284

230,312

Fuel and diesel

4,631

39,029

4,631

39,029

Stationeries and printed materials

18,661

8,479

18,661

8,479

Oil and lubricants

24,602

17,297

24,602

17,297

Snacks and fruit drinks

0

226

0

226

Uniform and promotional materials

467

1,146

467

1,146

Sanitation materials

159

248

159

248

City Transit Inn (CTI)

3,574

2,418

3,574

2,418

Transit Support Services (TSS)

579,577

586,520

830,956

885,674

251,379

299,154

2

3

NON CURRENT ASSETS HELD FOR SALE

MOTOR VEHICLES

OTHERS

4

TRADE AND OTHER RECEIVABLES

Accounts receivable

362,452

304,615

141,509

53,076

Staff debts

141,947

65,902

93,998

60,300

ABC Ghana Ltd

-

181,925

112,777

181,925

Other receivables

1,140

6,480

-

450

Other debtors

35,816

24,730

16,249

20,865

Transit support services limited

-

-

202,779.1

7,788

Current accounts

4,239

4,281

-

545,594

587,933

567,312

324,404

587,933

324,404

5

OTHER CURRENT ASSETS

0

Prepaid rent

149,749

89,585

45,371

17,483

Prepaid insurance

90,343

43,293

83,383

41,512

Witholding tax recoverable

498,109

498,684

441,146

340,878

Deposit with suppliers

903,385

448,033

-

-

Others

1,748

4,375

-

-

1,643,334

1,083,970

569,899

399,873

6

CASH AND CASH EQUIVALENTS

Cash in hand

58,025

72,467

11,012

38,692

Cash at bank

131,018

325,330

65,118

54,455

Overdraft

(131,005)

(202,158)

-

58,037

195,639

76,130

93,147

7

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

1,621,145

1,514,368

66,454

190,858

26,858

10,292

26,858

10,292

159,855

215,057

135,610

183,505

7,327

11,938

6,191

10,475

46,102

46,102

46,102

46,102

26,911

25,487

26,911

25,487

461,889

43,963

138,538

31,383

452,267

452,267

711,890

672,439

198,577

315,899

138,208

99,052

1,436

10,298

11,145

15,628

11,145

15,366

174

111

174

111

83,621

213

83,621

0

10,089

308,229

9,518

500

920

500

254,538

170,917

38,651

36,996

4,011,448

2,836,156

1,541,685

877,273

5,598,235

5,598,235

7 TRADE AND OTHER PAYABLES

Trade payables RAPIDO VENTURE

Accrual Expenses

Industrial Training Fund Levy Unclaimed dividends

Co-operative liabilities Other payables

Larfarge Advance frieght fees Value added tax liabilities Withholding tax liabilities

Pay-As-You-Earn liabilities Staff welfare liabilities ACCRUED SALARIES

CARGO FRANCHISE SECURITY DEPOSIT. ABC CARGO EXPRESS

BUS FRANCHISE SECURITY DEPOSIT. DIRECTOR'S CURRENT ACCOUNT-FRANK NNE

NONE CURRENT

Larfarge Advance frieght fees

8

CONTRACT LIABILITIES

Deferred income from cargo

Deferred income from leased warehouse

Deferred income from staff recoveries & others

GROUP COMPANY

2025

2024

2025

2024

93,152

52,313

16,493

16,493

20,751

119,555

186,573

119,555

186,573

229,200

238,886

136,048

207,324

9

PROVISIONS

Provision for litigation settlement

Other provisions

GROUP COMPANY

2025

2024

2025

2024

45,854

37,993

45,854

37,993

95,719

23,756

95,719

23,756

141,573

61,749

141,573

61,749

10

GROUP COMPANY

BORROWINGS

2025

2024

2025

2024

NONE CURRENT BORROWINGS

Access bank loan

113,270

-

113,270

-

Lafarge truck finance scheme

424,489

877,844

424,489

877,844

16.5% Bond

255,283

547,268

255,283

547,268

Bank of industry -TSS

-

80,877

-

793,042

1,505,989

793,042

1,425,112

8

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

CURRENT BORROWINGS

=N=000

=N=000

=N=000

=N=000

BORROWINGS

Access bank loan

322,219

45,426

322,219

Lafarge truck finance scheme

416,620

289,650

416,620

289,650

16.5% BOND

180,002

124,924

180,002

124,924

Bank of industry -TSS

60,622

78,256

-

979,463

538,256

918,841

414,574

TAXATION

Bal. brought forward

707,737

497,110

265,243

138,809

Income tax provision for the period

128,875

59,044

59,843

35,910

Adjusted provision for the period

836,612

556,154

325,086

174,719

Paid in the period

(191,031.00)

