DAAR COMMUNICATIONS PLC
Company No. RC 117587
FINANCIALSTATEMENTSUMMARY
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30TH SEPTEMBER, 2025
FREE FLOAT REPORT AS AT 30 SEPTEMBER 2025
Name of Company: DAAR COMMUNICATIONS PLC
Board Listed: MAIN BOARD
Year/Period End: 30-Sep
Reporting Period THIRD QUARTER YEAR ENDED 30 SEPTEMBER 2025
Share Price as at end Reporting Period: NGN
Shareholding Structure/Free Float Status
30-Sep-25 | 30-Sep-24 | |||
Description Unit | Percentage | Unit | Percent age | |
Issued Share Capital | 8,000,001,000 | 100.00% | 8,000,001 ,000 | 100.00% |
Substantial Shareholdings (5% and above) | ||||
DAAR Investment & Holding Co. Ltd | 4,890,523,000 | 61.13% | 4,890,523 ,000 | 61.13% |
Total Substantial Shareholdings | 4,890,523,000 | 61.13% | 4,890,523 ,000 | 61.13% |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | ||||
Chief Raymond Paul Dokpesi Jnr | 10,000 | 0.01% | 10,000 | 0.01% |
Chief Dr. Marcellinus Anyalechi, FCA | 216,000 | 0.27% | 0 | 0.00% |
Chief Stanley Sagboje | 0 | 0.00% | 0 | 0.00% |
Mallam Gambo Lawan | 15,000 | 0.02% | 15,000 | 0.02% |
Prof. Ralph Akinfeleye | 0 | 0.00% | 0.00% | |
Mr. Emeka Mba | 0 | 0.00% | 0.00% | |
Hon. Magnus Chukwuma Onyibe | 0 | 0.00% | 0.00% | |
Dr. Femi Ademola | 0 | 0.00% | 0.00% | |
Total Directors' Shareholdings | 446,000 | 0.56% | 230,000 | 0.29% |
Other Influential Shareholdings | ||||
Total Other Influential Shareholdings | 0 | 0.00% | 0 | 0.00% |
Free Float in Units and Percentage | 3,109,032,000 | 38.86% | 3,109,248 ,000 | 38.87% |
Free Float in Value | ||||
Declaration:
DAAR Communications Plc with a free float percentage of 34.86% as at 30 September 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 SEPTEMBER 2025 Nine mths to Three mths to Nine mths to Sept Three mthsNote Sept. 2025 | Sept. 2025 | 2024 | to Sept 2024 | |
N'000 | N'000 | N'000 | N'000 | |
Revenue | 3,815,778 | 1,758,798 | 2,888,463 | 934,921 |
Cost of Sales | -2,212,152 | (602,615) | -2,379,322 | -809,292 |
Gross Profit | 1,603,626 | 1,156,183 | 509,141 | 125,630 |
Other Income | 238,757 | 10,707 | 200,673 | 151,880 |
1,842,382 | 1,166,890 | 709,814 | 277,509 | |
Selling Expenses | -118,237 | (45,317) | -116,642 | -26,912 |
Impairment Allowance | 0 | - | -685,067 | -228,356 |
Administration Expenses | -1,730,246 | (614,806) | -1,880,266 | -665,096 |
Finance Charges | -8,495 | (2,124) | -9,557 | -5,989 |
PROFIT BEFORE TAXATION | -14,596 | 504,643 | -1,981,718 | -648,843 |
TAXATION | 0 - | 0 | 0 | |
PROFIT/(LOSS) FOR THE YEAR | -14,596 504,643 | -1,981,718 | -648,843 | |
EPS in kobo -0 6 | -25 | -8 | ||
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 | -14,596 | -14,596 |
BALANCE AS AT SEP. 30, 2025 | 4,000,000 | 13,411,541 | 17,939,479 | -19,182,069 | 16,168,952 |
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DAAR COMMUNICATIONS PLC STATEMENT OF CHANGES IN EQUITY AS AT DECEMBER 31, 2024 SHARE SHARE REVALUATI ON RETAINED CAPITAL PREMIUM SURPLUS INCOME TOTAL N'000 N'000 N'000 N'000 N'000BAL B/F | 4,000,000 | 13,411,541 | 17,232,806 | 16,825,758 | 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 DECEMBER 31, 2024 | 4,000,000 | 13,411,541 | 17,939,479 | -19,167,473 | 16,183,547 |
-
DAAR COMMUNICATIONS PLC STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPT, 2025ASSETS | NOTE | Sept, 2025 | Dec, 2024 | ||
NON-CURRENT ASSETS | N'000 | N'000 | |||
PROPERTY, PLANT & EQUIPMENT | 23,281,671 | 24,228,373 | |||
OTHER INTANGIBLE ASSETS | 37,943 | 37,943 | |||
INVESTMENT - (MTS & AITNEWS24) | 97,000 | 97,000 | |||
