Year end - financial statement for 2025

DAAR COMMUNICATIONS PLC

STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2025

ASSETS

Dec, 2025

Dec, 2024

NON CURRENT ASSETS

N'000

N'000

PROPERTY,PLANT & EQUIPMENT

23,775,933

24,228,373

OTHER INTANGIBLE ASSETS

37,943

37,943

INVESTMENT - (MTS & AITNEWS24)

97,000

97,000

23,910,875

24,363,316

CURRENT ASSETS

TRADE RECEIVABLES

2,763,778

2,607,282

OTHER DEBTORS & PREPAYMENTS 3

322,657

318,970

CASH & CASH

EQUIVALENTS 4

311,688

202,996

TOTAL CURRENT ASSETS

3,398,123

3,129,248

TOTAL ASSETS

27,308,998

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

18,027,879

17,939,479

RETAINED EARNINGS 7

(18,307,975)

(19,167,473)

TOTAL EQUITY

17,131,444

16,183,547

Non-Current Liabilities

Accrued Gratuity 8

574,494

726,160

BANK LOAN 9

650,481

0

Total Non-Current Liabilities

1,224,974

726,160

CURRENT LIABILITIES

SURBORDINATED LOAN

(28,392)

144,666

TRADE PAYABLES

794,558

1,151,541

OTHER PAYABLES 10

8,062,178

8,538,225

TAXATION 11

124,235

748,425

TOTAL CURRENT LIABILITIES

8,952,579

10,582,857

TOTAL EQUITY AND LIABILITIES

27,308,998

27,492,564

Twelve mths to

Three mths to

Twelve mths to

Three mths

Dec. 2025

Dec. 2025

Dec 2024

to Dec 2024

N'000

N'000

N'000

N'000

Revenue

5,481,169

1,665,391

5,250,947

2,103,464

Cost of Sales

(3,322,438)

(1,110,285)

(3,772,115)

(1,448,495)

Gross Profit

2,158,732

555,106

1,478,832

654,970

Other Income

425,762

187,005

555,431

(107,563)

2,584,494

742,111

2,034,263

547,407

Selling Expenses

(688,772)

(570,535)

(146,455)

(166,429)

Impairment Allowance

0

0

(969,241)

(284,174)

Administration Expenses

(2,477,097)

(746,851)

(3,219,744)

(982,705)

Finance Charges

(52,833)

(44,338)

(12,743)

(3,186)

PROFIT BEFORE TAXATION

(634,208)

(619,613)

(2,313,920)

(889,087)

TAXATION

0 0

(27,795)

0

PROFIT/(LOSS) FOR THE YEAR

(634,208)

(619,613)

(2,341,715)

(889,087)

EPS in kobo

(8)

(8)

(36)

(11)

SHARE CAPITAL

SHARE PREMIUM

REVALUATION

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

PRIOR YEAR

1,493,706

1,493,706

FOR THE PERIOD TO DECEMBER

0

0

88,400

(634,208)

(545,808)

BALANCE AS AT DEC. 31, 2025

4,000,000

13,411,541

18,027,879

(18,307,975)

17,131,444

SHARE CAPITAL

SHARE PREMIUM

REVALUATION

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

(16,825,758)

17,818,589

PRIOR YEAR

PROFIT FOR THE PERIOD TO DECEMBER

0

0

706,673

0

(2,341,715)

0

(1,635,042)

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 31ST, DEC 2025

Dec 31,

Cash flow from operating

Dec 31, 2025

2024

activities:

N'000

N'000

Profit/(Loss) before taxation

Add back items not involving movement of funds:

(208,446)

0

(2,313,920)

Depreciation

1,389,015

1,202,855

Amortisation

0

819

Revaluation surplus

88,400

0

Adjustment for Tax

(614,190)

0

Write down of deferred Tax assets

0

969,241

Prior year adjustment Impairment allowance on receivable

1,493,706

0

(0)

Movements In Trade Receivables

0

Finance cost

52,833

12,743

Other income

(425,762)

0

Finance income

0

0

Gratuity

(151,666)

(139,215)

1,623,890

(267,477)

Working capital changes: (Increase) /Decrease in Trade Receivables

(153,672)

2,397,788

(Increase)/Decrease in Other Receivables and prepayments

(3,687)

(99,545)

(Increase)/Decrease in Stocks

0

0

Increase/(Decrease) in Trade and other payables

(833,030)

(1,449,632)

(990,389)

848,611

Tax Paid

(10,000)

0

Net cash from operating activities

623,501

581,134

Cash flows from investing activities:

(Purchase)/Sale of fixed assets

(939,399)

(662,627)

Investment in AITNEWS24 Limited

0

400,893

(Increase)/Decrease in intangible assets

0

(15,960)

Net cash used in investing

(939,399)

(277,694)

Cash flows from financing activities:

Bank loan received

650,481

0

Bank loan repaid

0

0

Surbordinated Loan Repaid

(173,058)

(217,363)

Finance cost

(52,833)

(12,743)

Net Cash used in financing activities

424,590

(230,106)

Net(decrease)/increase in cash and cash equivalent

108,692

73,334

Cash and cash equivalents at 1 January

202,996

129,662

Cash and cash equivalents at 30st Dec

311,688

202,996

Represented by:

Bank and cash balances

311,688

202,996

Bank Overdraft

0

0

Cash and cash equivalents at 30st Dec

311,688

202,996

DAAR COMMUNICATIONS PLC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST

DEC, 2025

Dec 31,

1 REVENUE

Dec 31, 2025

N'000

2024

N'000

Television

4,179,507

4,600,346

Daar News

363,747

261,256

DVSL

380,631

389,345

Radio

432,547

0

Faaji

124,738

0

5,481,169

0

5,250,947

2 Profit before taxation

Dec 31, 2025

Dec 31,

2024

This is stated after charging the following: Directors' remuneration -

-Fees

N'000

29,000

N'000

29,000

Auditors remuneration

23,000

18,000

Amortisation

0

819

Depreciation

1,389,015

1,201,565

Dec 31, 2025

Dec 31,

2024

Other receivables and

3 prepayments

N'000

N'000

Staff Loans and Advances

3,712

4,310

Prepaid Staff Rent

20,482

29,667

Prepaid Expenses

23,299

40,895

Cash Advance

77,801

46,735

Due from Daar Music Global

91,004

91,004

Withholding Tax of Sales

106,359

106,359

322,657

318,970

CASH & CASH

4 EQUIVALENTS

N'000

N'000

Cash Balance

11,380

2,707

Bank Banlances

300,307

200,289

311,688

202,996

5 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

6 REVALUATION SURPLUS

N'000

N'000

At 1 january

17,939,479

17,232,806

Current Year Revaluation Surplus

88,400

706,673

At end of period

18,027,879

17,939,479

7 RETAINED EARNINGS

N'000

N'000

At 1 january

19,167,473

16,825,758

Prior year adjustment

(1,493,706)

(0)

Retained Profit/(Loss)

634,208

2,341,715

At end of period

18,307,975

19,167,473

8 Gratuity

574,494

726,160

574,494

726,160

8 Bank Loan

650,481

0

650,481

0

10 Other payables

N'000

N'000

Accrued salary

717,832

1,119,059

PAYE

715,819

674,294

Pension fund

1,994,006

1,917,169

Daar Investment Holding Coy Ltd

0

198,030

Deferred Revenue

44,489

0

NHF

50,367

61,496

Directors' loan

210,819

222,410

NHIS

289,599

354,559

UNION DUES

17,700

16,487

ITF

119,043

113,370

NSITF

111,635

107,407

Audit fee

15,430

18,000

Directors' Fees

78,099

52,280

VAT

678,576

1,125,190

Co-operative Society

14,636

14,636

Withholding tax

119,842

135,324

Ex-staff Terminal Benefit

1,536,873

1,116,456

NBC Charges

493,652

498,238

Accrued Expenses

367,416

327,936

Accrued Staff Rent Prov. For Uninvoiced Commitments

310

486,034

(2,576)

468,460

8,062,178

8,538,226

11 Taxation

At 1st Jan.

Dec 31, 2025

N'000

748,425

Dec 31, 2024

N'000

720,630

Tax Adjustment for Previous Years

(614,190)

0

Charged for the period

0

27,795

Paid during period

(10,000)

0

At end of period

124,235

748,425

DAAR COMMUNICATIONS PLC

VALUE ADDED STATEMENT

Dec 31,

2025

Dec 31, 2024

TURNOVER

N'000

%

N'000

%

TURNOVER

5,481,169

5,250,947

OTHER INCOME

425,762

555,431

BOUGHT IN MATERIALS AND

5,906,931

5,806,378

SERVICES

LOCAL

(3,876,897)

(5,102,560)

FOREIGN

(146,430)

(338,061)

VALUE ADDED

1,883,605

100%

365,757

100%

DISTRIBUTED AS FOLLOWS:

EMPLOYEES:

Salaries, Pension,Welfare

1,075,964

57%

1,463,261

-759%

PROVIDER OF CAPITAL

Finance Cost

52,833

3%

12,743

-7%

TO GOVERNMENT

Taxation

0

0%

0

0%

and

Equipment

1,389,015

74%

1,202,855

-624%

Amortisation/Provisions

0

0%

819

0%

Retained for the year

(634,208)

-34%

(2,313,920)

1490%

TOTAL VALUE ADDED

1,883,605

100%

365,757

100%

DAAR COMMUNICATIONS PLC

FIVE YEAR SUMMARY

Dec 31,

Dec 31,

2025

2024

Dec 31, 2023

2,022

2,021

Assets Employed

N'000

N'000

N'000

N'000

N'000

Property, Plant & Equipment

23,775,933

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

(5,316,505)

(7,453,610)

(6,867,901)

(6,324,201)

(7,075,999)

Non-Current Liabilities -Gratuity

(1,462,926)

(726,161)

(865,375)

(817,037)

(760,922)

Net Assets

17,131,444

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

18,027,879

17,939,479

17,232,806

0

0

GENERAL RESERVE

(18,307,975)

(19,167,473)

(16,825,758)

(15,198,235)

(14,430,170)

SHAREHOLDERS FUND DAAR COMMUNICATIONS PLC

17,131,444

16,183,547

17,818,589

2,213,306

2,981,371

TURNOVER

5,481,169

5,250,947

4,510,339

4,787,259

4,806,011

PROFIT/(LOSS) BEFORE TAX

(634,208)

(2,313,920)

(1,578,275)

(755,824)

(641,942)

TAX

0

(27,795)

(49,248)

(12,242)

(91,521)

PROFIT AFTER TAX

(634,208)

(2,341,715)

(1,627,523)

(768,066)

(733,463)

EARNINGS PER SHARE

(8)

(29)

(20)

(10)

(9)