DAAR COMMUNICATIONS PLC
Company No. RC 117587FINANCIALSTATEMENTSUMMARY
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30TH JUNE, 2025
FREE FLOAT REPORT AS AT 30 JUNE 2025 Name of Company: DAAR COMMUNICATIONS PLC MAIN Board Listed: BOARD Year/Period End: 30-Jun Reporting Period SECOND QUARTER YEAR ENDED 30 JUNE 202530-Jun-25 | 30-Jun-24 | |||||
Description | Unit | Percentage | Unit | Percentag e | ||
Issued Share Capital | 8,000,001,00 0 | 100% | 8,000,001,00 0 | 100% | ||
Substantial Shareholdings (5% and above) | ||||||
DAAR Investement & Holiding Co. Ltd | 4,890,523,00 0 | 61.13% | 4,890,523,00 0 | 61.13% | ||
Total Substantial Shareholdings | 4,890,523,00 0 | 61.13% | 4,890,523,00 0 | 61.13% | ||
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | ||||||
Chief Raymond Paul Dokpesi Jnr | 10,000 | 0.00% | 10,000 | 0.00% | ||
Chief Dr. Marcellinus Anyalechi, FCA | 0 | 0.00% | 0 | 0.00% | ||
Chief Stanley Sagboje | 0 | 0.00% | 0 | 0.00% | ||
Mallam Gambo Lawan | 15,000 | 0.00% | 15,000 | 0.00% | ||
Prof. Ralph Akinfeleye | 0 | 0.00% | 0.00% | |||
Mr. Emeka Mba | 0 | 0.00% | 0.00% | |||
Hon. Onyibe, Magnus Chujwuma | 0 | 0.00% | 0.00% | |||
Mr. Obi Asika | 0 | 0.00% | 0.00% | |||
Mr. Femi Ademola | 0 | 0.00% | 0.00% | |||
Palesa Capital Market Associate Ltd (Indirect) | 205,000 | 0.00% | 205,000 | 0.00% | ||
Total Directors' Shareholdings | 230,000 | 0.00% | 230,000 | 0.00% | ||
Other Influential Shareholdings | ||||||
Total Other Influential Shareholdings | 0 | 0.00% | 0 | 0.00% | ||
Free Float in Units and Percentage | 3,109,248,00 0 | 38.87% | 3,109,248,00 0 | 38.87% | ||
Free Float in Value | ||||||
DAAR Communications Plc with a free float percentage of 34.86% as at 30 June 2025, is complaint with The Exchange's free float requirements for companies listed on the Main Board.
DAAR COMMUNICATIONS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 30TH JUNE 2025
Three mths to
Six mths to | Three mths to | Six mths to | June. | |
Revenue | June 2025 N'000 2,056,980 | June 2025 N'000 887,521 | June 2024 N'000 1,953,542 | 2024 N'000 1,021,181 |
Cost of Sales | -1,609,537 | (743,415) | -1,570,030 | -845,147 |
Gross Profit | 447,443 | 144,106 | 383,511 | 176,034 |
Other Income | 228,050 | 82,320 | 48,794 | -6,213 |
675,492 | 226,426 | 432,305 | 169,821 | |
Selling Expenses | -72,921 | (34,585) | -89,730 | -23,363 |
Impairment Allowance | 0 | - | -456,712 | -304,474 |
Administration Expenses | -1,115,439 | (616,474) | -1,215,170 | -746,740 |
Finance Charges | -6,372 | (3,186) | -3,568 | -1,784 |
PROFIT BEFORE TAXATION | -519,239 | -427,819 | -1,332,875 | -906,540 |
TAXATION | 0 - | 0 | 0 | |
PROFIT/(LOSS) FOR THE PERIOD | -519,239 | -427,819 | -1,332,875 | -906,540 |
EPS in kobo | -6 | (5) | -17 | -11 |
DAAR COMMUNICATIONS PLC
STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2025
ASSETS NON CURRENT ASSETS | June, 2025 N'000 | Dec, 2024 N'000 | |
PROPERTY,PLANT & EQUIPMENT | 23,475,811 | 24,228,373 | |
OTHER INTANGIBLE ASSETS | 37,943 | 37,943 | |
