Quarter 2 - financial statement for 2025

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED JUNE 30, 2025

Group

Company

2025

2024

2025

2024

Continuing operations

Notes

=N=000

=N=000

=N=000

=N=000

Revenue from contract with customer

14

7,726,555

5,089,334

4,078,932

2,456,565

Direct costs

16

(5,912,836)

(3,916,514)

(3,185,232)

(1,974,945)

Gross profit

Administrative expenses

1,813,719

1,172,820

893,700

481,621

(1,186,952)

(1,161,869)

(546,138)

(355,234)

626,766

10,950

347,561

126,387

254,888

150,089

156,899

114,894

-

600

-

-

2,086

1,240

2,042

1,240

55,933

32,035

48,149

38,945

(205,299)

(251,150)

(195,504)

(224,098)

734,374

(56,235)

359,146

57,368

(268,889)

(135,230)

(134,796)

(41,842)

465,485

(191,465)

224,350

15,526

Other operating income

Interest income

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

411,681

(97,048)

224,350

15,526

53,806

(94,417)

0

465,486

(191,465)

224,350

15,526

(108,580)

(143,930)

(108,580)

(143,930)

Total comprehensive (loss)/income for the ye

356,906

(335,395)

224,350

15,526

Attributable to:

Equity shareholders

Non-controlling interests

304,187

(239,539)

224,350

15,526

52,720

(95,856)

-

-

356,906

(335,395)

224,350

15,526

Basic earnings per share(kobo)

19

(8)

9.38

0.65

Diluted earnings per share(kobo)

19

(8)

9.38

0.65

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

these consolidated and Separate financial statements.

1

ABC TRANSPORT PLC CONSOLIDATED AND SEPARATE INCOME STATEMENT FOR APRIL TO JUNE 30, 2025

APR-JUNE 20

APR-JUNE 2024

Note

Group

Group

=N='000

=N='000

CONTINUING OPERATIONS

Revenue 14 4,094,566 2,781,472

Cost of sales 16 (3,040,862) (2,144,825)

Gross profit 1,053,704 636,647

Admistrative expenses 17 (711,767) (797,199)

Other operating income 15 138,299 90,310

Interest income 18 1,011 561

Net fair value gains/(losses) on financial assets at fair valuethrou - 747

Other gains and losses 4,818 157,997

Financing costs 20 (103,750) (125,246)

Profit before taxation 382,315 (36,184)

Income tax expenses(provision 11 (140,014) (76,186)

Profit from continuing operations 242,301 (112,370)

Attributable to: Equity shareholders

Non-controlling interests

216,942

(71,581)

25,361

(40,788)

242,303

(112,369)

Gains/(losses on revaluation of PPE

Foreign exchange translation reserve, net of tax

Total comprehensive income/(loss) for the period

Attributable to: Equity shareholders Equity shareholders

Non-contolling interests

7,844

12,733

250,147

(99,636)

224,708

(58,976)

25,439

40,660

250,147

(18,316)

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION

FOR THE HALF YEAR ENDED JUNE 30, 2025 31-12-24

Group

GROUP

Company

2025

2024

2024

2025

2024

Note

N'000

N'000

N'000

N'000

N'000

Non-current assets

Property, plant and equipment

1

10,365,683

4,189,450

8,250,559

9,166,580

3,177,181

Intangible assets

12

25,954

25,973

15,896

22,878

25,830

Right of use assets

266,161

20,282

21,172

253,652

0

Investment in subsidiaries

0

0

141,470

141,470

Financial assets - FVOCI

1,845

1,845

1,845

1,845

1,845

Financial assets - FVPL

20,917

17,019

18,876

20,917

17,019

Deferred tax asset

423,453

59,864

412,435

59,864

59,864

Total non-current assets

11,104,013

4,314,434

8,720,782

9,667,206

3,423,209

Current assets

Inventories

2

927,568

1,063,651 1,060,714 326,591 269,136

Trade and other receivables

4

575,654

486,566 754,988 478,817 381,711

Other assets

5

1,427,899

1,107,343 1,138,790 579,016 427,009

Cash and Cash equivalents

6

287,134

60,680 318,781 55,774 112,460

Current Tax asset

-

2,554 9,809 - -

Total current assets

3,218,255

2,720,795 3,283,083 1,440,199 1,190,316

Total assets

14,322,268

7,035,229 12,003,865 11,107,405 4,613,526

Equity and reserves

Issued share capital

1,196,311

1,196,311 1,196,311 1,196,311 1,196,311

Share premium

434,607

434,607 434,607 434,607 434,607

Retained earnings

(101,329)

