DAAR COMMUNICATIONS PLC
Company No. RC 117587
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31ST DECEMBER, 2024
DAAR COMMUNICATIONS PLC
STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMER, 2024
ASSETS | Dec, 2024 | Dec, 2023 | |
NON CURRENT ASSETS | N'000 | N'000 | |
PROPERTY,PLANT & EQUIPMENT | 24,223,024 | 24,061,928 | |
OTHER INTANGIBLE ASSETS | 39,478 | 22,802 | |
INVESTMENT - (MTS & AITNEWS24) | 97,000 | 497,893 | |
DEFERRED TAX ASSETS | 0 | 969,241 | |
24,359,502 | 25,551,864 | ||
CURRENT ASSETS | |||
TRADE RECEIVABLES | 2,666,645 | 5,005,070 | |
OTHER DEBTORS & PREPAYMENTS | 3 | 292,609 | 219,424 |
CASH & CASH EQUIVALENTS | 4 | 188,617 | 129,662 |
TOTAL CURRENT ASSETS | 3,147,871 | 3,444,919 | |
TOTAL ASSETS | 27,507,373 | 28,996,783 | |
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 | 17,232,806 |
RETAINED EARNINGS | 7 | -19,580,229 | -16,825,758 |
TOTAL EQUITY | 15,770,791 | 17,818,589 | |
Non-Current Liabilities | |||
Accrued Gratuity | 8 | 726,160 | 865,375 |
Total Non-Current Liabilities | 726,160 | 865,375 | |
CURRENT LIABILITIES | |||
SURBORDINATED LOAN | 150,662 | 362,029 | |
TRADE PAYABLES | 1,114,814 | 2,884,999 |
OTHER PAYABLES | 9 | 9,073,564 | 8,254,398 |
TAXATION | 10 | 671,382 | 720,630 |
TOTAL CURRENT LIABILITIES | 11,010,422 | 12,222,056 | |
TOTAL EQUITY AND LIABILITIES | 27,507,373 | 30,906,020 |
Marcel Anyalechi | Stanley Sagboje |
Ag. CEO | ED, Finance & Accounts/CFO |
FRC/2014//CAN/00000013647 | FRC/2016/ICAN/00000015580 |
DAAR COMMUNICATIONS PLC | |||||
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | |||||
FOR THE QUARTER ENDED 31ST DECEMBER, 2024 | |||||
Twelve mths to Dec. | |||||
Twelve mths to Dec 2024 | Three mths to Dec 2024 | 2023 | Three mths to Dec. 2023 | ||
N'000 | N'000 | N'000 | N'000 | ||
Revenue | 4,991,927 | 2,103,464 | 4,510,339 | 1,316,946 | |
Cost of Sales | -3,827,817 | (1,448,495) | -2,799,156 | -545,558 | |
Gross Profit | 1,164,110 | 654,970 | 1,711,183 | 771,389 | |
Other Income | 93,111 | (107,563) | 445,308 | 277,413 | |
1,257,221 | 547,407 | 2,156,491 | 1,048,802 | ||
Selling Expenses | -283,071 | (166,429) | -403,282 | -305,423 | |
Impairment Allowance | -969,241 | (284,174) | -913,450 | ||
Administration Expenses | -2,862,971 | (982,705) | -2,338,415 | -1,549,867 | |
Finance Charges | -12,743 | (3,186) | -10,370 | -1,784 | |
PROFIT BEFORE TAXATION | -2,870,805 | -889,087 | -1,509,027 | -808,273 | |
TAXATION | 0 | - | 0 | 0 | |
PROFIT/(LOSS) FOR THE YEAR | -2,870,805 | -889,087 | -1,509,027 | -808,273 | |
EPS in kobo | -36 | (11) | -19 | -10 | |
DAAR COMMUNICATIONS PLC | |||||
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2024 | |||||
REVALUATION | |||||
SHARE CAPITAL | SHARE PREMIUM | SURPLUS | RETAINED INCOME | TOTAL | |
N'000 | N'000 | N'000 | N'000 | N'000 | |
BAL B/F | 4,000,000 | 13,411,541 | 17,232,806 | -16,709,423 | 17,934,924 |
