AUSTIN LAZ & CO. PLC |
INTERIM FINANCIAL STATEMENTS |
FOR THE FIRST QUARTER ENDED MARCH 31, 2026 |
1 |
AUSTIN LAZ & COMPANY PLC | |||
INTERIM FINANCIAL STATEMENTS FOR THE | |||
FIRST QUARTER ENDED 31 MARCH, 2026 | |||
SUMMARY | |||
The Business of Austin Laz & Company Plc is resuscitated and the result of operations for the quarter | |||
ended March 31, 2026 is hereby presented as follows: | |||
Jan - Mar 2026 | Jan - Mar 2025 | Audited 31/12/2025 | |
RESULT | N'000 | N'000 | N'000 |
Turnover | 10,430 | - | - |
Profit before tax | (1,734) | (2,524) | (16,237) |
Taxation Provision | - | - | - |
Profit/(loss) after tax | (1,734) | (2,524) | (16,237) |
By order of the Board | |||
Chukwudi A. Ofor, Esq | |||
Offor Ifeanyi Chambers | |||
FRC/2016/NBA/0000001416 | |||
Company Secretary | |||
Benin City | |||
20 April, 2026 | |||
2 | |||
AUSTIN LAZ & COMPANY PLC | |
INTERIM FINANCIAL STATEMENTS FOR THE | |
FIRST QUARTER ENDED 31 MARCH, 2026 | |
CONTENT | PAGE |
STATEMENT OF FINANCIAL POSITION | 4 |
STATEMENT OF COMPREHENSIVE INCOME | 5 |
NOTES TO THE STATEMENT | 6 - 8 |
3 |
AUSTIN LAZ & COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31 MARCH, 2026
STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026 AuditedASSETS Non Current Assets | NOTE | Jan - Mar 2026 N'000 | Jan - Mar 2025 N'000 | 12/31/2025 N'000 |
Property, Plant & Equipment | 1,222,255 | 1,239,396 | 1,225,683 | |
Intangibles | 1 | 136,652 | 136,652 | 136,652 |
1,358,907 | 1,376,048 | 1,362,335 | ||
CURRENT ASSETS | ||||
Inventories | 3 | 26,814 | 29,074 | 29,074 |
Trade receivables | 2 | 15,821 | 18,575 | 18,575 |
Cash and Cash Equivalent | 4 | 2,715 | 1,371 | 1,371 |
45,350 | 49,020 | 49,020 | ||
Total Assets | 1,404,257 | 1,425,068 | 1,411,355 | |
EQUITY AND LIABILITIES: | ||||
EQUITY | ||||
Authorized Share Capital | 750,000 | 750,000 | 750,000 | |
Paid up Share Capital | 5 | 539,930 | 539,930 | 539,930 |
Deposit for Share Capital | 85,000 | 85,000 | 85,000 | |
Capital Reserves | 712,083 | 712,083 | 712,083 | |
Retained Earnings | 32,253 | 47,700 | 33,987 | |
of company | 1,369,266 | 1,384,713 | 1,371,000 | |
NON-CURRENT LIABILITIES: | ||||
Long Term Borrowing | - | - | - | |
CURRENT LIABILITIES | ||||
Trade Payable | 7 | 32,220 | 37,584 | 37,584 |
Other Payable | 6 | 2,771 | 2,771 | 2,771 |
34,991 | 40,355 | 40,355 | ||
Total Equity and Liabilities | 1,404,257 | 1,425,068 | 1,411,355 |
Equity attributable to owners
4
AUSTIN LAZ & COMPANY PLC | ||||||
INTERIM FINANCIAL STATEMENTS FOR THE | ||||||
FIRST QUARTER ENDED 31 MARCH, 2026 | ||||||
STATEMENT OF COMPREHENSIVE INCOME | ||||||
NOTE | ||||||
2026 | 2025 | Audited | ||||
Jan - Mar | Jan - Mar | Jan - Mar | Jan - Mar | 12/31/2025 | ||
N'000 | N'000 | N'000 | N'000 | N'000 | ||
Revenue | 8 | 10,430 | 10,430 | - | - | - |
Cost of Sales | 10 | (4,691) | (4,691) | - | - | - |
Gross Profit/(Loss) | 5,739 | 5,739 | - | - | - | |
Other Income | 11 | - | - | - | - | - |
Distribution Expenses | 12 | (170) | (170) | - | - | - |
Administration Expenses | 13 | (7,303) | (7,303) | (2,524) | (2,524) | (16,237) |
Finance Cost | 14 | - | - | - | - | - |
Profit before Tax | (1,734) | (1,734) | (2,524) | (2,524) | (16,237) | |
Tax Provision | - | - | - | - | - | |
Profit after Tax | (1,734) | (1,734) | (2,524) | (2,524) | (16,237) | |
DISCONTINUED OPERATION | ||||||
Gain/(Loss) on discontinued operation net of tax | - | - | - | - | - | |
Net Profit for the Period | (1,734) | (1,734) | (2,524) | (2,524) | (16,237) | |
OTHER COMPREHENSIVE INCOME NET OF TAX | - | - | - | - | - | |
Revaluation Reserve | - | - | - | - | - | |
Total Comprehensive income for the Period | (1,734) | (1,734) | (2,524) | (2,524) | (16,237) | |
Basic Earning Per Share | (0.00) | (0.00) | (0.00) | (0.00) | (0.02) | |
Diluted Earning Per Share | (0.00) | (0.00) | (0.00) | (0.00) | (0.02) | |
5 | ||||||
AUSTIN LAZ & COMPANY PLC | |||
INTERIM FINANCIAL STATEMENTS FOR THE | |||
FIRST QUARTER ENDED 31 MARCH, 2026 | |||
NOTES TO THE ACCOUNTS | |||
AUDITED | |||