(1,142,865) (513,010) (182,941) (643,683)

Other comprehensive income reserve

(185,331)

(204,822) (77,837) 18,188 18,188

Shareholder's fund

1,344,258

283,231 1,040,071 1,466,165 1,005,423

Non-controlling interests

281,777

(3,024) 229,058 - -

Total equity and reserves

1,626,035

280,207 1,269,129 1,466,165 1,005,423

Non-current liabilities

0 0

Loans and borrowings

10a

746,864

1,095,302 775,844 746,864 1,009,409

Larfarge Advance frieght fees

5,453,879

3,682,947 5,453,879

Provisions

9

146,730

63,635 141,573 146,730 63,635

Deferred tax liabilities

8,526

68,072 30,970 0

Total non-current liabilities

6,355,999

1,227,009 4,631,334 6,347,473 1,073,044

Current liabilities

0 0

Loans and borrowings

10b

718,791

868,563 1,069,285 680,903 808,450

Post employment benefits - defined contribu

398,409

356,224 367,058 398,409 356,224

Post employment benefits - defined

13

1,720

116,337 0 (0) 114,386

Current tax liabilities

11

768,309

631,133 653,940 385,294 180,651

Trade and other payables

7

4,001,253

3,214,036 3,820,281 1,652,408 955,241

Contract laibilities

8

294,980

153,849 192,838 176,752 120,106

Overdraft

156,770

187,872 - - -

Total current liabilities

6,340,233

5,528,013 6,103,402 3,293,766 2,535,058

Total Liabilities

12,696,232

6,755,022 10,734,736 9,641,239 3,608,102

Total equity and liabilities

14,322,267

7,035,229 12,003,865 11,107,405 4,613,525

Chief Financial Officer FRC/2014/ICAN/00000007350

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

3

CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED JUNE 30, 2025

Group

Company

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

Cash flow from operating activities

3,589,160

544,299

3,586,495

706,021

Interest paid

Income tax paid

Net cash inflow(outflow) from

operating activities

3,589,160

544,299

3,586,495

706,021

Cash flow from investing activities:

Purchase of Property,plant and equipment

(3,257,567)

(100,399)

(3,177,864)

(73,892)

Purchase of Intangible assets

-

(11,125)

-

(11,125)

other movement in PPE

-

-

Tranfers to Associated Coy

-

-

-

Sale of property, plant and equipment/Assets

62,676

4,600

62,676

4,600

Proceed from investment

-

-

-

Sale of available-for-sale financial assets

-

-

-

Dividends received

-

-

-

Interest received

2,086

1,840

2,042

1,240

Cash received from Investment in finance leases

-

-

-

Borrowing cost on fixed assets addition

-

-

-

Net cash inflow(outflow) from

investing activities

(3,192,805)

(105,084)

(3,113,147)

(79,177)

Cash flows from financing activities:

Issue of shares

Borrowings/leases-Additions

Repayment of borrowings

Repayment of finance Lease obligations

Finance Charges

Net cash inflow(outflow) from

financing activities

-

385,770

-

229,000

-

(765,244)

(516,788)

(563,007)

(352,666)

-

-

(205,299)

(251,150)

(195,504)

(224,098)

(584,772)

(767,938)

(529,512)

(576,764)

Net increase(decrease) in cash

and cash equivalents

(188,417)

(328,723)

(56,164)

50,081

Cash and cash equivalents at 1 January

318,781

201,531

111,938

62,380

Cash and cash equivalents at 30/6/2025

130,364

(127,192)

55,774

112,460

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

4

ABC TRANSPORT PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED JUNE 30, 2025

Issued

Non

share

Share

Retained

OCI

controlling

capital

premium

earnings

reserves

interests

=N=000

=N=000

=N=000

=N=000

=N=000

1,196,310.89

434,607.00

(1,045,816.84)

(62,331.02)

92,831.83

Changes in equity for 2024

-

Profit for the year

(97,047.90)

-

(94,416.78)

(191,464.68)

obligation

-

Net exchange differences on translating

foreign operations

(142,490.70)

(1,439.30)

(143,930.00)

JUNE 30, 2024

1,196,311

434,607

(1,142,865)

(204,822)

