MORISON INDUSTRIES PLC |
1ST QUARTER FINANCIAL REPORTS AS AT MARCH 31, 2025 (UNAUDITED) |
5 | ||||
MORISON INDUSTRIES PLC | ||||
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED) | ||||
FOR THE PERIOD ENDED 31 MARCH 2025 | ||||
JAN-'MAR | JAN-'MAR | |||
2025 | 2024 | |||
Notes | N'000 | N'000 | ||
Revenue | 1 | 91,501 | 32,588 | |
Cost of sales | 2 | (64,792) | (31,860) | |
Gross profit | 26,709 | 728 | ||
Distribution expenses | 3 | (7,834) | (5,989) | |
Operating expenses | 4 | (48,334) | (36,756) | |
Other operating Income | 5 | 15,767 | 18,419 | |
Loss from operations | (13,692) | (23,598) | ||
Finance income | 0 | - | ||
Finance expenses | 6 | (4,859) | (4,859) | |
Net finance expenses | (4,859) | (4,859) | ||
Loss before taxation | (18,550) | (28,456) | ||
Tax expense | 0 | - | ||
Loss for the year | (18,550) | (28,456) | ||
Other comprehensive income | ||||
Items that will not be reclassified to profit or loss: | 0 | - | ||
Items that will or may be reclassified to profit or loss: | 0 | - | ||
Total other comprehensive income | 0 | - | ||
Total comprehensive loss | (18,550) | (28,456) | ||
Loss per share(kobo) | - 0.02 | - 0.02 | ||
MORISON INDUSTRIES PLC | 2 | ||||
STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2025 (UNAUDITED) | |||||
31ST MARCH | 31ST, DECEMBER | ||||
Notes | 2025 | 2024 | |||
Assets | N'000 | N'000 | |||
Non-current assets | |||||
Property, plant and equipment | 7 | 1,400,060 | 1,404,511 | ||
1,400,060 | 1,404,511 | ||||
Current assets | |||||
Inventories | 8 | 88,501 | 70,042 | ||
Trade and other receivables | 9 | 86,342 | 78,909 | ||
Cash and cash equivalents | 10 | 33,911 | 19,659 | ||
208,753 | 168,610 | ||||
Total assets | 1,608,813 | 1,573,121 | |||
Liabilities | |||||
Current liabilities | |||||
Borrowings | 11 | 178,581 | 173,723 | ||
Trade and other payables | 12 | 447,449 | 398,066 | ||
Income tax payables | 2,921 | 2,921 | |||
628,952 | 574,710 | ||||
Non-current liabilities | |||||
Employee benefit liabilities | 18 | ||||
Employees' benefit obligations | 13 | 516 | 516 | ||
Deferred tax liabilities | 184,163 | 184,163 | |||
184,678 | 184,678 | ||||
Total liabilities | 813,630 | 759,388 | |||
Net assets | 795,183 | 813,732 | |||
Equity | |||||
Share capital | 14 | 494,581 | 494,581 | ||
Share premium | 15 | 84,477 | 84,477 | ||
Revenue reserve | 16 | (902,910) | (884,360) | ||
Revaluation Reserve | 17 | 1,119,035 | 1,119,035 | ||
Total equity | 795,183 | 813,733 | |||
TITILOYE, Richard Olaniyi | OLADEJO, Akinola Adesoji | AYEGBO, Oluwafemi Olanrewaju | |||
Chairman | Managing Director | Financial Controller | |||
FRC/2013/ICAN/00000003887 | FRC/2021/003/00000022832 | FRC/2021/001/00000022831 | |||
MORISON INDUSTRIES PLC |
STATEMENT OF CHANGES IN EQUITY(UNAUDITED) |
FOR THE PERIOD ENDED 31 DECEMBER 2025 |
Balance at 1 January 2024 |
Comprehensive income for the period: |
Loss for the period |
Other comprehensive income |
Total comprehensive income for the period |
Transactions with owners |
recorded directly in equity |
Dividends to equity holders |
Total transactions with equity owners |
Balance at 31 December 2024 |
Balance at 1 January 2025 |
Comprehensive income for the year/period |
Loss for the year/period |
Other comprehensive income |
Total comprehensive income for the year/period |
Transactions with owners, recorded |
directly in equity |
Dividends to equity holders |
Total transactions with equity owners |
Balance at 31 December 2025 |