INVESTMENT - (MTS & AITNEWS24) | 97,000 | 97,000 | |
CURRENT ASSETS | 23,610,754 | 24,363,316 | |
TRADE RECEIVABLES OTHER DEBTORS & PREPAYMENTS | 3 | 2,550,619 375,094 | 2,607,282 318,970 |
CASH & CASH EQUIVALENTS | 4 | 187,780 | 202,996 |
TOTAL CURRENT ASSETS | 3,113,492 | 3,129,248 | |
TOTAL ASSETS | 26,724,246 | 27,492,564 | |
EQUITY AND LIABILITIES CAPITAL AND RESERVES SHARE CAPITAL | 5 | 4,000,000 | 4,000,000 |
SHARE PREMIUM | 13,411,541 | 13,411,541 | |
REVALAUTION SURPLUS | 6 | 17,939,479 | 17,939,479 |
RETAINED EARNINGS | 7 | -19,686,712 | -19,167,473 |
TOTAL EQUITY | 15,664,308 | 16,183,547 | |
Non-Current Liabilities Accrued Gratuity | 8 | 749,281 | 726,160 |
Total Non-Current Liabilities | 749,281 | 726,160 | |
CURRENT LIABILITIES SURBORDINATED LOAN | 13,775 | 144,666 | |
TRADE PAYABLES | 659,290 | 1,151,541 | |
OTHER PAYABLES | 9 | 8,889,167 | 8,538,225 |
TAXATION | 10 | 748,425 | 748,425 |
TOTAL CURRENT LIABILITIES | 10,310,657 | 10,582,857 | |
TOTAL EQUITY AND LIABILITIES | 26,724,246 | 27,492,564 |
Marcel Anyalechi Stanley Sagboje
Ag. CEO ED, Finance & Accounts/CFO
FRC/2014/ICAN/00000013647 FRC/2016/ICAN/00000015580
DAAR COMMUNICATIONS PLC
STATEMENT OF CHANGES IN EQUITY FOR AS AT JUNE 30, 2025
SHARE CAPITAL | SHARE PREMIUM | REVALUATIO N SURPLUS | RETAINED INCOME | TOTAL | ||
N'000 | N'000 | N'000 | N'000 | N'000 | ||
BAL B/F | 4,000,000 | 13,411,541 | 17,939,479 | -19,167,473 | 16,183,547 | |
PROFIT FOR THE PERIOD | 0 | 0 | 0 | -519,239 | -519,239 | |
BALANCE AS AT JUNE 30, 2025 | 4,000,000 | 13,411,541 | 17,939,479 | -19,686,712 | 15,664,308 | |
DAAR COMMUNICATIONS PLC | ||||||
STATEMENT OF CHANGES IN EQUITY FOR AS AT DECEMBER 31, 2024 | ||||||
SHARE | SHARE | REVALUATIO | RETAINED | |||
BAL B/F | CAPITAL N'000 4,000,000 | PREMIUM N'000 13,411,541 | N SURPLUS N'000 17,232,806 | INCOME N'000 -16,825,758 | TOTAL N'000 17,818,589 | |
PROFIT FOR THE PERIOD | 0 | 0 | 0 | -2,341,715 | -2,341,715 | |
PROFIT FOR THE PERIOD | 0 | 0 | 706,673 | 0 | 706,673 | |
BALANCE AS AT DEC 31, 2024 | 4,000,000 | 13,411,541 | 17,939,479 | -19,167,473 | 16,183,547 | |
DAAR COMMUNICATIONS PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH, JUNE 2025 | Dec 31, | |||||
June 30, 2025 | 2024 | |||||
Cash flow from operating activities: | N'000 | N'000 |
Profit/(Loss) before taxation | -291,190 | -2,313,920 |
Add back items not involving movement of funds: | ||
Depreciation | 833,076 | 1,202,855 |
Amortisation | 0 | 819 |
Write down of deferred Tax assets | 0 | 969,241 |
Finance cost | 6,372 | 12,743 |
Other income | -228,050 | 0 |
Gratuity | 23,121 | -139,215 |
343,330 | -267,477 | |
Working capital changes: | ||
(Increase) /Decrease in Trade Receivables | 59,386 | 2,397,788 |
(Increase)/Decrease in Other Receivables and prepayments | -56,124 | -99,545 |
(Increase)/Decrease in Stocks | 0 | 0 |
Increase/(Decrease) in Trade and other payables | -141,308 | -1,449,632 |
-138,046 | 848,611 | |
Tax Paid | 0 | 0 |
Net cash from operating activities | 205,284 | 581,134 |