(3,024)

280,207

1,196,311

434,607

Profit for the year

411,681

53,806

465,486

obligation

0

Net exchange differences on translating foreign operations

(107,494)

(1,086)

(108,580)

Net fair values loss on equity investments designated at FVOCI

0

Dividend paid

0

JUNE 30, 2025

1,196,311

434,607

(101,329)

(185,331)

281,777

1,626,035

ABC TRANSPORT PLC

SEPARATE STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED JUNE 30, 2025

Issued

share

Share

Retained

capital

premium

earnings

=N=000

=N=000

=N=000

1,196,311

434,607

(659,209)

OCI

reserves

=N=000

18,188

Changes in equity for 2024

0

Profit/(Loss) for the year

-

15,526

15,526

Net fair values loss on equity

investments designated at FVOCI

-

-

-

-

Dividend paid

-

-

-

-

JUNE 30, 2024

1,196,311

434,607

(643,683)

18,188

1,005,423

As at 1 January 2024

1,196,311

434,607

(407,291)

18,188

1,241,815

Changes in equity for 2024

Profit/(Loss) for the year

224,350

224,350

obligation

-

-

-

-

-

Net exchange differences on translating foreign operations

-

-

-

-

-

Dividend paid

-

-

-

-

-

JUNE 30, 2025

1,196,311

434,607

(182,941)

18,188

1,466,165

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

5

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED JUNE 30, 2025

NOTES TO THE ACCOUNTS

PROPERTY,PLANT AND EQUIPMENT

GROUP

MOTOR VEHICLE

EQUIP,

FURN & & FITTINGS

COMPUTE

LAND

BUILDINGS

WIP

TOTAL

Right of Use-MV

Right of Use-

Building

Total

COST/REVALUATIO

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

=N=000

BALANCE 01/01/2024

11,050,573

684,405

119,702

307,458

1,399,952

946,173

14,508,263

89,288

89,288

ADJUSTMENT

-

-

-

ADDITIONS/REVALU

2,611,892

59,587

6,300

16,370

183,305

108,990

2,986,444

270,562

561

271,123

TRANS & RECLASSI

-

(196,703)

(196,703)

-

-

-

DISPOSALS/ADJUST

(189,340)

-

(189,340)

-

-

-

TRANSFERS FROM WIP

-

-

-

-

BALANCE 30/6/2025

13,473,125

743,992

126,002

323,827

1,583,257

858,460

17,108,664

270,562

89,849

360,411

DEPRECIATION:

BALANCE 01/01/2025

4,630,164

528,197

91,527

-

1,007,816

-

6,257,704

73,392

73,392

ADJUSTMENT

-

-

CHARGE

614,704

25,879

5,139

-

28,819

674,541

16,910

3,948

20,858

ELIMINATED ON DIS

(189,265)

-

-

-

(189,265)

-

-

-

DISPOSAL/ADJUSTM

-

-

-

-

-

TRANSFER TO FLR/

-

-

-

-

-

DERECOGNISED

-

-

-

-

-

BALANCE 30/6/2025

5,055,603

554,076

96,666

0

1,036,635

0

6,742,980

16,910

77,340

94,250

AT 30/6/2024

2,505,629

114,984

22,570

299,528

397,367

849,372

4,189,450

20,282

20,282

AT 30/6/2025

8,417,522

189,916

29,336

323,827

546,622

858,460

10,365,683

253,652

12,509

266,161

6

MOTOR VEHICL

EQUIP, FUR

COMPUTE

LAND

BUILDINGS

WIP

TOTAL

Right of

Use-MV

& FITTINGS

COST/REVALUATIO

=N=000

=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/REVALU

2,553,199

54,834

1,037

16,370

183,305

98,558

2,907,302

270,562

TRANS & RECLASSI

-

(196,703)

(196,703)

DISPOSALS/ADJUST

(189,265)

-

-

-

-

-

(189,265)

TRANSFERS FROM WIP

0

BALANCE 30/6/2025

13,075,805

598,282

110,181

203,827

1,566,649

3,239

15,557,983

270,562

DEPRECIATION:

BALANCE 01/01/2025

4,392,143

436,648

90,388

-

1,007,816

-

5,926,995

ADJUSTMENT

-

0

CHARGE

538,627

13,965

3,914

-

28,819

-

585,325

16,910

TRANSFERS

63,288

4,978

68,266

ELIMINATED ON DIS

(189,265)