(28,978)

(4,499)

-

C/FWD

645,581

527,176

320,587

174,719

10

11

12

INTANGIBLE ASSETS

18,661

22,025

15,574

21,428

13

POST EMPLOYMENT BENEFITS

Defined benefit obligation schemes

1,946

115,641

(0)

142,020

Defined contrbutions schemes

-

336,628

376,224.18

321,891

1,946

452,269

452,269

463,911

9

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

REVENUE

=N=000

=N=000

=N=000

=N=000

Transport earnings

774,151

567,225

739,142

579,237

Haulage operations

995,777

565,611

995,777

565,611

Loads and waybill

1,101,677

725,590

6,366

5,542

Hospitality

85,003

66,781

85,003

66,781

Sale of vehicle spares and speed

675,381

382,655

0

3,631,989

2,307,862

1,826,288

1,217,172

14

15

OTHER OPERATING INCOME

Insurance indemnity

8,742

-

-

Operating rental income

3,656

3,229

11,662

11,092

Sale of scrap/other assets

482

4,830

482

4,830

Demurrage on waybills

114

140

-

-

Franchise income

97,210

42,851

52,332

29,037

Training income

15,113

0

15,113

0

utility fee

14

(14)

14

(14)

116,589

59,779

79,602

44,946

GROUP

COMPANY

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

306,751

224,104

136,918

101,704

3,688

95

374

95

75,867

49,143

51,754

33,983

6,571

3,964

3,995

2,439

40,517

46,755

40,517

46,755

3,925

3,925

274,037

163,143

233,337

129,411

313,870

197,521

189,872

116,752

4,983

1,994

1,414

1,245

4,407

7,826

3,828

3,479

68,073

26,873

42,348

23,523

985,169

668,510

621,244

386,300

63,424

26,791

59,266

24,597

25,584

23,218

8,715

5,026

42,805

33,072

27,512

16,397

36,265

4,725

20,652

8,703

2,205

100

2,107

100

1,446

1,236

666

79

10,229

-

-

0

(0)

-

-

87,582

24,895

16,090

5,646

514,579

267,725

2,871,975

1,771,689

1,464,533

906,235

10

16 OPERATING COSTS

Salaries and allowances Uniform and training Trip expenses

Standby expenses Hospitality expenses

Driver training academy expense Depreciation and amortisation Motor vehicle repairs & maintena Repairs and maintenance buildin Repairs and maintenance other a Road expenses

Fuel expenses Insurance expenses Rent expenses

Oil and lubricant Loading and offloading Fines

Food items, drinks, etc.