3 | ||||
Share | Share | Revaluation | Revenue | Total |
Capital | Premium | Reserve | Reserve | Equity |
N'000 | N'000 | N'000 | N'000 | N'000 |
494,580 | 84,477 | 1,119,035 | (837,531) | 860,561 |
- | - | - | (46,829) | (46,829) |
- | - | - | - | - |
494,580 | 84,477 | 1,119,035 | (884,360) | 813,732 |
- | - | - | ||
- | - | - | - | |
- | ||||
- | - | - | - | - |
494,580 | 84,477 | 1,119,035 | (884,360) | 813,732 |
494,580 | 84,477 | 1,119,035 | (884,360) | 813,732 |
- | - | - | (18,550) | (18,550) |
- | - | - | - | - |
494,580 | 84,477 | 1,119,035 | (902,911) | 1,097,563 |
- | - | |||
- | - | - | - | |
- | - | - | - | - |
494,580 | 84,477 | 1,119,035 | (902,911) | 795,181 |
MORISON INDUSTRIES PLC | ||
STATEMENT OF CASH FLOW (UNAUDITED) | 4 | |
FOR THE PERIOD ENDED 31 MARCH 2025 | ||
MARCH | 31ST, DECEMBER | |
2025 | 2024 | |
N'000 | N'000 | |
Net cash flow from Operating Activities | (29,543) | 5,535 |
Net cash flow from Investing Activities | 32,458 | (1,366) |
Net cash flow from Financing Activities | - | - 2,014 |
Cash and Cash equivalent for the year | 2,916 | 2,155 |
Cash and cash equivalent at the beginning of the year | 16,743 | 14,588 |
Cash and cash equivalent at the end of the year/period | 19,659 | 16,743 |
MORISON INDUSTRIES PLC | 6 | |||||
FINANCIAL STATEMENTS, 31 MARCH 2025 ( UNAUDITED) | ||||||
NOTES TO THE FINANCIAL STATEMENTS | ||||||
JAN-MARCH | JAN-MARCH | |||||
2025 | 2024 | |||||
Revenue and Profit | Revenue | Cost of sales | Gross profit | Revenue | Cost of sales | Gross profit |
Analysis by activities: | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
Pharmaceuticals | 4,278 | 2,295 | 1,983 | - | 0 | - |
LMP-Consumers | 68,375 | 40,626 | 27,749 | 29,799 | 17,957 | #REF! |
Others/Contracts | 18,848 | 575 | 18,274 | 2,789 | 32 | 2,757 |
91,501 | 43,495 | 48,006 | 32,588 | 17,989 | #REF! | |
Cost of sales | 2025 | 2024 | ||||
Cost of sales includes: | N'000 | N'000 | ||||
Materials consumed | 43,495 | 17,989 | ||||
Production salaries and wages | 7,426 | 4,703 | ||||
Repairs and maintenance | 3,189 | 1,984 | ||||
Electricity | 2,676 | 506 | ||||
Depreciation of property, plant and equipment | 357 | 419 | ||||
Oil and gas | 4,013 | 4,820 | ||||
Laboratory Expenses | 1,644 | 587 | ||||
Factory Annual Registration | - | 110 | ||||
Production Uniform | 548 | - | ||||
Technical Analysis Expenses | 30 | - | ||||
Office expenses | 1,415 | 743 | ||||
64,792 | 31,860 | |||||
Distribution expenses | N'000 | N'000 | ||||
Advertisement | 50 | 19 | ||||
Discount allowed and commission | 3,196 | 1,140 | ||||
Trade Samples | 526 | 98 | ||||
Salaries, bonuses and commission | 1,530 | 2,983 | ||||
Local Freight | 1,277 | 1,192 | ||||
Travelling Expenses | 1,073 | 313 | ||||
Application & tender fees | - | 95 | ||||
Transportation | 182 | 149 | ||||
7,834 | 5,989 | |||||
Operating expenses | N'000 | N'000 | ||||
Audit fees | 625 | 625 | ||||
Salaries and wages | 10,235 | 8,957 | ||||
Bank charges | 171 | 87 | ||||
Depreciation on property, plant and equipment | 7,847 | 7,965 | ||||
Directors' emoluments | 1,325 | 450 | ||||
Directors' fees | 1,333 | - | ||||
Electricity | 1,147 | 217 | ||||
Legal Expenses | - | 950 | ||||
Insurance, licence and fees | 1,430 | 825 | ||||
Computer expenses | 323 | 310 | ||||
Land use charges | 81 | 121 | ||||
Office expenses -Note 6('c) | 12,573 | 8,463 | ||||
Postages and telephones | 1,241 | 927 | ||||
7 | ||
2025 | 2024 | |
N'000 | N'000 | |