-

(189,265)

BALANCE 30/6/2025

4,804,793

455,591

94,302

-

1,036,635

-

6,391,321

16,910

0

AT 30/6/2024

2,494,434

81,869

21,115

179,528

397,368

2,867

3,177,181

AT 30/6/2025

8,271,012

142,692

15,878

203,827

530,013

3,239

9,166,662

253,652

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED JUNE 30, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

INVENTORY

2025

2024

2025 2024

=N=000

=N=000

=N=000 =N=000

Motor vehicle spares

247,953

200,457

247,953 200,457

Fuel and diesel

27,260

39,563

27,260 39,563

Stationeries and printed material

26,580

8,450

26,580 8,450

Oil and lubricants

21,218

16,306

21,218 16,306

Snacks and fruit drinks

-

14

- 14

Uniform and promotional materia

677

1,490

677 1,490

Sanitation materials

154

246

154 246

City Transit Inn (CTI)

2,748

2,610

2,748 2,610

Transit Support Services (TSS)

600,977

794,515

- -

927,568

1,063,651

326,591 269,136

3

NON CURRENT ASSETS HELD FOR SALE

MOTOR VEHICLES

4

TRADE AND OTHER RECEIVABLES

ACCOUNTS RECEIVABLE

369,206

296,513

150,343

76,602

STAFF DEBTS

161,679

174,923

99,465

72,149

ABC GHANA LTD

-

-

118,495

186,366

OTHER RECEIVABLES

602

3,750

-

40

OTHER DEBTORS

44,167

7,099

16,930

8,207

TRANSIT SUPPORT SERVICES

-

-

93,585.0

38,346

CURRENT ACCTS

-

4,281

-

-

575,654

486,566

478,817

381,711

5

OTHER CURRENT ASSETS

PREPAID RENT

150,593

92,737

40,950

20,393

PREPAID INSURANCE

83,650

38,565

79,311

36,980

WITHOLDING TAX RECOVERA

467,718

503,106

458,755

369,635

DEPOSIT WITH SUPPLIERS

719,035

374,412

-

-

OTHERS

6,903

98,525

-

-

1,427,899

1,107,343

579,016

427,009

6

CASH AND CASH EQUIVALENTS

CASH IN HAND

21,830

60,180

23,793

25,105

CASH AT BANK

265,304

501

31,981

87,355

OVERDRAFT

(156,770)

(187,872)

0

130,364

(127,192)

55,774

112,460

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED JUNE 30, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

TRADE AND OTHER PAYABLES

=N=000

=N=000

=N=000

=N=000

Trade payables

1,531,830

1,692,085

22,140

121,276

RAPIDO VENTURE

20,754

10,458

20,754

10,482

Accrual Expenses

227,746

155,497

142,318

132,679

Industrial Training Fund Levy

11,817

12,922

7,217

11,160

Unclaimed dividends

50,080

46,102

50,080

46,102

Co-operative liabilities

30,896

33,253

30,896

33,253

Other payables

278,799

48,545

84,925

28,518

Larfarge Advance frieght fees

504,708

504,708

Value added tax liabilities

807,644

836,503

269,501

408,939

Withholding tax liabilities

115,571

112,737

248

10,314

Pay-As-You-Earn liabilities

30,505

20,992

30,524

20,741

Staff welfare liabilities

191

128

191

128

ACCRUED SALARIES

88,709

86,970

86,721

85,917

CARGO FRANCHISE SECURITY DEP

7,100

-

-

-

ABC CARGO EXPRESS

-

-

367,668

-

BUS FRANCHISE SECURITY DEPOS

920

6,600

920

500

DIRECTOR'S CURRENT ACCOUNT-F

293,986

151,243

33,598.0

45,230

4,001,253

3,214,036

1,652,408

955,241

NONE CURRENT

Larfarge Advance frieght fees

5,453,879

5,453,879

8

CONTRACT LIABILITIES

DEFERRED INCOME FROM CARGO

118,019

33,534

-

-

DEFERRED INCOME FROM LEASED

13,892

1,985

13,892

Deferred income -DTA income & Othe

174,767

106,214

174,767

106,214

DEFERRED INCOME FROM GOVER

209

209

294,980

153,849

176,752

120,106

9

PROVISIONS

PROVISION FOR LITIGATION SETTL

52,171

37,993

52,171

37,993

OTHER PROVISIONS

94,559

25,642

94,559

25,642

146,730

63,635

146,730

63,635

10

BORROWINGS

NONE CURRENT BORROWINGS

308M ACCESS BANK LOAN

68,465

68,465

LAFARGE TRUCK FINANCE SCHEM

521,998

657,228

521,998

657,228

16.5% BOND

156,401

352,182

156,401

352,182

BANK OF INDUSTRY-TSS

-

746,864

1,009,409

746,864

1,009,409

9

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED JUNE 30, 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