PROFIT FOR THE PERIOD TO DECEMBER | 0 | 0 | 706,673 | -2,870,805 | -2,164,133 |
BALANCE AS AT DEC. 31, 2024 | 4,000,000 | 13,411,541 | 17,939,479 | -19,580,229 | 15,770,791 |
DAAR COMMUNICATIONS PLC | |||||
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2023 | |||||
REVALUATION | |||||
SHARE CAPITAL | SHARE PREMIUM | SURPLUS | RETAINED INCOME | TOTAL |
N'000 | N'000 | N'000 | N'000 | N'000 | |
BAL B/F | 4,000,000 | 13,411,541 | 0 | -15,198,235 | 2,213,306 |
PROFIT FOR THE PERIOD TO DECEMBER | 0 | 0 | 0 | -1,509,027 | -1,509,027 |
BALANCE AS AT DEC. 31, 2023 | 4,000,000 | 13,411,541 | 0 | -16,707,262 | 704,279 |
DAAR COMMUNICATIONS PLC | ||
STATEMENT OF CASH FLOWS | ||
FOR THE PERIOD ENDED 31ST, DEC 2024 | ||
Dec 31, 2024 | Dec 31, 2023 | |
Cash flow from operating activities: | N'000 | N'000 |
Profit/(Loss) before taxation | -2,777,695 | -1,578,275 |
Add back items not involving movement of funds: | ||
Depreciation | 1,201,565 | 815,573 |
Amortisation | 819 | 1,764 |
Revalaution surplus | 706,673 | 0 |
Write down of deferred Tax assets | 969,241 | 913,423 |
Prior year adjustment | -0 | -0 |
Impairment allowance on receivable | ||
Movements In Trade Receivables | ||
Finance cost | 12,743 | 10,370 |
Other income | -93,111 | 0 |
Finance income | 0 | 0 |
Gratuity | -139,215 | 48,338 |
-118,981 | 211,194 | |
Working capital changes: | ||
(Increase) /Decrease in Trade Receivables | 2,408,151 | -2,278,823 |
(Increase)/Decrease in Other Receivables and prepayments | -73,185 | -13,803 |
(Increase)/Decrease in Stocks | 0 | 0 |
Increase/(Decrease) in Trade and other payables | -951,019 | 2,681,616 |
1,383,947 | 388,990 | |
Tax Paid | 0 | -14,831 |
Net cash from operating activities | 1,264,966 | 585,352 |
Cash flows from investing activities: | ||
(Purchase)/Sale of fixed assets | -1,365,390 | -294,380 |
Investment in AITNEWS24 Limited | 400,893 | -400,893 |
(Increase)/Decrease in intangible assets | -17,403 | -90 |
Net cash used in investing | -981,900 | -695,363 |
Cash flows from financing activities: | ||
Bank loan received | 0 | 0 |
Bank loan repaid | 0 | 0 |
Surbordinated Loan Repaid | -211,367 | 86,154 |
Finance cost | -12,743 | -10,370 |
Net Cash used in financing activities | -224,110 | 75,783 |
Net(decrease)/increase in cash and cash equivalent | 58,955 | -34,228 |
Cash and cash equivalents at 1 January | 129,662 | 163,800 |
Cash and cash equivalents at 31st December | 188,617 | 129,572 |
Represented by: | ||
Bank and cash balances | 188,617 | 129,663 |
Bank Overdraft | 0 | 0 |
Cash and cash equivalents at 31st December | 188,617 | 129,663 |
DAAR COMMUNICATIONS PLC | ||||
NOTES TO THE FINANCIAL STATEMENTS | ||||
FOR THE YEAR ENDED 31ST DECEMBER, 2024 | ||||
Dec 31, 2024 | Dec 31, 2023 | |||
1 | REVENUE | N'000 | N'000 | |
Television | 4,487,969 | 4,134,905 | ||
Daar News | 178,002 | 0 | ||
Radio | 325,956 | 375,434 | ||
4,991,927 | 0 | 4,510,339 | ||