Professional fees | 3,113 | 638 |
Rent and rates | 221 | 147 |
Repairs and renewals- Offices & premises | 565 | 339 |
Products Registration andLincences | - | - |
Environment Development Charge | 141 | 153 |
Fine & Penalties | - | - |
Deferred Tax | - | - |
Business Premises | - | - |
Secretariat expenses | 1,500 | 1,500 |
Security expenses | 1,527 | 1,306 |
Obsolete and damaged inventory written off | - | - |
Vehicle running expenses | 2,936 | 2,777 |
48,334 | 36,756 | |
Other operating income | ||
This comprises: | N'000 | N'000 |
Bad debts recovered | - | - |
Sales of empty drums and scraps | - | - |
Rent | 14,557 | 15,919 |
Profit on disposal of property, plant and equipment | - | - |
Sundry Income | 1,210 | 2,500 |
15,767 | 18,419 | |
Finance income/ expenses | N'000 | N'000 |
Finance income | - | - |
Finance expenses comprise: | ||
Interest on borrowings | 4,859 | (4,859) |
Net finance expenses | 4,859 | (4,859) |
Directors | N'000 | N'000 |
The aggregate emoluments of the Directors were: | ||
Fees | - | - |
Other emoluments | 1,325 | 450 |
1,325 | 450 | |
Office expenses | ||
Canteen expenses | 830 | 832 |
Donations | - | - |
Subscriptions | 958 | 352 |
Chrismas Gift | - | 20 |
Meals & Entertainment | 754 | 392 |
Newspaper & magazines | 1 | - |
Printing & stationery | 1,285 | 379 |
Staff welfare | 6,597 | 4,444 |
Transportation | 1,985 | 2,042 |
Training expenses | 164 | - |
12,573 | 8,463 |
7 | Property, plant and equipment | Plant, | 7 | ||||
Leasehold | machinery | Computer | Motor | Capital work | |||
land and | and | equipment | Vehicles | in progress | Total | ||
buildings | equipment | ||||||
Cost | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 January 2024 | 387,019 | 62,136 | 2,652 | 66,084 | 7,825 | 525,716 | |
Additions | - | - | - | - | - | ||
Disposals | - | - | - | ||||
Revaluation Surplus | 1,086,481 | - | - | - | - | 1,086,481 | |
At 31 December 2024 | 1,473,500 | 62,136 | 2,652 | 66,084 | 7,825 | 1,612,197 | |
At 1 January 2025 | 1,473,500 | 62,136 | 2,652 | 66,084 | 7,825 | 1,612,197 | |
Additions | - | 3,188 | 565 | - | - | 3,753 | |
Disposals | - | - | - | ||||
At 31 March 2025 | 1,473,500 | 65,324 | 3,217 | 66,084 | 7,825 | 1,615,950 | |
Accumulated depreciation | |||||||
At 1 January 2024 | 58,940 | 50,165 | 2,510 | 65,948 | - | 177,563 | |
Charge for the year | 29,470 | - | 142 | 136 | 29,748 | ||
On disposals | - | - | |||||
Write back on revaluation | - | - | |||||
At 31 December 2024 | 88,410 | 50,165 | 2,652 | 66,084 | - | 207,311 | |
At 1 January 2025 | 88,410 | 50,165 | 2,652 | 66,084 | - | 207,311 | |
Charge for the period | 7,367 | 819 | 17 | - | - | 8,204 | |
Disposals | - | - | - | - | - | - | |
At 31 March 2025 | 95,777 | 50,984 | 2,669 | 66,084 | - | 215,515 | |
Impairment | |||||||
At 1 January 2024 | - | 375 | - | - | - | 375 | |
Impairment | - | - | - | - | - | - | |
At 31 December 2024 | - | 375 | - | - | - | 375 | |
At 31 March 2025 | - | 375 | - | - | - | 375 | |
Impairment | - | - | - | - | - | - | |
Deferred Expenses | - | ||||||
At 31 March 2025 | - | 375 | - | - | - | 375 | |
Carrying amounts at: | |||||||
31 December 2024 | 1,377,723 | 13,965 | 547 | - | 7,825 | 1,400,060 | |
31 December 2023 | 1,385,090 | 11,596 | - | - | 7,825 | 1,404,511 | |
31/03/2025 | 31/12/2024 | 8 | |||||
8. | Inventories | N'000 | N'000 | ||||
Raw materials | 48,330 | 44,374 | |||||
Finished goods | 40,171 | 25,667 | |||||
88,501 | 70,042 | ||||||
