Morison Industries PlcNSENG: MORISON

Quarter 1 - financial statement for 2026

May 4, 2026 at 3:39 PM UTC · MarketScreener

MORISON INDUSTRIES PLC

1ST QUARTER 2026 FINANCIAL REPORT FOR THE QUARTER ENDED MARCH 31, 2026. (UNAUDITED)

MORISON INDUSTRIES PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED) FOR THE PERIOD ENDED 31 MARCH 2026

JAN - MAR	JAN - MAR
2026	2025
N'000	N'000

Notes

Revenue	1	135,251	91,501
Cost of sales	2	(84,055)	(64,792)

51,196

26,709

Gross profit

Distribution expenses

(21,946)

(7,834)

Operating expenses (4a&b)	4	(59,087)	(48,332)
Other operating Income	5	26,539	15,767

Loss from operations		(3,298)	(13,689)
Finance income		-	-
Finance expenses	6	(4,859)	(4,859)
Net finance expenses		(4,859)	(4,859)
Loss before taxation		(8,156)	(18,548)

Tax expense

(8,156)

(18,548)

Loss for the year Other comprehensive income

Items that will not be reclassified to profit or loss:	-	-
Items that will or may be reclassified to profit or loss:	-	-
Total other comprehensive income	-	-

(8,156)

(18,548)

Total comprehensive loss

(0.82)

(1.88)

Loss per share(kobo)

MORISON INDUSTRIES PLC 2

31ST MARCH

2026

N'000

1,378,726

Notes

STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2026 (UNAUDITED)

31ST, DECEMBER

2025

N'000

Assets

Non-current assets

Property, plant and equipment

1,384,590

Current assets		1,378,726
Inventories	8	96,794
Trade and other receivables	9	188,365
Cash and cash equivalents	10	272,223
		557,382

75,140

149,384

150,101

374,625

1,384,590

Liabilities
Current liabilities
Borrowings	11	198,181
Trade and other payables	12	314,193
Income tax payables		4,710
		517,085

193,323

534,419

4,710

732,452

Total assets 1,936,108 1,759,215

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	701,763		917,131
Net assets	1,234,345		842,084

Equity
Share capital	14	761,580
Share premium	15	217,896
Revenue reserve	16	(864,165)
Revaluation Reserve	17	1,119,035

494,581

84,477

(856,009)

1,119,035

1,234,345

842,084

Total equity

The financial statements and accompanying notes were approved and authorised for issue by the

Board of Directors on 21 April 2026 and signed on its behalf by:

TITILOYE, Richard Olaniyi

Chairman

FRC/2013/ICAN/00000003887

OLADEJO, Akinola Adesoji

Managing Director

FRC/2021/003/00000022832

ABIOYE, Olajide Adedayo

Financial Controller

FRC/2017/ICAN/00000016358

MORISON INDUSTRIES PLC 4

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	(837,534)	860,558

STATEMENT OF CHANGES IN EQUITY(UNAUDITED) FOR THE PERIOD ENDED 31 MARCH 2026

Balance at 1 January 2025

Comprehensive income for the period:

Loss for the period

Other comprehensive income

-	-	-	(18,475)	(18,475)
-	-	-	-	-

494,580

84,477

1,119,035

(856,009)

842,083

267,000	133,419			400,419
	-	-	-	-
-
267,000 761,580	133,419 217,896	- 1,119,035	- (856,009)	400,419 1,242,502

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 2025

761,580

217,896

1,119,035

(856,009)

1,242,502

Balance at 1 January 2026

Comprehensive income for the year/period

Profit for the year/period

Other comprehensive income

-	-	-	(8,156)	(8,156)
-	-	-	-	-

Total comprehensive income for the year/period

761,580

217,896

1,119,035

(864,165)

1,234,346

Transactions with owners, recorded

directly in equity

-			-
-	-	-	-

Dividends to equity holders

761,580

217,896

1,119,035

(864,165)

1,234,346

Total transactions with equity owners Balance at 31 March 2026

MORISON INDUSTRIES PLC STATEMENT OF CASH FLOW (UNAUDITED) 5 FOR THE PERIOD ENDED 31 MARCH 2026

MARCH	31ST, DECEMBER
2026	2025
N'000	N'000

Net cash flow from Operating Activities

(298,354)

115,259

Net cash flow from Investing Activities

5,864

19,900

Net cash flow from Financing Activities

400,418

Cash and Cash equivalent for the year

107,928

135,159

Cash and cash equivalent at the beginning of the year

164,295

29,136

Cash and cash equivalent at the end of the year/period

272,223

164,295

MORISON INDUSTRIES PLC						5
FINANCIAL STATEMENTS, 31ST MARCH 2026 ( UNAUDITED)
NOTES TO THE FINANCIAL STATEMENTS
		MARCH			DECEMBER
		2026			2025
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	0	-	-	4,278	2,294	1,984