Packaging

Operating lease charges Other direct expenses TSSL

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

ADMINISTRATIVE EXPENSES

=N=000

=N=000

=N=000

=N=000

Salaries and allowances

36,830

48,872

20,459

15,197

Pension

12,484

11,332

8,605

7,800

Inconvenience allowance

5,587

3,330

2,482

1,280

Outstation Expenses

4,621

3,673

4,140

3,188

Meal subsidy

2,585

1,064

2,395

931

Bonuses

22,651

16,100

7,622

8,169

Staff training and development

12,268

3,424

9,190

3,424

NSITF- employer's contribution

1,066

1,058

620

962

Medical expenses

7,709

6,907

4,146

5,082

Depreciation and amortisation

22,169

34,909

17,563

9,741

Motor vehicle repairs and maintenan

5,075

6,496

3,660

3,869

Repairs and maintenance buildings

791

439

250

220

Repairs and maintenance other ass

570

1,139

288

262

Computer repairs and maintenance

5,584

4,390

3,316

2,110

Local and Foreign transport expense

40,312

19,556

14,266

11,014

Fuel expenses

9,283

9,761

7,274

7,736

Insurance expenses

39,147

17,423

37,891

15,726

Compensation

5,974

7,801

3,032

1,320

Accident expenses

51

656

51

450

Rent expenses

5,585

9,701

1,538

887

Water rate

754

302

497

125

Other taxes and levies

2,425

1,117

812

1,117

Licensing/registration

26,084

8,810

18,864

4,763

Director's emolument

12,887

12,368

9,287

8,768

Director's fees

3,875

1,025

3,500

650

Advertisement and publicity

5,584

5,250

3,242

1,236

Public relation

722

1,056

461

608

Donations

3,220

625

2,326

625

Subscription and dues

12,119

11,841

10,052

10,026

Electricity and lighting

28,516

17,012

16,992

8,423

Bank charges and commission

17,969

7,130

2,963

725

Audit fees

3,171

3,428

1,546

1,560

Legal and professional charges

875

5,944

145

5,944

Printing and stationeries

18,849

7,457

6,324

3,077

Hotel expenses

6,403

2,876

6,052

2,466

Security expenses

17,608

17,920

4,358

4,946

Cleaning and sanitation

8,438

5,753

3,660

2,721

Telephone and postages

5,423

10,159

5,244

4,200

Newspaper expenses

11,304

98

41

98

Entertainment expenses

2,350

3,660

1,416

2,667

AGM expenses

1,250

1,333

1,250

1,333

Office expenses

3,758

3,426

3,686

3,333

General expenses

12,039

25,705

5,166

9,201

OTHER ALLOWANCES

2,576

-

-

-

OTHER MARKETING/DISTRIBUTI

26,637

2,344

-

-

First aid

6

6

-

475,185

364,670

256,675

177,978

10



17



ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

INTEREST/OTHER INCOME

=N=000

=N=000

=N=000

=N=000

bank interest

0

412

-

412

investment income

1,075

1,294

1,031

1,294

BANK INTEREST

1,075

1,706

1,031

1,706

21

CASH FLOW FROM OPERATING ACTIVITIES

(Loss)/profit for the year

223,184

(79,096)

93,940

54,046

0

0

0

0

197,022

247,460

173,038

0

34,941

0

(493)

(1,031)

(493)

39

0

(39)

125,904

99,717

116,478

(90,717)

0

59,044

59,843

35,910

0

(40,676)

0

-

-

-

-

-

-

-

-

-

-

-

-

211,702

494,194

378,940

121,807

53,034

(22,056)

119,680

98,386

51,222

23,024

(72,473)

8,242

28,675

2,299,432

9,397

81,291

30,163

97,887

Adjustment for:

Depreciation and amortisation

292,737

Transfers & Reclafficiations

0

Fair value gain on Financial assets -FVTPL

(1,075)

Interest income

0

Interest expense

101,549

Net exchange differences on translating foreign operations

(87,979)

Income tax expense

128,875

Profit on disposal of property, plant and equipmen

(40,676)

Impairment on other assets

-

Impairment on other assets written back

-

Impairment/(write back) on trade receivables

-

-

616,615

OPERATING PROFIT/(LOSS) BEFORE CHANGES IN OPEARTING ASSETS

Changes in:

Inventories

229,759

Trade and other receivables

209,393

Other Current assets

(494,734)

INCREASE/(DECREASE) IN OPERATING LIABS. CREDITORS

Trade and other payables

2,406,981

Contract laibilities

36,362

18

19

OTHER GAINS AND LOSSES

Profit on disposal of PPE

40,676

-

40,676

-

exchange gains etc)

(11,165)

(150,872)

-

-

Others(Miscellaneous income)

21,605

24,910

27,112

27,998

51,116

(125,962)

67,788

27,998

20

FINANCE COST

FINANCE LEASE CHARGES

GROUP

COMPANY

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

101,549

125,904

99,717

116,478

101,549

125,904

99,717

116,478

Cash generated from operating activities

3,004,376

586,179

2,902,736

523,632

Tax paid through cash

(191,031)

-

(4,498.7)

-

Employee benefit paid

1,946

(20,630)

(10,870)

(20,699)

Net cash from operating activities

2,815,291

565,549

2,887,367

502,933

11

-

ABC TRANSPORT PLC

CONSOLIDATED SEGMENT PERFORMANCE STATEMENT

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

2025

COACH

SPRINTER

SHUTTLE

CARGO

HAULAGE

Income

N'000

N'000

N'000

N'000

N'000

Corporate and others

HOSPITALITY (CTI)

