DAAR COMMUNICATIONS PLC |
Company No. RC 117587 |
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31ST MARCH, 2025
DAAR COMMUNICATIONS PLC |
STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH, 2025 |
ASSETS |
NON CURRENT ASSETS |
PROPERTY,PLANT & EQUIPMENT |
OTHER INTANGIBLE ASSETS |
INVESTMENT - (MTS & AITNEWS24) |
Mar, 2025 |
N'000 |
23,990,252 |
37,943 |
97,000 |
24,125,195 |
Dec, 2024 |
N'000 |
24,228,373 |
37,943 |
97,000 |
24,363,316 |
CURRENT ASSETS | |
TRADE RECEIVABLES | |
OTHER DEBTORS & PREPAYMENTS | 3 |
CASH & CASH EQUIVALENTS | 4 |
TOTAL CURRENT ASSETS | |
TOTAL ASSETS |
2,852,460 |
364,286 |
54,485 |
3,271,231 |
27,396,426 |
2,607,282 |
318,970 |
202,996 |
3,129,248 |
27,492,564 |
EQUITY AND LIABILITIES | |
CAPITAL AND RESERVES | |
SHARE CAPITAL | 5 |
SHARE PREMIUM | |
REVALAUTION SURPLUS | 6 |
RETAINED EARNINGS | 7 |
TOTAL EQUITY |
4,000,000 |
13,411,541 |
17,939,479 |
-19,258,893 |
16,092,127 |
4,000,000 |
13,411,541 |
17,939,479 |
-19,167,473 |
16,183,547 |
Non-Current Liabilities | |
Accrued Gratuity | 8 |
Total Non-Current Liabilities | |
CURRENT LIABILITIES | |
SURBORDINATED LOAN | |
TRADE PAYABLES | |
OTHER PAYABLES | 9 |
TAXATION | 10 |
TOTAL CURRENT LIABILITIES | |
TOTAL EQUITY AND LIABILITIES | |
734,882 |
734,882 |
Marcel Anyalechi |
Ag. CEO |
Stanley Sagboje |
ED, Finance & Accounts/CFO |
726,160 |
726,160 |
74,863 |
901,378 |
8,844,751 |
748,425 |
10,569,417 |
27,396,426 |
144,666 |
1,151,541 |
8,538,225 |
748,425 |
10,582,857 |
27,492,564 |
FRC/2014/ICAN/00000013647 FRC/2016/ICAN/00000015580
DAAR COMMUNICATIONS PLC |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
FOR THE QUARTER ENDED 31ST MARCH 2025 |
Three mths to Mar 2025 |
N'000 |
1,169,459 |
(866,122) |
303,337 |
145,729 |
449,067 |
(38,335) |
- |
(498,965) |
(3,186) |
-91,420 |
- |
-91,420 |
(1) |
Three mths to Mar 2024 |
N'000 |
932,360 |
-724,883 |
207,477 |
55,006 |
262,484 |
-66,368 |
-228,356 |
-468,430 |
-1,784 |
-502,454 |
0 |
-502,454 |
-6 |
Revenue |
Cost of Sales |
Gross Profit |
Other Income |
Selling Expenses |
Impairment Allowance |
Administration Expenses |
Finance Charges |
PROFIT BEFORE TAXATION |
TAXATION |
PROFIT/(LOSS) FOR THE PERIOD |
EPS in kobo |
DAAR COMMUNICATIONS PLC |
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 31, 2025 |
BAL B/F |
PROFIT FOR THE PERIOD |
BALANCE AS AT MARCH 31, 2025 |
SHARE CAPITAL | SHARE PREMIUM | REVALUATION SURPLUS | RETAINED INCOME | TOTAL |
N'000 | N'000 | N'000 | N'000 | N'000 |
4,000,000 | 13,411,541 | 17,232,806 | -19,167,473 | 15,476,874 |
0 | 0 | 0 | -91,420 | -91,420 |
4,000,000 | 13,411,541 | 17,232,806 | -19,258,893 | 15,385,455 |
DAAR COMMUNICATIONS PLC |
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 31, 2024 |
BAL B/F |
PROFIT FOR THE PERIOD |
BALANCE AS AT MARCH 31, 2024 |
SHARE CAPITAL | SHARE PREMIUM | REVALUATION SURPLUS | RETAINED INCOME | TOTAL |
N'000 | N'000 | N'000 | N'000 | N'000 |
4,000,000 | 13,411,541 | 17,232,806 | -16,709,423 | 17,934,924 |
0 | 0 | 0 | -502,454 | -502,454 |
4,000,000 | 13,411,541 | 17,232,806 | -17,211,878 | 17,432,470 |
DAAR COMMUNICATIONS PLC |
STATEMENT OF CASH FLOWS |
FOR THE PERIOD ENDED 31ST, MAR 2025 |
Cash flow from operating activities: |
Profit/(Loss) before taxation |
Add back items not involving movement of funds: |