LMP-Consumers	131,152	63,053	68,099	68,375	40,626	27,749
Others/Contracts	4,099	2,479	1,620	18,848	575	18,274
Gross Contribution	135,251	65,533	69,719	91,501	43,494	48,006

Cost of sales

Cost of sales includes:

Materials consumed

Production salaries and wages

Repairs and maintenance

Electricity

Depreciation of property, plant and equipment

Obsolete and damaged inventory written off

Technical & Analytical Charges

Factory Annual Registration

Laboratory Expenses

Production Uniform

Product Registration

Office Expenses

Oil and gas

2026	2025
N'000	N'000
65,533	43,494
5,560	7,426
4,771	3,189
2,163	2,676
474	357
842	-
248	30
131	-
- 148	1,644
-	548
-	-
1,254	1,415
3,230	4,013

84,055 64,792

Distribution expenses

Discount allowed and commission

Salaries and bonuses

Application/Tender Fees

Freight

Transportation

Stock Trade Gifts/Samples

Business Acquisition Expenses

Travel Expenses

N'000
1,391
7,037
5,008
80
1,709
25
862
728
5,106

N'000
50
3,196
1,530
-
1,277
182
526
-
1,073

21,946 7,834

Operating expenses

Audit fees

Salaries and wages

Bank charges

Depreciation on property, plant and equipment

Company Social Responsility

Donations

Electricity

Environment Development Charge

Insurance, licence and fees

Computer expenses

Legal Expenses

Land use charges

Office expenses -Note 4('a)

Postages and telephones

N'000
625
11,823
385
7,982
-
-
927
-
850
200
1,000
121
12,249
1,223

N'000
625
10,235
171
7,847
-
-
1,147
141
1,430
323
-
81
12,410
1,241

Consultancy fees

Provision for other receivables

Fine & penalty

Other Admin Expenses

Provision for doubtful debt (ECL)

Rent and rates

Repairs and renewals- Offices & premises

Secretariat expenses

Security expenses

Training, Conferences & Seminar expenses

Travelling Expenses

Vehicle running expenses

Office expenses

Canteen expenses

Meal & Entertainment

Hotel and Accomodation Expenses

Products Registration

Chrismas Gift

Subscriptions

Newspapers and Magazines

Recruitment expenses

Local transport

Industrial Training Fund

Printing & stationery

Staff welfare

Directors

The aggregate emoluments of the Directors were:

Fees

Other emoluments

Other operating income

This comprises:

Doubtful Debt Recovered

Other Sundry Income

Write back of provision on trade receivables

Sundry Income

Write back of accruals no longer required

Sales of empty drums and scraps

Bank interest received

Rental and freight

Finance income/ expenses

Finance income

Finance expenses comprise:

Interest on borrowings

Net finance expenses

2026

N'000

2025

N'000

1,278
-
-
-
-
220
1,317
10,682
1,312
35
-
3,914
56,142

3,113
-
-
-
-
220
565
1,500
1,527
164
-
2,936
45,674

684
1,323
-
100
-
1,057
-
-
2,093
-
524
6,467
12,249

830
754
-
-
-
958
1
-
1,985
-
1,285
6,597
12,410

N'000 N'000

1,619

1,325

2,944

1,333

1,325

2,658

N'000	N'000
-	-
9,558	1,210
-	-
-	-
-	-
-	-
1,782	-
15,199	14,557
26,539	15,767

N'000 N'000

- -

4,859 4,859

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 2025	1,473,500	71,878	4,182	66,084	7,825	1,623,469
	Additions	-	-	-	(1)	1,987	1,986
	Disposals	-			-		-
	Revaluation Surplus	-	-	-	-	-	-

At 31 December 2025

1,473,500

71,878

4,182

66,083

9,812

1,625,455

At 1 January 2026	1,473,500	71,878	4,182	66,083	9,812	1,625,455
Additions	-	2,832	1,009	-	-	3,841
Disposals	-			-		-

At 31 March 2026

1,473,500

74,710

5,191

66,083

9,812

1,629,296

Accumulated depreciation
At 1 January 2025	88,410	53,658	2,869	65,158	-	210,095
Charge for the year	29,470	-	-	926	-	30,396
On disposals				-		-
Write back on revaluation	-					-
At 31 December 2025	117,880	53,658	2,869	66,084	-	240,491

At 1 January 2026	117,880	53,658	2,869	66,084	-	240,491
Charge for the period	7,367	972	116	-	1,249	9,705
Disposals	-	-	-	-	-	-