Cash flows from investing activities: | ||
(Purchase)/Sale of fixed assets | -83,237 | -662,627 |
Investment in AITNEWS24 Limited | 0 | 400,893 |
(Increase)/Decrease in intangible assets | 0 | -15,960 |
Net cash used in investing | -83,237 | -277,694 |
Cash flows from financing activities: | ||
Surbordinated Loan Repaid | -130,891 | -217,363 |
Finance cost | -6,372 | -12,743 |
Net Cash used in financing activities | -137,263 | -230,106 |
Net(decrease)/increase in cash and cash equivalent | -15,216 | 73,334 |
Cash and cash equivalents at 1 January | 202,996 | 129,662 |
Cash and cash equivalents at 30th June | 187,780 | 202,996 |
Represented by: | ||
Bank and cash balances | 187,780 | 202,996 |
Bank Overdraft | 0 | 0 |
Cash and cash equivalents at 30th June | 187,780 | 202,996 |
DAAR COMMUNICATIONS PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH JUNE, 2025 | ||
June 30, | ||
June 30, 2025 | 2024 | |
REVENUE | N'000 | N'000 |
Television | 1,737,884 | 1,722,330 | |
Daar News | 92,572 | 91,954 | |
Radio | 226,524 | 139,257 | |
2,056,980 | 0 | 1,953,542 | |
Profit before taxation | June 30, 2025 | June 30, 2024 | |
This is stated after charging the following: Directors' remuneration - -Fees | N'000 14,500 | N'000 14,500 | |
-Others Auditors remuneration | 11,500 | 7,500 | |
Amortisation | 0 | 819 | |
Depreciation | 833,076 | 568,601 | |
Other receivables and prepayments | N'000 | N'000 | |
Staff Loans and Advances | 3,812 | 4,310 | |
Prepaid Staff Rent | 20,850 | 29,667 | |
Prepaid Expenses | -395 | 40,895 | |
Cash Advance | 153,464 | 46,735 | |
Due from Daar Music Global | 91,004 | 91,004 | |
Withholding Tax of Sales | 106,359 | 106,359 | |
375,094 | 318,970 | ||
CASH & CASH EQUIVALENTS | N'000 | N'000 | |
Cash Balance | 15,060 | 2,707 | |
Bank Banlances | 172,719 | 200,289 | |
187,780 | 202,996 | ||
Share Capital Authorised 8,000,000,000 ordinary shares of 50k each Issued and fully paid | N'000 4,000,000 | N'000 4,000,000 | |
At 1 January Issue of shares during the year | 4,000,000 | 4,000,000 | |
4,000,000 | 4,000,000 | ||
REVALUATION SURPLUS | N'000 | N'000 | |
At 1 january | 17,939,479 | 17,232,806 | |
Current Year Revaluation Surplus | 0 | 706,673 | |
At end of period | 17,939,479 | 17,939,479 | |
RETAINED EARNINGS | N'000 | N'000 | |
At 1 january | 19,167,473 | 16,825,758 | |
Retained Profit/(Loss) | 519,239 | 2,341,715 | |
At end of period | 19,686,712 | 19,167,473 | |
Gratuity | 749,281 | 726,160 | |
749,281 | 726,160 | ||
Other payables | N'000 | N'000 | |
Accrued salary | 1,103,180 | 1,119,059 | |
PAYE | 697,449 | 674,294 | |
Pension fund | 1,956,668 | 1,917,169 | |
Daar Investment Holding Coy Ltd | 197,993 | 198,030 | |
Deferred Revenue | 44,489 | 0 | |
NHF | 63,217 | 61,496 | |
Directors' loan | 222,410 | 222,410 | |
NHIS | 364,460 | 354,559 | |
UNION DUES | 17,165 | 16,487 | |
ITF | 116,511 | 113,370 | |
NSITF | 109,103 | 107,407 | |
Audit fee | 12,930 | 18,000 | |
Directors' Fees | 69,924 | 52,280 | |
VAT | 1,288,776 | 1,125,190 |