TRADING(TRUC K/SPARE PARTS

OTHERS

TOTAL

N'000

N'000

N'000

N'000

Gross Segment Revenue

222,543

471,204

112,628

1,074,048

995,777

85,003

675,382

0

3,636,584

Intersegment Revenue

21,363

20,144

3,163

0

0

0

0

0

44,670

Total Revenue

Other Income

243,906

491,348

115,791

1,074,048

995,777

85,003

675,382

0

3,681,255

0

23,742

28,590

44,955

0

0

(2,648)

92,325

186,964

243,906

515,090

144,381

1,119,003

995,777

85,003

672,734

92,325

3,868,219

LESS: DIRECT COSTS

Material

Wages & Salaries

Depreciation-Direct

Depreciation-Apportioned

Finance Lease Charges

Operating Lease Charges

Intersegment Expenses

Impairment

Other direct overheads

78,386

188,860

51,678

570,106

382,220

24,959

514,579

0

1,810,788

11,635

34,431

15,756

169,833

27,222

7,300

13,053

0

279,231

12,843

31,301

1,987

0

176,376

5,093

4,488

0

232,087

1,104

6,240

2,784

0

1,584

0

0

0

11,713

3,101

5,159

1,569

0

88,703

1,184

1,832

0

101,549

0

0

0

31,330

0

0

0

0

31,330

0

0

0

44,670

0

0

0

0

44,670

0

0

0

0

0

0

0

0

0

49,895

105,920

22,217

66,755

251,261

17,622

26,637

4,149

544,456

156,965

371,911

95,992

882,694

927,366

56,159

560,589

4,149

3,055,824

86,941

143,179

48,389

236,309

68,411

28,844

112,145

112,145

836,363

GROSS PROFIT/(LOSS)

LESS: APPORTIONED COSTS

Workshop charge

General Administration

5,331

9,170

6,824

0

1,755

-

0

0

23,080

31,806

54,706

40,711

166,153

92,512

22,825

26,360

2,172

437,245

37,137

63,876

47,535

166,153

94,268

22,825

26,360

2,172

460,325

194,102

435,787

143,527

1,048,847

1,021,633

78,984

586,949

6,321

3,516,149

TOTAL EXPENSES

PROFIT/(LOSS) BEFORE TAXATION

49,804

79,303

854

70,156

(25,856)

6,019

85,785

86,004

352,069

INCOME TAX EXPENSES (PROVISION) (128,875)

0

PROFIT FROM CONTINUING OPERATIONS 215,157

13

ABC TRANSPORT PLC

CONSOLIDATED SEGMENT PERFORMANCE STATEMENT

FOR THE FIRST QUARTER ENDED MARCH 31,2024

2024

COACH

SPRINTER

SHUTTLE

CARGO

HAULAGE

Income

N'000

N'000

N'000

N'000

N'000

Corporate and others

(CTI)

TRADING(TRUC

OTHERS

TOTAL

N'000

N'000

N'000

N'000

Gross Segment Revenue

161,282

335,485

82,023

714,135

565,661

66,781

382,655

0

2,308,022

Intersegment Revenue

25,055

22,777

1,544

0

49,376

Total Revenue

Other Income

186,337

358,261

83,567

714,135

565,661

66,781

382,655

0

2,357,398

13,174

15,864

22,696

0

0

(144,992)

44,449

(48,810)

186,337

371,435

99,431

736,831

565,661

66,781

237,663

44,449

2,308,588

LESS: DIRECT COSTS

Material

Wages & Salaries

Depreciation-Direct

Depreciation-Apportioned

Finance Lease Charges

Operating Lease Charges

Intersegment Expenses

Impairment

Other direct overheads

65,139

125,755

24,797

414,226

207,947

20,319

279,905

0

1,138,087

16,399

25,624

8,405

134,938

17,487

(5,765)

11,821

0

208,910

15,325

45,944

15,325

0

45,976

5,108

5,811

133,489

1,733

4,144

4,370

0

2,486

0

0

12,733

4,428

8,022

2,252

0

99,942

1,833

9,426

0

125,904

0

0

0

31,547

0

0

0

0

31,547

-

-

-

49,376

-

-

-

0

49,376

0

0

0

0

0

0

0

0

0

41,247

79,725

18,080

0

100,256

27,421

2,343

0

269,073

144,271

289,215

73,228

630,087

474,095

48,917

309,306

0

1,969,119

42,066

82,221

26,202

106,744

91,566

17,864

(71,643)

44,449

339,469

GROSS PROFIT/(LOSS)