267,504

-

267,504

-

LAFARGE TRUCK FINANCE SCHEME

164,720

604,971

164,720

604,971

16.5% BOND

248,679

203,479

248,679

203,479

BANK OF INDUSTRY-TSS

37,889

60,113

-

-

718,791

868,563

680,903

808,450

TAXATION

B/FWD

660,231

495,903

254,997

138,809

INCOME TAX PROVISION FOR THE P

268,889

135,230

134,796

41,842

ADJ PROVISION FOR THE PERIOD

929,120

631,133

389,793

180,651

PAID IN THE PERIOD

(160,810)

(4,499)

-

C/FWD

768,309

631,133

385,294

180,651

12

INTANGIBLE ASSETS

25,954

25,973

22,878

25,830

13

POST EMPLOYMENT BENEFITS

DEFINED BENEFIT OBLIGATION SC

1,720

116,337 (0) 114,386

1,720

116,337 (0) 114,386

10

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED JUNE 30, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

1,538,012

1,054,261

1,473,247

1,087,218

2,380,456

1,209,599

2,380,456

1,209,599

2,325,342

1,640,963

11,069

9,485

214,160

150,263

214,160

150,263

1,268,586

1,034,248

0

7,726,555

5,089,334

4,078,932

2,456,565

9,749

3,000

0

3,000

(2,950)

7,213

12,775

22,938

(154)

(120)

(154)

(120)

800

10,626

800

10,626

2,800

2,562

2,800

2,562

191

279

-

-

206,807

58,665

103,508

58,665

37,367

67,888

37,367

17,247

(204)

(25)

(204)

(25)

475

-

-

-

254,888

150,089

156,899

114,894

16

OPERATING COSTS

Salaries and allowances

Uniform and training

Trip expenses

Standby expenses

Hospitality expenses

Driver training academy expenses

Depreciation and amortisation

Motor vehicle repairs & maintenance

Repairs and maintenance buildings

Repairs and maintenance other assets

Road expenses

Fuel expenses

Insurance expenses

Rent expenses

Oil and lubricant

Loading and offloading

Fines

Food items, drinks, etc.

Packaging

Other direct expenses

TSSL

GROUP

COMPANY

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

588,034

499,787

276,021

214,639

2,667

4,393

933

581

154,906

98,727

98,033

66,317

16,853

8,877

10,440

5,119

80,961

81,181

80,961

81,181

9,363

6,235

9,363

6,235

648,606

329,870

565,778

261,138

729,712

437,552

451,333

282,948

11,014

5,422

4,537

2,816

9,627

14,154

6,906

8,132

152,294

102,999

95,396

77,497

2,063,286

1,450,898

1,293,193

847,804

129,017

58,679

120,986

47,975

61,824

38,746

19,662

5,915

111,010

63,678

66,495

34,773

46,507

44,399

52,006

17,690

510

344

337

118

3,164

1,807

1,159

350

7,491

19,367

-

3

91,646

101,847

31,694

13,714

994,345

547,552

5,912,836

3,916,515

3,185,232

1,974,944

11

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED JUNE 30, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

ADMINISTRATIVE EXPENSES

=N=000

=N=000

=N=000

=N=000

Salaries and allowances

106,930

60,374

41,244

32,073

Pension

25,326

23,590

17,540

16,303

Staff terminal benefit

(95)

9

(95)