Co-operative Society | 14,636 | 14,636 | |||
Withholding tax | 146,236 | 135,324 | |||
Ex-staff Terminal Benefit | 1,110,660 | 1,116,456 | |||
NBC Charges | 444,160 | 498,238 | |||
Accrued Expenses | 339,258 | 327,936 | |||
Accrued Staff Rent | -7,565 | -2,576 | |||
Prov. For Uninvoiced Commitments | 577,508 | 468,460 | |||
8,889,167 | 8,538,226 | ||||
Taxation | June 30, 2025 | June 30, 2024 | |||
N'000 | N'000 | ||||
At 1st Jan. | 748,425 | 720,630 | |||
Tax Adjustment for Previous Years | 0 | 0 | |||
Deferred Tax Asset | 0 | 0 | |||
Charged for the period | 0 | 0 | |||
Paid during period | 0 | 27,795 | |||
At end of period | 748,425 | 748,425 | |||
DAAR COMMUNICATIONS PLC VALUE ADDED STATEMENT | June 30, | June 30, | |||
TURNOVER | 2025 N'000 | % | 2024 N'000 | % | |
TURNOVER | 2,056,980 | 1,953,542 | |||
OTHER INCOME | 228,050 | 48,794 | |||
BOUGHT IN MATERIALS AND SERVICES | 2,285,029 | 2,002,335 | |||
LOCAL | -1,259,816 | -1,927,892 | |||
FOREIGN | -141,645 | -165,449 | |||
VALUE ADDED | 883,569 | 100% | -91,007 | 100% | |
DISTRIBUTED AS FOLLOWS: EMPLOYEES: Salaries, Pension,Welfare | 563,361 | 64% | 668,880 | -735% | |
PROVIDER OF CAPITAL Finance Cost | 6,372 | 1% | 3,568 | -4% | |
TO GOVERNMENT Taxation | 0 | 0% | 0 | 0% | |
PROVIDED for ASSET REPLACEMENT Depreciation of Property, Plant and Equipment | 833,076 | 94% | 568,601 | -625% | |
Amortisation/Provisions | 0 | 0% | 819 | -1% | |
Retained for the Period | -519,239 | -59% | -1,332,875 | 1465% | |
TOTAL VALUE ADDED | 883,569 | 100% | -91,007 | 100% | |
DAAR COMMUNICATIONS PLC FIVE YEAR SUMMARY | June 30, | ||||
2025 Dec 31, 2024 | Dec 31, 2023 | 2,022 | 2,021 | ||
Assets Employed | N'000 | N'000 | N'000 | N'000 | N'000 |
Property, Plant & Equipment | 23,475,811 | 24,228,373 | 24,061,928 | 7,350,313 | 7,898,411 |
Intangible Assets | 37,943 | 37,943 | 22,802 | 24,566 | 26,793 |
Investment | 97,000 | 97,000 | 497,893 | 97,000 | 97,000 |
Deferred Tax Assets | 0 | 0 | 969,241 | 1,882,664 | 2,796,087 |
Net Current Assets | -7,197,165 | -7,453,610 | -6,867,901 | -6,324,201 | -7,075,999 |
Non-Current Liabilities - Gratuity | -749,281 | -726,161 | -865,375 | -817,037 | -760,922 |
Net Assets | 15,664,308 | 16,183,547 | 17,818,589 | 2,213,306 | 2,981,371 |
FUNDS EMPLOYED SHARE CAPITAL | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
SHARE PREMIUM | 13,411,541 | 13,411,541 | 13,411,541 | 13,411,541 | 13,411,541 |
REVALUATION SURPLUS | 17,939,479 | 17,939,479 | 17,232,806 | 0 | 0 |
GENERAL RESERVE | -19,686,712 | -19,167,473 | -16,825,758 | -15,198,235 | -14,430,170 |
SHAREHOLDERS FUND DAAR COMMUNICATIONS PLC | 15,664,308 | 16,183,547 | 17,818,589 | 2,213,306 | 2,981,371 |
TURNOVER | 2,056,980 | 5,250,947 | 4,510,339 | 4,787,259 | 4,806,011 |
PROFIT/(LOSS) BEFORE TAX | -519,239 | -2,313,920 | -1,578,275 | -755,824 | -641,942 |
TAX | 0 | -27,795 | -49,248 | -12,242 | -91,521 |
PROFIT AFTER TAX | -519,239 | -2,341,715 | -1,627,523 | -768,066 | -733,463 |
EARNINGS PER SHARE | -6 | -29 | -20 | -10 | -9 |