1. INTANGIBLES: | Mar-26 | Mar-25 | 31-Dec-25 |
N'000 | N'000 | N'000 | |
Intangible Asset | 151,835 | 151,835 | 151,835 |
Less Impairment for the year | (15,183) | (15,183) | (15,183) |
136,652 | 136,652 | 136,652 | |
2. TRADE RECEIVABLES | |||
Trade Receivables | 15,394 | 17,213 | 17,213 |
Other Receivables | 427 | 1,362 | 1,362 |
15,821 | 18,575 | 18,575 | |
3. INVENTORIES | |||
Finished Goods | 13,493 | 9,372 | 9,372 |
Raw Materials | 3,748 | 7,472 | 7,472 |
Work in Progress | 9,573 | 12,230 | 12,230 |
26,814 | 29,074 | 29,074 | |
4. CASH & CASH EQUIVALENT | |||
Cash at Bank | 2,715 | 1,371 | 1,371 |
Cash at Hand | - | - | - |
2,715 | 1,371 | 1,371 | |
5. SHARE CAPITAL | |||
Authorized Share CAPITAL | 750,000 | 750,000 | 750,000 |
Paid up Share Capital | 539,930 | 539,930 | 539,930 |
6. OTHER PAYABLE | |||
Audit Fees | 1,200 | 1,200 | 1,200 |
Accrued Salaries & Wages | - | - | - |
Taxation | 1,571 | 1,571 | 1,571 |
2,771 | 2,771 | 2,771 | |
7. TRADE PAYABLES | |||
Trade Creditors | 32,220 | 37,584 | 37,584 |
8. TURNOVER | |||
Aluminium Section | 7,405 | - | - |
Ice Plant Section | 3,025 | - | - |
10,430 | - | 0 | |
6 | |||
AUSTIN LAZ & COMPANY PLC | |||
INTERIM FINANCIAL STATEMENTS FOR THE | |||
FIRST QUARTER ENDED 31 MARCH, 2026 | |||
NOTE TO THE ACCOUNTS - Continued | |||
Mar-26 | Mar-25 | AUDITED 31/12/2025 | |
9. PRODUCTION COST | N'000 | N'000 | N'000 |
Opening Inventories Raw Materials | 7,472 | 7,472 | 7,472 |
Add Purchase of raw materials | 1,857 | - | - |
9,329 | 7,472 | 7,472 | |
Less Closing Inventories raw materials | (3,748) | (7,472) | (7,472) |
Carrige Inwards | - | - | - |
Prime Cost: | 5,581 | - | - |
Add factory overheads: | |||
Factory/Manufacturing Expenses | - | - | - |
Wages and Salaries | 574 | - | - |
Depreciation of Plant | - | - | - |
Add Opening W.I.P | 12,230 | 12,230 | 12,230 |
Total Production cost | 18,385 | 12,230 | 12,230 |
Less closing W.I.P | (9,573) | (12,230) | (12,230) |
Production cost to be transferred to Trading account | 8,812 | - | - |
10. COST OF SALES | |||
Opening Finished Stock | 9,372 | 9,372 | 9,372 |
Add Production cost | 8,812 | - | - |
Less closing stock | (13,493) | (9,372) | (9,372) |
Cost of Sales | 4,691 | - | - |
11. OTHER INCOME | - | - | - |
12. DISTRIBUTION COST | |||
Carriage outward | 102 | - | - |
Advertisement & Promotion | 11 | - | - |
Sales Commission | 57 | - | - |
Installation Expenses | - | - | - |
170 | - | 0 | |
7 | |||
AUSTIN LAZ & COMPANY PLC | |||
INTERIM FINANCIAL STATEMENTS FOR THE | |||
FIRST QUARTER ENDED 31 MARCH, 2026 | |||
NOTE TO THE ACCOUNTS - Continued | |||
Mar-26 | Mar-25 | AUDITED 31/12/2025 | |
N'000 | N'000 | N'000 | |
13. ADMINISTRATION EXPENSES | |||
Wages & Salaries | 1,872 | 2,150 | 2,150 |
Motor Vehicle Maintenance | 204 | - | - |
Printing & Stationery | 58 | - | - |
Telephone & Postage | 211 | - | - |
Medical Expenses | - | - | - |
Power and Electricity | 68 | 14 | 14 |
General Repairs | 105 | 325 | 325 |
Rent & Rates | - | - | - |
Entertainment | - | - | - |
Audit Fees | - | - | - |
Maintenance of Office Equip | 462 | - | - |
Generator Running | 78 | - | - |
Legal & Professional fees | - | - | - |
Education & Training | - | - | - |
Sanitation & Cleaning | 41 | - | - |
Admin Expenses | - | - | - |
Directors Expenses | - | - | - |
Depreciation | 3,428 | - | 13,713 |
Security Expenses | 90 | - | - |
Folklift Expenses | - | - | - |
Computer/Internet Services | 12 | - | - |
Levies & Rates | - | - | - |
Equipment Repairs & Maintenance | 286 | - | - |
Newspaper and Periodical | - | - | - |
Fuel and Diesel | 134 | 35 | 35 |
Bank Charges | 136 | - | - |
Impairment of Intangible asset | - | - | - |
Transport & Travelling | 118 | - | - |
7,303 | 2,524 | 16,237 | |
14. FINANCE COST | |||
Interest Charges | - | - | - |
- | - | - | |
8 | |||
INTERIM FINANCIAL STATEMENTS FOR THE | |||
PERIOD ENDED 31 MARCH 2026 | |||
1. General Information | |||
The company was incorporated as privately owned company in 1982 and was converted to public company in | |||
