Quarter 5 financial statement for 2024

ABC TRANSPORT PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL

STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

ABC TRANSPORT PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Corporate Information

DIRECTORS: COMPANY SECRETARY LEGAL ADVISER

REGISTERED OFFICE: AUDITOR: PRINCIPAL BANKERS: REGISTRAR

KM 5, MCC/Uratta Road, Umuoba Uratta P.O. BOX 2575, Owerri Imo State

Tel: 08039600958, 08053002000, Fax: 083-231275

E-mail:info@abctransport.comwww.abctransport.com

Forvis Mazars

18, Oba Akran Avenue, Ikeja, Lagos

Fidelity Bank Plc Zenith Bank Plc Access Bank Plc

Guaranty Trust Bank Limited United Bank for Africa Plc Unity Bank Plc

Union Bank of Nigeria Plc First Registrars Nigeria Limited Plot 2, Abebe Village Road Iganmu, Lagos

INVESTOR RELATION

ABC Transport Plc has a dedicated Investor's portal on its corporate website which can be accessed through this link:https://www.abctransport.com/investors.html

1

ABC TRANSPORT PLC ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Summary of Performance

The summarised results are presented below:

No dividends were declared or paid during the year (2023: N35 million).

As at the date of approval of the consolidated and seperate financial statements of the company, ABC Transport Plc's outlook for 2024 and beyond shows there is no going concern threat to the enterprise.

2

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Report of the Directors

The Directors submit their report together with the audited consolidated and seperated financial statements for the year ended 31 December 2024.

GROUP 2024

2023

Company 2024

2023

Profit/(loss) for the year

N'000 669,188

N'000 (540,555)

N'000 251,917

N'000 147,971

2. LEGAL FORM

ABC Transport Plc was incorporated as a Private Limited Company on April 5, 1993 and also commenced operations that same year, the Company was converted to a Public Limited Liability Company on November 21, 2005. The shares are listed on the Nigerian Stock Exchange and were first quoted on December 20, 2006. As approved by the Shareholders at the Annual General Meeting of 12th August, 2011, the Company's name was changed from Associated Bus Company Plc to ABC Transport Plc.

3. PRINCIPAL ACTIVITIES

The principal activities of the Group include road transportation and logistics. It provides both long and short haul bus services as well as bus charter services; consolidated cargo and haulage services within Nigeria and the West African sub-region. It is also engaged in import/sale of vehicle spares, assembly of heavy duty trucks and the hospitality business.

4. DIRECTORS' INTEREST IN CONTRACTS

None of the directors has notified the Company for the purpose of section 303 of the Companies and Allied Matters Act, 2020 of their direct or indirect interest in contracts or proposed contracts with the Company during the year ended 31 December 2023.

5. DIRECTOR'S SHAREHOLDERS: Section 301 of the Companies and Allied Matters act, 2020

-

-

- Prince Olumide Obayomi, Mr. Francis Nneji and Mr. Bamidele Asije have indirect shareholdings through Royal Funbay Limited, Rapido Ventures Ltd. and Drolemoc Farms Limited respectively.

*Mr. Emmanuel C. Nwanna joined the Board effective as a Director effective 28th June 2024.

6. PROPERTY, PLANT & EQUIPMENT

Movements in property , plant and equipment during the year are shown in the financial statement in note 14.

7. MAJOR SUPPLIERS:

The Company's significant local suppliers are: F. O. Obison Int'l Agency

Chidel Ventures Ltd. Jibeco Nigeria Limited

Kwereson Ent. Nigeria Limited - Lagos Ideal Standard Services

1st Magnificent Energy Ltd. Amanni Oil and Gas

Iyke Paulson Co. Nig. Ltd.

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Report of the Directors

8. DONATIONS AND GIFTS

The following amounts have been given by way of donations and gifts during the year under review.

There was no donation or gift made to any political party, political association or for any political purpose in the course of the year under review.

9. EMPLOYMENT AND EMPLOYEES a) Employment and Employees

ABC Transport Plc is an equal opportunity employer concerned with the retention of staff and strives to remain the employer of choice within the road transport sector. The Company provides a total compensation package that enables it to attract and retain highly skilled and qualified employees while recognizing the need to manage payroll costs.

b) Employment of Disabled Persons

The Company has reviewed its employment policy in line with the needs of the business. A policy of the Company stipulates that there should be no discrimination in considering applications for employment including those from disabled persons. All employees whether or not disabled are given equal opportunities to develop.

c) Work Environment

The Company strives to ensure a safe working environment for its employees. Health and safety regulations are in force within the Company's premises and employees are aware of existing regulations. Subsidies are provided to all levels of employees for medical, transportation, housing.

d) Employee Involvement, Development and Training

Training workshops and seminars are organized regularly for employees at all levels. The Company places a great premium on the involvement of its employees in the attainment of its goals. It is also committed to keeping them informed about its progress and performance. The Company equally seeks the views of its employees particularly concerning matters which directly affect them.

Formal meetings are held amongst staff within the operational zones and suggestions and opinions of employees are sought and considered on the general operations of the Company as well as matters affecting them.