9

Inconvenience allowance

11,586

7,865

4,097

2,774

Outstation Expenses

9,698

7,419

8,805

6,109

Meal subsidy

4,475

2,773

4,001

2,451

Bonuses

89,613

29,425

18,841

18,279

Staff training and development

14,597

3,614

10,902

3,614

NSITF- employer's contribution

2,814

2,557

1,582

1,924

Medical expenses

19,430

13,729

12,179

8,693

Depreciation and amortisation

53,129

56,437

42,585

19,656

Motor vehicle repairs and mainte

10,755

11,328

8,689

8,004

Repairs and maintenance buildin

2,032

694

801

497

Repairs and maintenance other

1,474

1,195

520

612

Computer repairs and maintenan

11,002

7,434

6,984

4,191

Local and Foreign transport expe

107,940

50,093

26,229

22,846

Fuel expenses

18,778

15,859

14,816

11,272

Insurance expenses

79,277

31,262

77,352

30,673

Compensation

17,567

17,560

4,082

7,850

Accident expenses

3,251

1,993

480

1,663

Rent expenses

21,826

11,133

3,470

1,044

Water rate

1,113

594

522

172

Other taxes and levies

3,677

24,475

1,870

3,395

Licensing/registration

54,582

23,617

32,441

14,061

Director's emolument

25,773

25,005

18,573

17,805

Director's fees

4,750

1,400

4,000

650

Advertisement and publicity

14,806

10,219

8,054

4,539

Public relation

1,891

2,462

973

931

Donations

7,737

1,517

6,778

1,072

Subscription and dues

19,384

21,064

16,778

17,927

Electricity and lighting

66,906

42,245

37,809

21,926

Bank charges and commission

71,973

20,299

13,264

4,286

Audit fees

6,918

6,568

3,047

3,075

Legal and professional charges

10,644

7,489

9,196

7,489

Printing and stationeries

36,892

17,011

12,128

7,153

Hotel expenses

10,769

4,220

8,371

3,216

Security expenses

43,894

35,937

15,230

12,782

Cleaning and sanitation

16,067

11,486

6,738

5,357

Telephone and postages

31,846

20,958

11,643

9,622

Newspaper expenses

89

142

85

142

Exchange loss

0

494,178

-

-

Entertainment expenses

4,453

5,598

2,940

3,947

AGM expenses

2,500

2,583

2,500

2,583

Office expenses

8,858

5,835

8,709

5,615

General expenses

122,894

13,344

19,381

6,954

OTHER MARKETING/DISTRIBU

7,124.64

7,280.57

-

-

First aid

5.50

-

5.50

-

1,186,952

1,161,869

546,138

355,234

12

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED JUNE 30, 2025

NOTES TO THE ACCOUNTS

GROUP

COMPANY

2025

2024

2025

2024

INTEREST/OTHER INCOME

=N=000

=N=000

=N=000

=N=000

bank interest

-

-

investment income

2,086

1,240

2,042

1,240

BANK INTEREST

2,086

1,240

2,042

1,240

19

OTHER GAINS AND LOSSES

Profit on disposal of PPE

62,676

4,600

62,676

4,600

exchange gains etc)

-

9,397

Others(Miscellaneous income)

(6,743)

18,038

(14,527)

34,345

55,933

32,036

48,149

38,945

20

FINANCE COST

FINANCE LEASE CHARGES

GROUP

COMPANY

2025

2024

2025

2024

=N=000

=N=000

=N=000

=N=000

205,299

(251,150)

195,504

224,098

205,299

(251,150)

195,504

224,098

21

CASH FLOW FROM OPERATING ACTIVITIES

(Loss)/profit for the year

465,485

Adjustment for:

Depreciation and amortisation

678,489

377,840

602,235

283,234

Transfers & Reclafficiations

-

68,266

68,170

Fair value gain on Financial assets -F

(2,086)

(1,240)

(2,042)

(1,240)

Interest income

-

600

-

Interest expense

205,299

251,150

195,504

224,098

Net exchange differences on translating foreign operations

(54,774)

(142,491)

Income tax expense

268,889

135,230

134,796

41,842

Profit on disposal of property, plant an

(62,676)

(4,600)

(62,676)

(4,600)

1,498,626

425,024

1,160,434

627,030

OPERATING PROFIT/(LOSS) BEFORE CHANGES IN OPEARTING ASSETS

Changes in:

Inventories

133,146

(56,171)

(22,178)

7,962

Trade and other receivables

179,334

(78,096)

186,881

6,282

Other Current assets

(279,299)

(287,461)

(81,590)

(55,890)

INCREASE/(DECREASE) IN OPER

ATING LIABS. CREDITORS

-

Trade and other payables

2,170,731

558,210

2,331,289

125,487

Contract laibilities

102,142

(3,746)

70,867

10,463

Cash generated from operating act

3,804,679

557,760

3,645,702

721,335

Tax paid through cash

(160,810)