CURRENT ASSETS | 23,416,614 | 24,363,316 | |||
TRADE RECEIVABLES | 3,079,759 | 2,607,282 | |||
OTHER DEBTORS & PREPAYMENTS | 3 | 397,257 | 318,970 | ||
CASH & CASH EQUIVALENTS | 4 | 589,764 | 202,996 | ||
TOTAL CURRENT ASSETS | 4,066,779 | 3,129,248 | |||
TOTAL ASSETS | 27,483,393 | 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 | -19,182,069 | -19,167,473 | ||
TOTAL EQUITY | 16,168,951 | 16,183,547 | |||
Non-Current Liabilities Accrued Gratuity | 8 | 743,281 | 726,160 | ||
Total Non-Current Liabilities CURRENT LIABILITIES SURBORDINATED LOAN | 743,281 39,331 | 726,160 144,666 | |||
TRADE PAYABLES | 752,110 | 1,151,541 | |||
OTHER PAYABLES | 9 | 9,031,293 | 8,538,225 | ||
TAXATION | 10 | 748,425 | 748,425 | ||
TOTAL CURRENT LIABILITIES | 10,571,160 | 10,582,857 | |||
27,492,56 | |||||
TOTAL EQUITY AND LIABILITIES | 27,483,393 | 4 | |||
Marcel Anyalechi | Stanley Sagboje | ||||
Ag. CEO | ED, Finance & Accounts/CFO | ||||
FRC/2014/ICAN/00000013647 | FRC/2016/ICAN/00000015580 | ||||
DAAR COMMUNICATIONS PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH, SEPT 2025 | ||
Sept 30, 2025 | Dec 31, 2024 | |
Cash flow from operating activities: | N'000 | N'000 |
Profit/(Loss) before taxation | 224,161 | -2,313,920 |
Add back items not involving movement of funds: Depreciation | 1,041,346 | 1,202,855 |
Amortisation | 0 | 819 |
Write down of deferred Tax assets | 0 | 969,241 |
Impairment allowance on receivable Movements In Trade Receivables | ||
Finance cost | 8,495 | 12,743 |
Other income | -238,757 | 0 |
Gratuity | 17,121 | -139,215 |
1,052,367 | -267,477 | |
Working capital changes: | ||
(Increase) /Decrease in Trade Receivables | -469,754 | 2,397,788 |
(Increase)/Decrease in Other Receivables and prepayments | -78,287 | -99,545 |
(Increase)/Decrease in Stocks | 0 | 0 |
Increase/(Decrease) in Trade and other payables | 93,638 | -1,449,632 |
-454,402 | 848,611 | |
Tax Paid | 0 | 0 |
Net cash from operating activities | 597,965 | 581,134 |
Cash flows from investing activities: | ||
(Purchase)/Sale of fixed assets | -97,367 | -662,627 |
Investment in AITNEWS24 Limited | 0 | 400,893 |
(Increase)/Decrease in intangible assets | 0 | -15,960 |
Net cash used in investing | -97,367 | -277,694 |
Cash flows from financing activities: | ||
Subordinated Loan Repaid | -105,335 | -217,363 |
Finance cost | -8,495 | -12,743 |
Net Cash used in financing activities | -113,830 | -230,106 |
Net(decrease)/increase in cash and cash equivalent | 386,768 | 73,334 |
Cash and cash equivalents at 1 January | 202,996 | 129,662 |
Cash and cash equivalents at 30th Sept | 589,764 | 202,996 |
Represented by: | ||
Bank and cash balances | 589,764 | 202,996 |
Cash and cash equivalents at 30th Sept | 589,764 | 202,996 |
DAAR COMMUNICATIONS PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPT, 2025 | ||
REVENUE | Sept 30, 2025 N'000 | Sept 30, 2024 N'000 |
Television | 3,256,287 | 2,531,631 |
Daar News | 198,263 | 147,489 |
Radio | 349,806 | 209,343 |
Faaji | 11,423 | 0 |
3,815,778 | 2,888,463 | |
Profit before taxation This is stated after charging the following: Directors' remuneration - | 2025 N'000 | 2024 N'000 |
-Fees | 21,750 | 21,750 |
Auditors' remuneration | 17,875 | 11,250 |
Amortisation | 0 | 819 |
Depreciation | 1,041,346 | 853,373 |
Other receivables and prepayments | Sept 30, 2025 N'000 | Dec 31, 2024 N'000 |
Staff Loans and Advances | 3,547 | 4,310 |
Prepaid Staff Rent | 23,505 | 29,667 |
Prepaid Expenses | -8,980 | 40,895 |
Cash Advance | 181,822 | 46,735 |
Due from Daar Music Global | 91,004 | 91,004 |