2 | Profit before taxation | Dec 31, 2024 | Dec 31, 2023 | |
This is stated after charging the following: | N'000 | N'000 | ||
Directors' remuneration - | ||||
-Fees | 29,000 | 29,000 | ||
-Others | ||||
Auditors remuneration | 15,000 | 15,000 | ||
Amortisation | 819 | 1,764 | ||
Depreciation | 1,201,565 | 815,573 | ||
3 Other receivables and prepayments | N'000 | N'000 | ||
Staff Loans and Advances | 4,310 | 7,075 | ||
Prepaid Staff Rent | 29,452 | 35,040 | ||
Prepaid Expenses | 9,296 | 10,649 | ||
Cash Advance | 52,189 | 9,499 | ||
Due from Daar Music Global | 91,004 | 91,004 | ||
Withholding Tax of Sales | 106,359 | 66,156 | ||
292,609 | 219,424 | |||
4 CASH & CASH EQUIVALENTS | N'000 | N'000 | ||
Cash Balance | 57,568 | 639 | ||
Bank Banlances | 131,049 | 129,023 | ||
188,617 | 129,662 | |||
5 | Share Capital | N'000 | N'000 | |
Authorised | ||||
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 | |||
6 | REVALUATION SURPLUS | N'000 | N'000 | |
At 1 january | 17,232,806 | 0 | ||
Current Year Revaluation Surplus | 706,673 | 17,232,806 | ||
At end of period | 17,939,479 | 17,232,806 |
7 | RETAINED EARNINGS | N'000 | N'000 |
At 1 january | -16,825,758 | -15,198,235 | |
Retained Profit/(Loss) | -2,870,805 | 1,627,523 | |
At end of period | -19,696,563 | 16,825,758 | |
8 | Gratuity | 726,160 | 865,375 |
726,160 | 865,375 |
9 Other payables | N'000 | N'000 | |
Accrued salary | 1,122,691 | 1,335,469 | |
PAYE | 674,294 | 612,656 | |
Pension fund | 1,917,169 | 1,809,342 | |
Daar Investment Holding Coy Ltd | 198,030 | 185,287 | |
NHF | 61,496 | 71,183 | |
Directors' loan | 222,410 | -0 | |
NHIS | 354,559 | 391,413 | |
UNION DUES | 16,487 | 15,209 | |
ITF | 113,370 | 105,221 | |
NSITF | 107,407 | 100,725 | |
Audit fee | 15,000 | 15,000 | |
Directors' Fees | 54,280 | 67,884 | |
VAT | 1,658,170 | 1,385,398 | |
Co-operative Society | 14,636 | 14,636 | |
Withholding tax | 135,234 | 115,910 | |
Ex-staff Terminal Benefit | 1,121,194 | 774,177 | |
NBC Charges | 488,184 | 480,961 | |
Accrued Expenses | 348,193 | 331,162 | |
Accrued Staff Rent | -1,456 | 647 | |
Prov. For Uninvoiced Commitments | 452,214 | 442,118 | |
9,073,564 | 0 | 8,254,397 |
10 Taxation | Dec 31, 2024 | Dec 31, 2023 |
N'000 | N'000 | |
At 1st Jan. | 671,382 | 686,214 |
Tax Adjustment for Previous Years | 0 | 0 |
Deferred Tax Asset | 0 | 0 |
Charged for the period | 0 | 0 |
Paid during period | 0 | -14,831 | ||
At end of period | 671,382 | 671,382 | ||
DAAR COMMUNICATIONS PLC | ||||
VALUE ADDED STATEMENT | ||||
Dec 31, 2024 | Dec 31, 2023 | |||
TURNOVER | N'000 | % | N'000 | % |
TURNOVER | 4,991,927 | 4,510,339 | ||
OTHER INCOME | 93,111 | 445,308 | ||
5,085,038 | 4,955,648 | |||
BOUGHT IN MATERIALS AND SERVICES | ||||
LOCAL | -4,946,441 | -4,037,068 | ||
FOREIGN | -331,241 | -258,550 | ||
VALUE ADDED | -192,644 | 100% | 660,030 | 100% |
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