(4,499)

Employee benefit paid

(54,709)

(13,536)

(54,709)

(15,314)

Net cash from operating activities

3,589,160

544,224

3,586,495

706,021

ABC TRANSPORT PLC

CONSOLIDATED SEGMENT PERFORMANCE STATEMENT

FOR THE HALF YEAR ENDED JUNE 30, 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

372,353

998,101

213,025

2,279,577

2,380,456

214,160

1,579,412

0

8,037,085

Intersegment Revenue

54,452

48,372

8,881

0

111,705

Total Revenue

Other Income

426,805

1,046,473

221,906

2,279,577

2,380,456

214,160

1,579,412

0

8,148,789

46,960

56,548

125,617

0

0

18,244

103,821

351,190

426,805

1,093,433

278,455

2,405,194

2,380,456

214,160

1,597,656

103,821

8,499,980

393,491

926,805

282,141

2,257,850

2,273,797

167,371

1,445,366

18,749

7,765,570

LESS: DIRECT COSTS

Material

Wages & Salaries

Depreciation-Direct

Depreciation-Apportioned

Finance Lease Charges

Operating Lease Charges

Intersegment Expenses

Impairment

Other direct overheads

154,031

421,059

101,813

1,123,130

797,486

52,397

1,305,172

0

3,955,087

20,239

64,167

27,407

312,013

81,666

21,901

26,167

0

553,559

30,157

78,409

4,825

0

464,423

12,365

9,448

599,627

670

3,788

1,690

0

962

0

0

7,110

3,636

21,432

2,080

0

166,264

2,091

9,794

0

205,298

0

0

0

86,446

0

0

0

0

86,446

0

0

0

111,705

0

0

0

0

111,705

0

0

0

0

0

0

0

0

0

112,273

213,277

51,546

125,325

576,083

33,255

698

10,866

1,123,323

321,006

802,132

189,361

1,758,619

2,086,884

122,008

1,351,278

10,866

6,642,155

105,799

291,301

89,094

646,575

293,572

92,152

246,378

92,955

1,857,825

GROSS PROFIT/(LOSS)

LESS: APPORTIONED COSTS

Workshop charge

General Administration

9,273

15,950

11,870

0

3,053

-

0

0

40,147

63,211

108,723

80,910

499,231

183,860

45,362

94,088

7,883

1,083,268

72,484

124,673

92,780

499,231

186,913

45,362

94,088

7,883

1,123,415

PROFIT/(LOSS) BEFORE TAXATION

33,314

166,627

(3,686)

147,344

106,659

46,789

152,290

85,072

734,409

Gross Segment Revenue

254,709

659,425

163,691

1,613,704

1,209,599

150,263

1,034,248

0

5,085,639

Intersegment Revenue

60,681

47,257

3,791

0

111,729

Total Revenue

Other Income

315,390

706,682

167,483

1,613,704

1,209,599

150,263

1,034,248

0

5,197,368

26,615

32,050

60,427

0

0

9,997

96,475

225,564

315,390

733,297

199,532

1,674,131

1,209,599

150,263

1,044,245

96,475

5,422,932

ABC TRANSPORT PLC

CONSOLIDATED SEGMENT PERFORMANCE STATEMENT

FOR THE HALF YEAR ENDED JUNE 30, 2024

2024

COACH

SPRINTER

SHUTTLE

CARGO

HAULAGE

Income

N'000

N'000

N'000

N'000

N'000

(CTI)

TRADING(TRUC

OTHERS

TOTAL

N'000

N'000

N'000

N'000

LESS: DIRECT COSTS

Material

Wages & Salaries

Depreciation-Direct

Depreciation-Apportioned

Finance Lease Charges

Operating Lease Charges

Intersegment Expenses

Impairment

Other direct overheads

145,222

280,252

52,408

882,941

464,799

35,308

547,560

0

2,408,491

30,847

48,198

15,809

285,142

39,428

9,446

22,310

0

451,180

30,657

83,277

30,657

0

91,970

10,219

11,401

258,180

3,467

8,290

8,742

0

4,974

0

0

25,472

6,718

14,946

4,317

0

194,153

3,963

27,052

0

251,150

0

0

0

87,716

0

0

0

0

87,716

-

-

-

111,729

-

-

-

0

111,729

0

0

0

0

0

0

0

0

0

84,941

182,713

41,516

74,383

237,045

52,508

7,281

18,694

699,081

301,852

617,676

153,449

1,441,911

1,032,370

111,444

615,604

18,694

4,293,000

13,538

115,621

46,083

232,220

177,229

38,819

428,641

77,781

1,129,933

GROSS PROFIT/(LOSS)