Career development of each employee and succession planning are major priorities of the Company. The employees of the Company attend short and long term training programmes which are tailored to meet the needs of both the employee and Company. Employees are adequately rewarded and motivated to achieve results.

e) Health, safety at work and welfare of employees

The Company considers the health, safety and welfare of its employees of paramount importance. In pursuance of this, the Company has a group life insurance policy and pension scheme. It has also retained the services of healthcare providers across various locations. Safety standards are adhered to in the workplace. The employees of the Company are currently enrolled by the Company to the National Health Insurance Scheme.

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Report of the Directors

f) Safety Policy

ABC places a high premium on the safety of its passengers and crew while in transit. To this end, the Company organizes quarterly safety re-orientation and training programmes for its crew. All the vehicles in our fleet are fitted with tracking devices and speed limiters which monitor the speed of the vehicles. For the period under review, the accident rate of the Company's fleet was well within acceptable limits, with a large number of the recorded accidents attributable to the errors and miscalculations of other road users.

10. COMPLAINTS MANAGEMENT POLICY

ABC Transport Plc has in place a Complaints Management Policy in accordance with the requirement of the Securities and Exchange Commission. The policy sets out the broad framework for receiving, registering and handling shareholders and investors complaints in an impartial, confidential and timely manner.

11. SECURITIES TRADING POLICY

ABC Transport Plc has a Securities Trading Policy which applies to all employees and Directors. The policy applies to all employees that may at any time possess any insiders or material information about the Company. The trading policy includes the need to enforce confidentiality against external advisers.

12. AUDITOR

In accordance with Section 401(2) of the Companies and Allied Matters Act 2020, Forvis Mazars has indicated their willingness to continue in office as the Company's Auditor.

BY ORDER OF THE BOARD

Onyekachukwu C. Chigbo, Esq. Company Secretary/Legal Adviser FRC/2020/002/00000021630

Imo State,

Nigeria.

31 March 2025

ABC TRANSPORT PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Report of the Audit Committee to the members of ABC Transport Plc

In compliance with Section 404(4) of the Companies and Allied Matters Act 2020, we, the members of the Audit Committee of ABC Transport Plc, having carried out our statutory functions under the Act hereby report that:

1. The scope and planning of both the external and internal audit programs for the year ended 31 December, 2024 were adequate in our opinion.

2. The accounting and reporting policies of the company are in conformity with statutory requirements and agreed ethical practices.

3.The company's systems of accounting and internal controls were adequate.

4. Having reviewed the External Auditor's findings and recommendations on management matters, we are satisfied with management's response thereon.

Finally, we acknowledge Management's co-operation in the conduct of these duties.

The members of the Statutory Audit Committee for the year ended 31 December 2024 financial year were:

Mr. Chibuzor Eke (Chairman) Mr. Jude Okpala

Mr. Kenneth Nnabuike Nwosu Alh. Kabiru Yusuf

Pastor Bamidele Asije

Barr. Onyekachukwu C. Chigbo Shareholders' Representative Shareholders' Representative Shareholders' Representative Directors' Representative Directors' Representative Company Sec/ Sec. of Committee

31 March 2025

… ......................................

MR. CHIBUZOR EKE

Chairman, Audit Committee FRC/2013/PRO/AUDITCOM/002/0000004670

6

ABC TRANSPORT PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Directors' Responsibilities

The Companies and Allied Matters Act, 2020 requires the Directors to prepare consolidated and seperate financial statements for each financial year that give a true and fair view of the financial position of the Company at the end of the year and of its profit or loss. The responsibilities include ensuring that the Company:

• (a) keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Group and Company, and comply with the requirements of the Companies and Allied Matters Act, 2020;

• (b) establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and

• (c) prepares its consolidated and seperate financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, which are consistently applied.

The Directors accept responsibility for the annual consolidated and seperate financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with the International Financial Reporting Standards and the requirements of the Companies and Allied Matters Act, 2020.

The Directors are of the opinion that the consolidated and seperate financial statements give a true and fair view of the financial position of the Group and the Company and of the profit or loss for the year ended 31 December 2024. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal control.

Nothing has come to the attention of the Directors to indicate that the Company will not remain a going concern for at least twelve months from the date of the statement.

7

ABC TRANSPORT PLC

ANNUAL REPORT AND CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Corporate Responsibility

In accordance with the provision of section 405 of the Companies and Allied Matters Act, 2020, we have reviewed the financial statement of the Company for the year ended 31 December 2024 and based on our knowledge certify that:

• 1 the audited financial statements do not contain any untrue statement of material fact or omit to state a material fact which would make the statements misleading, in the light of the circumstances under which such statement was made;

• 2 the audited financial statement and all other financial information included in the statement fairly present, in all material respects, the financial condition and results of the operation of the Company as of and for, the year ended 31 December 2024;

• 3 the Company's internal controls have been designed to ensure that material information relating to the Company is made known to us by other officers of the Company, particularly for the reporting year;

• 4 the Company's internal controls were evaluated within 90 days prior to the audited financial statement date and are effective as of 31 December 2024;

• 5 we have disclosed to the Company's auditor and those charged with goverance:

  i. all significant deficiencies in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarise and report financial data, and has identified for the Company's auditor any material weaknesses in internal controls and;

  ii. whether or not, there is any fraud that involves management or other employees who have a significant role in the Company's internal control; and

• 6 we have indicated where there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of their evaluation, including any corrective actions with regards to significant deficiencies and material weaknesses.

8