Depreciation |
Amortisation |
Write down of deferred Tax assets |
Finance cost |
Other income |
Finance income |
Gratuity |
Mar 31, 2025 |
N'000 |
54,310 |
Working capital changes: |
(Increase) /Decrease in Trade Receivables |
(Increase)/Decrease in Other Receivables and prepayments |
Increase/(Decrease) in Trade and other payables |
-242,455 |
-45,316 |
56,363 |
-231,408 |
2,397,788 |
-99,545 |
-1,449,632 |
848,611 |
Tax Paid |
Net cash from operating activities |
Cash flows from investing activities: |
(Purchase)/Sale of fixed assets |
Investment in AITNEWS24 Limited |
(Increase)/Decrease in intangible assets |
Net cash used in investing |
Cash flows from financing activities: |
Surbordinated Loan Repaid |
Finance cost |
Net Cash used in financing activities |
Net(decrease)/increase in cash and cash equivalent |
Cash and cash equivalents at 1 January |
Cash and cash equivalents at 31st March |
Represented by: |
Bank and cash balances |
Cash and cash equivalents at 31st March |
0 |
1,484 |
Dec 31, 2024 |
N'000 |
-2,313,920 |
312,404 |
0 |
0 |
3,186 |
-145,729 |
0 |
8,722 |
232,892 |
1,202,855 |
819 |
969,241 |
12,743 |
0 |
0 |
-139,215 |
-267,477 |
0 |
581,134 |
-77,006 |
0 |
0 |
-77,006 |
-662,627 |
400,893 |
-15,960 |
-277,694 |
-69,803 |
-3,186 |
-72,989 |
-148,511 |
202,996 |
54,485 |
-217,363 |
-12,743 |
-230,106 |
73,334 |
129,662 |
202,996 |
54,485 |
54,485 |
202,996 |
202,996 |
DAAR COMMUNICATIONS PLC |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH, 2025 |
Mar 31, 2025 |
N'000 |
Dec 31, 2024 |
N'000 |
Mar 31, 2024 |
N'000 |
1,009,660 |
Mar 31, 2024 |
N'000 |
803,880 |
0 |
54,791 |
73,689 |
0 |
932,360 |
1 | REVENUE |
Television | |
United Kingdom | |
Daar News | |
Radio | |
Pay TV |
48,933 | |
110,866 | |
0 | |
1,169,459 | 0 |
2 | Profit before taxation |
This is stated after charging the following: | |
Directors' remuneration - | |
-Fees | |
-Others | |
Auditors remuneration | |
Amortisation | |
Depreciation |
7,250 29,000
4,500 |
0 |
312,404 |
18,000 |
819 |
1,202,856 |
3 | Other receivables and prepayments |
Staff Loans and Advances | |
Prepaid Staff Rent | |
Prepaid Expenses | |
Cash Advance | |
Due from Daar Music Global | |
Withholding Tax of Sales |
N'000 |
3,823 |
25,876 |
-1,482 |
138,706 |
91,004 |
106,359 |
364,286 |
N'000 |
4,310 |
29,667 |
40,895 |
46,735 |
91,004 |
106,359 |
318,970 |
4 | CASH & CASH EQUIVALENTS |
Cash Balance | |
Bank Banlances |
N'000 |
33,619 |
20,867 |
54,485 |
N'000 |
2,707 |
200,289 |
202,996 |
6 | REVALUATION SURPLUS |
At 1 january | |
Current Year Revaluation Surplus | |
At end of period |
N'000 |
17,939,479 |
0 |
17,939,479 |
N'000 |
17,232,806 |
706,673 |
17,939,479 |
5 | Share Capital |
Authorised | |
8,000,000,000 ordinary shares of 50k each | |
Issued and fully paid |
At 1 January |
Issue of shares during the year |
7 | RETAINED EARNINGS |
N'000 | N'000 | |
4,000,000 | 4,000,000 | |
4,000,000 | 4,000,000 | |
4,000,000 | 4,000,000 |
N'000 N'000
At 1 january |
Retained Profit/(Loss) |
19,167,473 |
91,420 |
16,825,758 |
2,341,715 |
At end of period 19,258,892 19,167,473
8 | Gratuity |
734,882 |
734,882 |
726,160 |
726,160 |
9 | Other payables |
Accrued salary | |
PAYE | |
Pension fund | |
Daar Investment Holding Coy Ltd | |
Deferred Receipt | |
NHF | |
Directors' loan | |
NHIS | |