2011 quoted on the stock exchange in 2012. The company is domiciled in Nigeria and its shares are listed on | |||
the Nigeria Stock Exchange (NSE) | |||
The company started as pioneer manufacturer of ICE machine. Because of growth opportunities in the | |||
company's region, it diversified into other divisions which include thermoplastic industry for the production | |||
of coolers and other plastic products, Aluminium factory for the production of corrugated longspan roofing | |||
sheets. | |||
The company currently has 1,079,860,000 shares held by about 370 Nigerians. | |||
2. Direcors of the Company | |||
Mar-26 | Nationality | Designation | |
Dr. Austin Lazarus Asimonye | 711,371,925 | Nigerian | Chairman/CEO |
Judith Asimonye | 103,000,000 | Nigerian | Director |
Mr. Nyemike Ogbechie | 5,000 | Nigerian | Director |
Engr. Kingsley Oyakhire | 100,000 | Nigerian | Director |
Bar. Obiageli C Asimonye | 8,000,000 | Nigerian | Director |
Mr. Abel Enechezian | 100,000 | Nigerian | Director |
3. Direcors interest in share: | |||
Mar-26 | Mar-25 | ||
Dr. Austin Lazarus Asimonye | 711,371,925 | 711,371,925 | |
Judith Asimonye | 103,000,000 | 103,000,000 | |
Mr. Nyemike Ogbechie | 5,000 | 5,000 | |
Engr. Kingsley Oyakhire | 100,000 | 100,000 | |
Bar. Obiageli C Asimonye | 8,000,000 | 8,000,000 | |
Mr. Abel Enechezian | 100,000 | 100,000 | |
The Directors of the company colletively holds 822,576,925 ordinary shares out of the 1,079,860,000 ordinary shares of 50kobo | |||
each in the paid up Share Capital of the Company. | |||
4. Compliance with the Free Float Requirement | |||
The free float of the shares of the company is 257,283,075 which constitutes 23.83% of the issued and paid up share capital of the | |||
company. The company complies with the minimum free float requirements of the NGX of at least 20%. This will be | |||
improved on in the near future | |||
5. Substantial Interest in Shares | |||
Apart from those listed above as substantial sharesholders, with up to 5% and above in the paid up share capital of the company, no | |||
other individuals hold up to 5% of the issued and fully paid up Share Capital of the company. | |||
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INTERIM FINANCIAL STATEMENTS FOR THE |
PERIOD ENDED 31 MARCH 2026 |
3. Basis of preparation of Interin Financial Statements |
These Interim Financial Statements are the unaudited interim results (hereafter ''the interim report'') of Austin Laz |
& Co. Plc for the first quarter ended March 31, 2026 (hereafter ''the interim period''). They are prepared |
according to International Accounting Standard 34 (IAS 34) Interim Financial Reporting. This Interim report |
should be read in conjunction with the audited financial statements for the year ended December 31, 2025 |
prepared under IFRS (hereafter "the annual financial statements''), as they provide an update of previously |
reported information. The Interim report has been prepared in accordance with the accounting policies set |
out in the annual financial statements. The presentation of the Interim report is consistent with the annual |
financial statements. Where necessary, comparative information has been reclassified or expanded from |
the previously reported interim report to take into account any presentational changes made in the annual |
financial statements or this interim report. |
4. Securities Trading Policy |
In compliance with Rule 17.15 Disclosure of Dealings in issuers' shares, Rule book of the Exchange 2015 (issuers' Rule) |
Austin Laz & Co. Plc maintains a Security Trading Policy (Policy) which guides Directors, audit committee members, |
employees and all individuals categorized as insiders in relation to their dealings in the company's shares. The |
Policy undergoes periodic review by the Board and is updated accordingly. The company has made specific inquiries |
of all its directors and other insiders and is not aware of any infringement of the policy during the period. |
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