Provision for obsolete inventory | (0) | (0) | |||||
88,501 | 70,041 | ||||||
(a) | No inventory was pledged as security for borrowings. | ||||||
9. | Trade and other receivables | N'000 | N'000 | ||||
Trade receivables | 162,282 | 150,912 | |||||
Provision for trade receivables | (103,501) | (103,501) |
Total financial assets other than cash and cash equivalents classified as loans and receivables. | 58,781 | 47,411 | ||
Other receivables and prepayments | 27,561 | 31,498 | ||
86,342 | 78,909 | |||
(a) | Provision for trade receivables | N'000 | N'000 | |
Balance at the beginning of the year | - 103,501 | - 103,501 | ||
Provision for the period | - | - | ||
Write back during the year | - | - | ||
Balance at the end of the period | - 103,501 | - 103,501 | ||
Trade receivables represents receivables from customers for goods sold and other trading | ||||
(b) | The age analysis of trade receivables is as follows: | N'000 | N'000 | |
Past due < 90days | 10,369 | 10,369 | ||
Past due 91-180 days | 6,301 | 6,301 | ||
Past due 181-360 days | 10,044 | 10,044 | ||
Past due 360days and above | 102,097 | 102,097 | ||
128,811 | 128,811 | |||
(c) | The carrying value of trade and other receivables classified as loans and receivables approximates fair value. | |||
N'000 | N'000 | |||
Neither past due nor impaired | 26,714 | 26,714 | ||
Past due but not impaired | 5,758 | 5,758 | ||
Collectively impaired (Provided for in the account) | 96,339 | 96,339 | ||
128,811 | 128,811 | |||
(b) | Other receivables and prepayments: | N'000 | N'000 | |
Staff receivables | 1,120 | 320 | ||
Withholding tax receipts | 14,911 | 14,911 | ||
Withholding tax receivables | 26,205 | 25,006 | ||
Provision for WHT and other receivables | (20,884) | (20,884) | ||
Advance to suppliers | 1,950 | 7,140 | ||
Unpaid invoices | - | - | ||
Input Tax | 657 | 127 | ||
Other receivables | 3,084 | 3,084 | ||
27,043 | 29,705 | |||
Prepayments | 518 | 1,794 | ||
27,561 | 31,498 | |||
(c) | Prepayments | N'000 | N'000 | |
Insurance and Rates | 518 | 1,794 | ||
518 | 1,794 | |||
10. | Cash and cash equivalents | |||
Cash and cash equivalents comprise: | N'000 | N'000 | ||
Cash at bank | 33,908 | 19,614 | ||
Cash in hand | 3 | 45 | ||
Cash and cash equivalents for the purpose of cash flows | 33,911 | 19,659 | ||
11. | Borrowings | N'000 | N'000 | 9 |
(a) | The book value and fair value of borrowings are as follows: | |||
Balance at the beginning of the year | 173,723 | 154,123 | ||
Additions during the year | - | - | ||
Interest charged during the year | 4,859 | 19,600 | ||
Interest paid during the year | - | - | ||
Balance at the end of 31/03/2025 | 178,581 | 173,723 | ||
12. | Trade and other payables | N'000 | N'000 | |
Trade payables | 93,873 | 101,169 | ||
Other payables | 322,229 | 266,365 | ||
Due to related company | 9,800 | 9,800 | ||
Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost | 425,902 | 377,334 | ||
Other payables - Tax | 21,547 | 20,733 | ||
447,449 | 398,066 | |||
(a) | Other payables | N'000 | N'000 | |
Unclaimed dividend | 5,632 | 5,632 | ||
Accruals | 56,028 | 53,972 | ||
Pension payable -Note 12 c | 93,562 | 94,534 | ||
Rent received in advance | 90,330 | 35,539 | ||
Advance deposit by customers | 7,878 | 7,963 | ||
Other payables | 68,799 | 68,725 | ||
322,229 | 266,365 | |||
(b) | Accruals | N'000 | N'000 | |
Wages | 5,502 | 6,821 | ||
Sundry accruals | 26,283 | 25,054 | ||
Audit fees | 2,994 | 3,057 | ||