UNION DUES | |
ITF | |
NSITF | |
Audit fee | |
Directors' Fees | |
VAT | |
Co-operative Society | |
Withholding tax | |
Ex-staff Terminal Benefit | |
NBC Charges | |
Accrued Expenses | |
Accrued Staff Rent | |
Prov. For Uninvoiced Commitments |
N'000 |
1,128,167 |
681,175 |
1,933,775 |
194,807 |
44,939 |
62,170 |
222,410 |
358,602 |
16,836 |
114,989 |
107,582 |
13,500 |
59,874 |
1,203,724 |
14,636 |
141,192 |
1,118,873 |
430,847 |
462,220 |
-2,827 |
537,260 |
8,844,751 |
N'000 |
1,119,059 |
674,294 |
1,917,169 |
198,030 |
0 |
61,496 |
222,410 |
354,559 |
16,487 |
113,370 |
107,407 |
18,000 |
52,280 |
1,125,190 |
14,636 |
135,324 |
1,116,456 |
498,238 |
327,936 |
-2,576 |
468,460 |
8,538,226 |
DAAR COMMUNICATIONS PLC |
VALUE ADDED STATEMENT |
TURNOVER |
TURNOVER |
OTHER INCOME |
Mar 31, 2025 | Mar 31, 2024 | ||
N'000 | % | N'000 | % |
1,169,459 | 932,360 | ||
145,729 | 55,006 | ||
1,315,188 | 987,367 |
10 | Taxation |
Mar 31, 2025 |
N'000 |
748,425 |
0 |
0 |
0 |
0 |
748,425 |
Dec 31, 2024 |
N'000 |
720,630 |
0 |
0 |
0 |
27,795 |
748,425 |
At 1st Jan. |
Tax Adjustment for Previous Years |
Deferred Tax Asset |
Charged for the period |
Paid during period |
At end of period |
BOUGHT IN MATERIALS AND SERVICES
LOCAL |
FOREIGN |
VALUE ADDED |
-715,835 | -801,817 | ||
-83,926 | -77,034 | ||
515,428 | 100% | 108,515 | 100% |
DISTRIBUTED AS FOLLOWS: |
EMPLOYEES: |
Salaries, Pension,Welfare |
PROVIDER OF CAPITAL |
Finance Cost |
291,257 | 57% | 327,647 | 494% |
3,186 | 1% | 1,784 | 4% |
TO GOVERNMENT |
Taxation |
PROVIDED for ASSET REPLACEMENT |
Depreciation of Property, Plant and |
Equipment |
Amortisation/Provisions |
Retained for the year |
TOTAL VALUE ADDED |
FUNDS EMPLOYED |
SHARE CAPITAL |
SHARE PREMIUN |
REVALUATION SURPLUS |
GENERAL RESERVE |
SHAREHOLDERS FUND |
DAAR COMMUNICATIONS PLC |
4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
13,411,541 | 13,411,541 | 13,411,541 | 13,411,541 | 13,411,541 |
17,939,479 | 17,939,479 | 17,232,806 | 0 | 0 |
-19,258,893 | -19,167,473 | -16,825,758 | -15,198,235 | -14,430,170 |
16,092,127 | 16,183,547 | 17,818,589 | 2,213,306 | 2,981,371 |
0 | 0% | 0 | 0% |
312,404 | 61% | 204,601 | 406% |
0 | 0% | 819 | 0% |
-91,420 | -18% | -426,335 | -805% |
515,428 | 100% | 108,515 | 100% |
0 | 0 | ||
Dec 31, 2024 | Dec 31, 2023 | 2,022 | 2,021 |
N'000 | N'000 | N'000 | N'000 |
24,228,373 | 24,061,928 | 7,350,313 | 7,898,411 |
37,943 | 22,802 | 24,566 | 26,793 |
97,000 | 497,893 | 97,000 | 97,000 |
0 | 969,241 | 1,882,664 | 2,796,087 |
-7,453,610 | -6,867,901 | -6,324,201 | -7,075,999 |
-726,161 | -865,375 | -817,037 | -760,922 |
16,183,547 | 17,818,589 | 2,213,306 | 2,981,371 |
DAAR COMMUNICATIONS PLC | |
FIVE YEAR SUMMARY | |
Mar 31, 2025 | |
Assets Employed | N'000 |
Property, Plant & Equipment | 23,990,252 |
Intangible Assets | 37,943 |
Investment | 97,000 |
Deferred Tax Assets | 0 |
Net Current Assets | -7,298,186 |
Non-Current Liabilities - Gratuity | -734,882 |
Net Assets | 16,092,127 |
TURNOVER |
PROFIT/(LOSS) BEFORE TAX |
TAX |
PROFIT AFTER TAX |
EARNINGS PER SHARE |
1,169,459 | 5,250,947 | 4,510,339 | 4,787,259 | 4,806,011 |
-91,420 | -2,313,920 | -1,578,275 | -755,824 | -641,942 |
0 | -27,795 | -49,248 | -12,242 | -91,521 |
-91,420 | -2,341,715 | -1,627,523 | -768,066 | -733,463 |
-1 | -29 | -20 | -10 | -9 |