Withholding Tax on Sales | 106,359 | 106,359 |
397,257 | 318,970 | |
CASH & CASH EQUIVALENTS | N'000 | N'000 |
Cash Balance | 22,752 | 2,707 |
Bank Balances | 567,012 | 200,289 |
589,764 | 202,996 | |
Share Capital | N'000 | N'000 |
8,000,000,000 ordinary shares of 50k each Issued and fully paid | 4,000,000 | 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) | 14,596 | 2,341,715 |
At end of period | 19,182,069 | 19,167,473 |
N'000 | N'000 | |
Gratuity | 743,281 | 726,160 |
743,281 | 726,160 | |
Other payables | N'000 | N'000 |
Accrued salary | 1,097,749 | 1,119,059 |
PAYE | 694,692 | 674,294 |
Pension fund | 1,963,377 | 1,917,169 |
Daar Investment Holding Coy Ltd | 196,066 | 198,030 |
Deferred Revenue | 44,489 | 0 |
NHF | 63,616 | 61,496 |
Directors' loan | 225,210 | 222,410 |
NHIS | 366,855 | 354,559 |
UNION DUES | 17,274 | 16,487 |
ITF | 117,010 | 113,370 |
NSITF | 109,603 | 107,407 |
Audit fee | 19,305 | 18,000 |
Directors' Fees | 76,224 | 52,280 |
VAT | 1,388,404 | 1,125,190 |
Co-operative Society | 14,636 | 14,636 |
Withholding tax | 158,015 | 135,324 |
Ex-staff Terminal Benefit | 1,075,969 | 1,116,456 |
NBC Charges | 470,371 | 498,238 |
Accrued Expenses | 356,873 | 327,936 |
Accrued Staff Rent | -8,329 | -2,576 |
Prov. For Uninvoiced Commitments | 579,716 | 468,460 |
9,027,127 | 8,538,226 |
Sept 30, | Dec 31, | |
Taxation | 2025 | 2024 |
N'000 | N'000 | |
At 1st Jan. | 748,425 | 720,630 |
Paid during period | 0 | 27,795 |
At end of period | 748,425 | 748,425 |
DAAR COMMUNICATIONS PLC VALUE ADDED STATEMENT | |||||
Sept 30, 2025 | Sept 30, 2024 | ||||
TURNOVER | N'000 | % | N'000 | % | |
TURNOVER | 3,815,778 | 2,888,463 | |||
OTHER INCOME | 238,757 | 200,673 | |||
4,054,535 | 3,089,136 | ||||
BOUGHT IN MATERIALS AND SERVICES LOCAL | -2,023,858 | -2,876,601 | |||
FOREIGN | -157,710 | -255,453 | |||
VALUE ADDED | 1,872,967 | 100% | -42,918 | 100% | |
DISTRIBUTED AS FOLLOWS: | |||||
EMPLOYEES: | |||||
Salaries, Pension,Welfare | 837,721 | 45% | 1,075,052 | -2505% | |
PROVIDER OF CAPITAL | |||||
Finance Cost | 8,495 | 0% | 9,557 | -22% | |
TO GOVERNMENT | |||||
Taxation | 0 | 0% | 0 | 0% | |
PROVIDED for ASSET REPLACEMENT | |||||
Depreciation of Property, Plant and | |||||
Equipment | 1,041,346 | 56% | 853,373 | -1988% | |
Amortisation/Provisions | 0 | 0% | 819 | -2% | |
Retained for the period | -14,596 | -1% | -1,981,718 | 4617% | |
TOTAL VALUE ADDED | 1,872,967 | 100% | -42,918 | 100% | |
DAAR COMMUNICATIONS PLC | |||||
FIVE YEAR SUMMARY | Sept 30, | Dec 31, | Dec 31, | Dec 31, | Dec 31, |
2025 | 2024 | 2023 | 2022 | 2021 | |
Assets Employed | N'000 | N'000 | N'000 | N'000 | N'000 |
Property, Plant & Equipment | 23,281,671 | 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 | -6,504,382 | -7,453,610 | -6,867,901 | -6,324,201 | -7,075,999 |
Non-Current Liabilities - Gratuity | -743,281 | -726,161 | -865,375 | -817,037 | -760,922 |
Net Assets | 16,168,951 | 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 PREMIUN | 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 | -19,182,069 | -19,167,473 | -16,825,758 | -15,198,235 | -14,430,170 |
SHAREHOLDERS FUND | 16,168,951 | 16,183,547 | 17,818,589 | 2,213,306 | 2,981,371 |
DAAR COMMUNICATIONS PLC | |||||
TURNOVER | 3,815,778 | 5,250,947 | 4,510,339 | 4,787,259 | 4,806,011 |
PROFIT/(LOSS) BEFORE TAX | -14,596 | -2,313,920 | -1,578,275 | -755,824 | -641,942 |
TAX | 0 | -27,795 | -49,248 | -12,242 | -91,521 |
PROFIT AFTER TAX | -14,596 | -2,341,715 | -1,627,523 | -768,066 | -733,463 |
EARNINGS PER SHARE | -0 | -29 | -20 | -10 | -9 |