Secretarial expenses | - 2,525 | - | ||
Chairman's Allowance | 10,875 | 10,500 | ||
Industrial Training Fund | 1,652 | 1,652 | ||
Sales Incentives/Commission | 2,911 | - | ||
Lease charge | 722 | 601 | ||
Directors' fees | 5,300 | 3,975 | ||
Backduty assessments | - | - | ||
Interest expense | 2,313 | 2,313 | ||
56,028 | 53,972 | |||
(c) | Pension payable | N'000 | N'000 | |
Balance at the beginning of the period | 94,534 | 97,154 | ||
Contributions for the period | 1,153 | 4,600 | ||
Remittances | (2,124) | (7,220) | ||
Balance at the end of the period | 93,562 | 94,534 | ||
The Company operates a defined contributory pension scheme for eligible employees. Both | ||||
employer and employee contribute 10% and 8% respectively of the employees' basic, housing | ||||
transport allowances in line with the provisions of the Pensions Reformed Act, 2014 (as | ||||
(d) | Other payables-tax | N'000 | N'000 | 10 |
Value Added Tax | 12,094 | 11,542 | ||
Withholding Tax | 4,300 | 4,208 | ||
PAYE | 5,153 | 4,982 | ||
21,547 | 20,733 | |||
13 | Employees' benefits obligations | N'000 | N'000 | |
Balance at the beginning of the year | 516 | 516 | ||
Provision for the year | - | - | ||
Payments during the year | - | - | ||
Balance at the end of 31/03/2025 | 516 | 516 | ||
14 | Share capital | 31/03/2025 | 31/12/2024 | |
Authorised | N'000 | N'000 | ||
Value | ||||
Ordinary shares of N0.50 each at beginning of the year | 500,000 | 500,000 | ||
Ordinary shares of N0.50 each as at 31 March, 2025 | 500,000 | 500,000 | ||
Number | ||||
Ordinary shares of N0.50 each at beginning of the year | 1,000,000 | 1,000,000 | ||
Ordinary shares of N0.50 each as at 31 March, 2025 | 1,000,000 | 1,000,000 | ||
Issued and fully paid: | ||||
Value | ||||
Ordinary shares of N0.50 each at beginning of the year | 494,581 | 494,581 | ||
Ordinary shares of N0.50 each as at 31 March, 2025 | 494,581 | 494,581 | |
- | |||
Number | |||
Ordinary shares of N0.50 each at beginning of the year | 989,160 | 989,160 | |
Ordinary shares of N0.50 each as at 31 March, 2025 | 989,160 | 989,160 | |
15 | Share premium | ||
Balance at the beginning of the year | 84,477 | 84,477 | |
Balance at the end of 31/03/2025 | 84,477 | 84,477 | |
16 | Revenue reserve | N'000 | N'000 |
Balance at the beginning of the year | (884,360) | (837,531) | |
Transfer from statement of comprehensive income | (18,549) | (46,829) | |
Balance at the end of 31/03/2025 | (902,910) | (884,360) | |
17 | Revaluation reserve | N'000 | N'000 |
Balance at the beginning of the year | 1,119,035 | 1,119,035 | |
Revaluation surplus - Cost | - | - | |
Revaluation surplus - Depreciation | - | - | |
Balance at the end of 31/03/2025 | 1,119,035 | 1,119,035 | |
Less: Tax on revaluation surplus | - | - | |
Balance at the end of 31/03/2025 | 1,119,035 | 1,119,035 | |
Incompliance with Rule 17.15 Disclosure of Dealings in Issuers, Shares, Rules of Exchange 2015 (Issuers' Rule), | |||
Morison Industries Plc (the Company) is currently updating and finalising its Securities Trading Plolicy as | |||
mandated by the Issuers Rule. Thev Policy when becomes effective Applies to all Directors, Audit Committee, | |||
employees of the Company and any other person in possession of insider information from the dealing in the | |||
Company's shares during the Non-Authorised Trading Period, in accordance with the Investment and Security | |||
Act, 2007 and Post Listing Rules of The Nigerian Stock Exchange. | |||