LESS: APPORTIONED COSTS

Workshop charge

General Administration

4,948

7,068

5,831

0

1,913

-

0

0

19,760

30,521

65,176

35,971

108,857

68,712

16,913

15,524

339,761

35,468

72,245

41,802

108,857

68,712

16,913

15,524

0

359,521

179,740

361,459

115,030

738,944

542,807

65,830

324,830

0

2,328,640

6,597 9,976 (15,600) (2,113) 22,854 951 (87,167) 44,449 (20,052)

TOTAL EXPENSES

PROFIT/(LOSS) BEFORE TAXATION

INCOME TAX EXPENSES (PROVISION) 0

0 (59,044)

PROFIT FROM CONTINUING OPERATIONS (79,096)

13

1

2

3

ABC TRANSPORT PLC

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

General information

ABC Transport Plc was incorporated in April 1993.The Company's business is road passenger transportation between major cities in the south,north central and Abuja.

In July 2004, the Company commenced road passenger transportation on the west coast between Lagos Nigeria and Accra Ghana.ABC Transport Ghana in which ABC Transport Plc owns a 99% equity stake was incorporated in 2007 to provide transport services within Ghana and to offer passenger and cargo handling service to ABC Transport Plc.

ABC Transport Plc is also involved Haulage Services and Hospitality business at its City Transit Inn (CTI), Abuja. In January1, 2023, the Cargo Segment of the company transformed into subsidiary with the company owning a 99% equity state

ABC Transport Plc which became public company in 2005 equally owns 50% equity stake in Transit Support Services Ltd, a trading company engaged in the importation, sales of vehicles spares and installation of motor vehicle speed governing devices and assembly of heavy duty trucks and a 5% stake in ABC Express Courier

(ABEX) ltd.

Going Concern

The Group's management has made assessment of the Group's ability to continue as a going concern and is satisfied that the Group has the resources to continue in business for the foreseeable future.Furthermore,management is not aware of any material uncertainties that may cast doubt upon the Group's ability to continue as a going concern.Therefore, the financial statements are prepared on going concern basis.

Basis of preparation of First quarter account

This consolidated financial statement for first quarter months ended march 31, 2025 has been prepared in accordance with the International Financial Reporting Standard (IFRS) set by International Accounting Standard Board(IASB) and specifically in compliance with Interim Financial Reporting (IAS 34). The financial report should be read in conjuction with the Group's audited financial statements for 2024 which presents the company's IFRS policies.

The financial statements are prepared on the historical cost basis of accounting.The financial statements are presented in Naira, which is the functional currency of the economic environment in which the entity operates and are presented in thousands of Naira.

New standards, ammendments, interpretations issued but not yet effective

The following new pronouncements, considered relevant to the Company, are not yet effective as at as Ist

January,2025 and have not been early adopted by the Company. The Company's assessment of the impact of these new standards, interpretations or amendments is set out below.

Lack of Exchangeability (Amendments to IAS 21)

The amendments to IAS 21 address the issue of currency exchangeability and provide guidance on determining the exchange rate when a currency is not exchangeable. These amendments require entities to assess whether a currency can be exchanged into another currency within a normal administrative delay and through a market or exchange mechanism that creates enforceable rights and obligations. If a currency is not exchangeable, entities must estimate the spot exchange rate at the measurement date

Additionally, the amendments mandate disclosures that enable users of financial statements to understand the impact of a currency not being exchangeable. These disclosures include qualitative and quantitative information about the lack of exchangeability and its effects on the entity's financial position. The amendments are effective for annual reporting periods beginning on or after January 1, 2025

16

The amendments are effective for annual periods beginning on or after 1 January 2025 to changes in accounting policies and changes in accounting estimates that occur on or after the beginning of that period, with

earlier application permitted.

The amendment will be appropriate applied when the circumstances to demand

Presentation and Disclosure in Financial Statements - IFRS 18

statements; new requirements:

  • specified totals or subtotals within the statement of profit or loss.

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

This new standard requires entities to disclose information about sustainability-related risks and opportunities that are useful to users relating to providing resources to the entity.

  • ◻Entities are required to disclose information about sustainability-related risks and opportunities reasonably expected to affect their prospects.

  • ◻Prescribes how the entity prepares and reports its sustainability-related disclosures, setting out general requirements for content and presentation thereof.