LESS: APPORTIONED COSTS

Workshop charge

General Administration

9,306

13,295

10,968

0

3,597

-

0

0

37,167

79,941

138,838

94,216

214,845

62,108

30,000

529,277

1,149,226

89,247

152,133

105,185

214,845

65,705

30,000

529,277

0

1,186,393

391,099

769,809

258,634

1,656,756

1,098,075

141,444

1,144,881

18,694

5,479,393

(75,709) (36,512) (59,101) 17,375 111,524 8,819 (100,636) 77,781 (56,461)

ABC TRANSPORT PLC

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED JUNE 30, 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.

2

Basis of preparation of Second quarter account

This consolidated financial statement for second 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.

3

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

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

16

Presentation and Disclosure in Financial Statements - IFRS 18

This new standard deals with the presentation and disclosure of information in general-purpose financial statements; new requirements:

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

• disclosure of management-defined performance measures; over the coverage period.

• aggregation and disaggregation of financial information based on the identified 'roles' of the primary financial

  statements and the notes; and

• consequential amendments to other accounting standards.

The effective date is 1 January 2027.

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

The amendments are effective for annual reporting periods beginning on or after 1 January 2028, with earlier

4

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.

5

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.

6

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 N939,000 due to Mayfair as at 30/6/2025

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 N310m while the total amount of invoices from ABC Transport Plc to Transit Support Services was zero.Included in"Trade and other Receavable"is N93.58m due to Transit support services as at 30/6/2025

7

Events occuring after the reporting period

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

8

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

385,770

229,000

Repayments

(765,244)

(563,007)

Closing balance (30/6/2025)

1,465,655

1,427,767

Current portion

718,791

680,903

Non-current portion

746,864

746,864

Total

1,465,655

1,427,767

9

Dividends

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

10

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 N2.042m earned within the period Jan 2025 -June 2025 is included in the interest income reported in P or L. The fund was valued at N15.9m as at 30/6/25. Unclaimed dividend fund stands at N50.08m as reported under note 7 (Trade and other payables)

11

Restructurings

12

Changes in estimates/Prior year adjustments

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

13

.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.

Description

30-Jun-25

30-Jun-24

Unit

Percentage

Unit

Percentage

Issued Share Capital

2,392,621,774

100%

2,392,621,774

100%

Substantial Shareholdings (5% and above)

Mr. Francis Nneji

1,052,380,000

43.98%

1,051,680,000

43.96%

Rapido Ventures Ltd.

336,844,353

14.08%

330,767,094

13.82%

Drolemoc Farms Ltd.

296,835,881

12.41%

279,835,881

11.70%

Total Substantial Shareholdings

1,686,060,234

70.47%

1,662,282,975

69.47%

Directors' Shareholdings (direct and indirect), excluding directors with substantial interests

Prince Olumide Obayomi (Indirect -

Representing Royal Funbay Ltd.)

5,720,000

0.24%

5,720,000

0.35%

Prince Olumide Obayomi (Direct)

110,000

0.00%

110,000

0.01%

Mr. Francis Nneji

----

----

----

----

Mr. Francis Nneji (Indirect - Rapido Venture

----

----

----

----

Mr. Jude Nneji (Direct)

30,580,213

1.28%

30,580,213

1.28%

Mr. Bamidele Asije (Direct)

700,000

0.03%

700,000

0.03%

Alhaji Kabiru Yusuf (Direct)

1,474,000

0.06%

1,474,000

0.06%

Mr. Rex Okoro

1,000,000

0.04%

1,000,000

0.04%

Mrs. Ifeoma Okoye

----

----

----

----

Mr. Emmanuel Chilaka Nwanna

----

----

----

----

Total Directors' Shareholdings

39,584,213

1.65%

39,584,213

1.77%

Other Influential Shareholdings

Mr. Victor Nneji

24,887,940

1.04%

44,848,040

1.87%

Total Other Influential Shareholdings

24,887,940

1.04%

44,848,040

1.87%

Free Float in Units and Percentage

642,089,387

26.84%

645,906,546

27.00%

Free Float in Value

₦ 4,815,670,402.50

₦ 7,040,381,351.40