At 31 March 2026

125,247

54,630

2,985

66,084

1,249

250,196

Impairment
At 31 March 2026	-	375	-	-	-	375
Impairment	-	-	-	-	-	-

At 1 January 2026

375

At 31 March 2026	-	375	-	-	-	375
Impairment	-	-	-	-	-	-
Deferred Expenses						-
At 31 March 2026	-	375	-	-	-	375
Carrying amounts at:
31 March 2026	1,348,253	19,705	2,206	- 1	8,563	1,378,726
31 December 2025	1,355,620	17,845	1,313	- 1	9,812	1,384,590

8.	Inventories
	Raw materials
	Finished goods
	Provision for obsolete inventory

31/03/2026	31/12/2025	8
N'000	N'000
70,251	50,582
26,544	24,558
96,795	75,140
(0)	(0)
96,794	75,140

(a)	No inventory was pledged as security for borrowings.

9.	Trade and other receivables	N'000	N'000
	Trade receivables	147,691	113,349
	Provision for trade receivables	-	-

Total financial assets other than cash and cash equivalents classified as loans and receivables.	147,691	113,349
Other receivables and prepayments	40,674	36,034
	188,365	149,384

- 0

(b)	Other receivables and prepayments:	N'000	N'000
	Staff receivables	613	2,206
	Withholding tax receipts	3,085	3,085
	Withholding tax receivables	21,362	21,252
	Provision for WHT and other receivables	(3,706)	(3,706)
	Advance to suppliers	12,062	14,194
	Unpaid invoices	-	-
	Input Tax	713	713
	Other receivables	3,084	3,084
		37,212	40,827
	Prepayments	3,462	- 4,793
		40,674	36,034

(c)	Prepayments	N'000	N'000
	Insurance and Rates	3,462	- 4,793
		3,462	(4,793)

10.	Cash and cash equivalents
	Cash and cash equivalents comprise:	N'000	N'000
	Cash at bank	272,064	150,097
	Cash in hand	159	5
	Cash and cash equivalents for the purpose of cash flows	272,223	150,101

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	193,323	173,723
	Additions during the year	-	-
	Interest charged during the year	4,859	19,600
	Interest paid during the year	-	-
	Balance at the end of 31/03/2026	198,181	193,323

12.

Trade and other payables

N'000

Trade payables	21,318	142,908
Other payables	264,814	363,012
Due to related company	9,800	9,800
Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost	295,933	515,721
Other payables - Tax	18,260	18,698
	314,193	534,419

(a)	Other payables	N'000	N'000
	Unclaimed dividend	5,632	5,632
	Accruals	59,849	53,537
	Pension payable -Note 12 c	83,249	87,431
	Rent received in advance	46,256	145,705
	Advance deposit by customers	2,133	2,121
	Other payables	67,695	68,585
		264,814	363,012

(b)	Accruals	N'000	N'000
	Wages	- 48	- 392
	Sundry accruals	26,328	26,024
	Audit fees	994	1,869
	Secretarial expenses	- 12	-

Chairman's Allowance	12,375	12,000
Industrial Training Fund	1,652	1,652
Professional Fees	4,729	-
Lease charge	918	797
Directors' fees	10,600	9,275
Backduty assessments	-	-
Interest expense	2,313	2,313
	59,849	53,537

(c)	Pension payable	N'000	N'000
	Balance at the beginning of the period	87,431	94,534
	Contributions for the period	1,076	4,513
	Remittances	(5,258)	(11,615)
	Balance at the end of the period	83,249	87,431

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	8,660	10,212
	Withholding Tax	4,708	4,331
	PAYE	4,892	4,156
		18,260	18,698


14	Share capital	31/03/2026	31/12/2025
	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, 2026	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, 2026	1,000,000	1,000,000

Issued and fully paid:
Value
Ordinary shares of N0.50 each at beginning of the year	761,580	494,581
Ordinary shares of N0.50 each as at 31 March, 2026	761,580	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, 2026	989,160	989,160

15	Share premium

Revenue reserve

N'000

Balance at the beginning of the year

(856,009)

(916,165)

Transfer from statement of comprehensive income

Balance at the end of 31/03/2026

(8,156)

(864,165)

60,156

(856,009)

17	Revaluation reserve	N'000	N'000
	Balance at the beginning of the year	1,119,035	1,119,035

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 31/03/2026	- 516	- 516

Balance at the beginning of the year

Balance at the end of 31/03/2026

217,896

84,477

Revaluation surplus - Cost	-	-
Revaluation surplus - Depreciation	-	-
Balance at the end of 31/03/2026	1,119,035	1,119,035
Less: Tax on revaluation surplus	-	-

Balance at the end of 31/03/2026

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.

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