  • ◻To provide an understanding of the entity's governance processes & controls, strategy to manage, identification processes & controls and performance in relation to the sustainability-related risks and opportunities and targets set.

The mandatory adoption date is 1 January 2028.

The amendments are effective for annual reporting periods beginning on or after 1 January 2028, with earlier application permitted.The amendment will be appropriate applied when the circumstances to demand

3

Summary of significant accounting policies

The significant accounting policies set out below have been applied consistently to all years presented in these consolidated financial statements unless otherwise indicated.

4

Contingent liabilities/Litigation settlements

There were no additions to contingent liabilities within the period. Though a few cases came up within the period, the company does not expect material liabilities to arise thereupon,

There were no litigation settlemets within the period under review.However,the company is in talks for court setlement in some ongoing cases.

5

Related party transactions

The Group has business relationship with Rapido Ventures Ltd,Abex Express,Mayfair and Transit Support services

Mayfair Hotels and Suites

The wife of ABC's Transport plc founder is the managing director of Mayfair Hotels

Included in"Trade and other Payables" is N1.313m due to Mayfair as at 31/3/2025

Transit Supports Services Ltd.

ABC Transport Plc owns 50% equity in Transit Support services Ltd.During the period under review,invoices from Transit Support Services to ABC Transport Plc was N158,622m while the total amount of invoices from ABC Transport Plc to Transit Support Services was zero.Included in"Trade and other Receavable"is N202.7m due to Transit support services as at 31/3/2025

6

Events occuring after the reporting period

There have not been significant events after the interim period that could alter the current position

17

7

Debt and equity securities,loan repayments and financing arrangements

There were no issuances or repurchases of debt securities within the period.

Borrowings

GROUP

COMPANY

N'000

N'000

Opening balance (1/1/2025)

1,845,129

1,761,774

New borrowings

1,117,884

229,000

Repayments

(1,190,507)

(278,891)

Closing balance (31/3/2025)

1,772,505

1,711,883

Current portion

979,463

918,841

Non-current portion

793,042

793,042

Total

1,772,505

1,711,883

8

Dividends

No dividend was declared based on the performance for the period.

9

Financial instruments

An unclaimed dividend pool of N14,653,65373 was transferred in Aug'12 from the custody of Stanbic IBTC Asset Management Ltd for investment to the benefit of the company in line with the provisions of the Investment and Securities Act 2007.Fair value gain of N1,030,583m earned within the period Jan 2025 -March 2025 is included in the interest income reported in P or L. The fund was valued at N19,906,161 as at 31/3/25. Unclaimed dividend fund stands at N46,102,306 as reported under note 7 (Trade and other payables)

18

10

Restructurings

There were no restructuring or reversals relating to same within the period under review

11

Changes in estimates/Prior year adjustments

There were no material prior year adjustments due to either errors or misstatements

12

.Impairments/Write-down of inventory to NRV

No impairments were recognized on property, plant and equipment .

There were no write-downs of inventory to net realizable value.

13

Risks and Uncertainties

The group's principal risk and uncertainty exposures are as enunciated in the 2024 audited financial statement

14

Key events within the interim period

financial statements as at that date or which needs to be mentioned in the financial statements in the interest of fair presentation of the Company's financial position as at the reporting date or its results for the year that ended.

15

Earnings Per Share

The earnings and weighted average number of ordinary shares used in the report

Group

2025

2024

=N=000

=N=000

Profit attributable to equity Shareholders

194,739

(25,467)

Weighted number of ordinary shares for the purpose of basic earning per share

2,392,622

2,392,622

Weighted number of ordinary shares for the purpose of dilluted earning per share

2,392,622

2,392,622

Company

2025

2024

=N=000

=N=000

Profit attributable to equity Shareholders

93,940

54,046

Weighted number of ordinary shares for the purpose of basic earning per share

2,392,622

2,392,622

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Compliance with Rule on Securities Trading

In compliance with Rule 17.15 Disclosure of dealings in issuers' shares, Rulebook of Exchange 2015(Issuers' Rule) ABC Transport Plc maintains a security Trading Policy which guides Directors, Audit Committee members, employees and individuals categorised as insiders as to their dealing in the company shares. the Policy undergoes periodic reviews by the Board and its updated accordingly. the company has made specific inquires of all its Directors and other insiders and the ompany is not aware of any infringement on this policy during the period.

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