MORfSON
UNAUDITED FINANCIAL REPORTS
FOR 3RD QUARTER 2025 ENDEO
30TH SEPTEMBER 2025
HEAD OFFICE:
28/30, Morison Crescent,
Oregun Industrial Area. Ikeja, Lagos-Nigeria
Tel.: (+234) 0708 057 4209, 0811 868 0526
e-mail: miplc@morisonplc.ng
pies@morisonplc.ng
POSTAL ADDRESS:
P. O. Box 2084, Marina-Lagos.
P.M B. 21290, Iksja-Lagos. Website: https://www.morisonplc.ng
2
MORISOH INDUSTRIES PLC
5TATE5tENT OF PROFIT OR LOSS AND OTHER CO/ PREHENSIVE INCD/hE (UNAUDITED)
FOR T IE PERIOD ENOED 30 SEPTEMBER | 2025 | JAN-SEPT | JAN-SEPT | JUL-SEPT | CDL-DEPT | ||
Hotes | 2025 H'000 | 2024 N'000 | 2025 N'000 . | 2024 N'00O | |||
Revenue | 1 | 358,206 | 203,431 | 131.475 | 88, 90 | ||
‹215,780) | 140.735) | ("/4.088) | (57, 24b} | ||||
142,426 | 62, 697 | 88,387 | 30,945 | ||||
Disti ibuLw expen'• | 3 | (37,598) | (24,674) | (16,226) | (9,C65› | ||
Operating expense | 4 | I140,372I | (115,680) | (33,806) | (40,524 | ||
0her opma t1ng ni org | 5 | 71,711 | 6C,038 | 22,361 | 20,853 | ||
Profit/(LOSS) from npefatJ ons | J6,166 | ( 17,620) | 30,716 | ||||
Finance income | 0 | ||||||
Finance expenses | (14,675) | (14,$7§) | (4,925) | (4,.<25) | |||
wet I inane e xpe!Jti.5 | (J4,675 j | ||||||
Profit/(Lms I hefore taxation | 22 ,493 | ||||||
Taxoxpen;e | |||||||
Profit/(Loss) for the yenr | 21,491 | f32, 295) | 25,791 | (2,717 I | |||
Ofker comprehensive jncome | |||||||
Iterrs that 'will nnt h‹ r:‹Passif ed to profit or loss: | 0 | ||||||
i:erms thata ill or › ' av xc r oclassif ed to prof t or | loss: | 0 | |||||
Total other comprehensive i‹1come | |||||||
TataI comprehensive loss | 21,491 | (32,295) | 25,791 | (2,717) | |||
2. 17 | 3.26 | 2.61 | - 0.2"/ |
O. - FCA
Charles A. Osezua
HEAD OFFICE:
28/30, Morison Crescent.
Oregun Industrial Araa, tkaja, Lagos-Nigeria Tel.: (+234) 0706 057 4208, 0811 868 0526
e-malt: mpIc@morisonpIc.ng ales@morisonplc.ng
MORISON INDUSTRIES PLC
STATEMEHT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 {UNAUDITED)
5EPTEhtBER
Notes ZO25
POSTAL ADDRE65:P, O. Box 2084, Marina-Lagos.
P.M.B. 21290, IkejwLas••
Wabsita: www morisonpIc.ng
3
315T, DECEMBER
2024
Assets
Non-current assets
Property, plant and eqn Jipment Leased assets
Current assets Inventories
Trnde arid other receivables Cash and cash equivalents
Total assets
Liabilities Current liabilities Borrowings
Trade and other payables Income tax payañ•lrs
Non-current liabilities Employee benefit I abiites Employees' bene"tt obhgations Deferre* tax I eL h ies
Total liabilities Net assets
Equtty
Share capital Share premium Revenue reserve
Revaluation re°e' ve Total equ ty
N'O00
.3 s.Liz
8 91,510
9 126,155
10 27,621
1,64U,77d
11 1B8,39B
12 459,575
4,710
18
i3 515
184,163
84,677
837,361
14 .494,580
1§ 84,477
16 I894,673)
17 1,119,035
N'O0O
1,434,490
69,716
59,189
21,996
173,723
410,352
4,710
515
184, J63
I B4, 677
773,463
494, 5B1
84,477
9 16,165)
1,I 19,035
I h t nailclal statements ann accompanying notes were approved by the Doard at Directors on October
28. 2025 and sigf›efl en Ls behalf by:
TITIL , Richard lamp" Chairman FRC72O13/1CAN/00000003887
Richard O. Titiloye - FcA
Akinola
0 ADEJ ', Adesoji
IOYE; Ola deAde ayo
Managing Director Management Accountant FRC/20Z1/Og3/00000022832 FRC/20J7/lCAN/0O00OO16258
Charles A. Osezua
HEAD OFPICE:
28/30, Madison Crescent,
Oregun Industrial Area, Ikaja, Lagos-Nigeria Tel.: (+234) 0708 057 4209, 0811 868 0526
e•mall: miplc@morisonplc.ng
•zeIes@morisonpIc.ng
Po8TAL AD0RE96:
P. O. Box 2084, Maf4na-Lagos.
P.M.B. 21290, Ikaja•Lagos.
Website: https://www.morIsonptc.ngMORISOH INDUSTRIES PLC STATESENT OF CHANGES IN EQUITY(UHAUDITED) | 4 | |||||
F'OR THE PERIOD ENDED 30 SEPTEMBER 2025 | ||||||
Share | Share | Revaluation | Revenue | Total | ||
Eialance at Ja ñuar y ZO2^ | Capital N'000 49•l,580 | Premium N'000 84,477 | Reserve N'000 1,119,035 | Reserve N'000 (837,53j) | Equity N"000 860,561 | |
(78,63<) | j 78,634) | |||||
Total comprehensive income for the period | 494,580 | 84,477 | 1.119,035 | (916,165 I | 781,927 |
Teta( transactions with equit.y ownen | ||||||
Balance at 2 1 Dec+ n bei 2024 | 494.580 | 84,477 | 1, 119.035 | (916, 165j | 781,927 | |
Balance at 1 JanH.*‹ v 7†2? | 49*t_580 _ | 84,477 | 1.119,C35 | (916,165) | 781,927 | |
21,491 | 21,491 | |||||
TataI comPretenS i•e income for the year/period | 49•1, 580 | 84,477 | 1,"19.0J5 | (894, 675j | 803,417 | |
Transactions with 3wnets, recorded directly in equity | ||||||
7 otal transactions with equity owners | ||||||
Balance at 30 September 2025 | 494, 580 | g4, 477 | 1,119,035 | (894,675) | 803,417 | |
Richard O. Titiloye - FcA
. . . . .. . - -
Charles A. Osezua (OON),
NEAD OFFICE:
2a.*ñ0, Manson Crescent,
Oregun Industrial Area, Ikeja, Lagos-Nigeria Tel.: (+234 j 0708 057 4209. 0811 86? 0536
seles@morisonplc.ng
POSTAL ADDRESS:
P. O Box 2084, Marina-Lagos. 21290, Ikeja-Lagos.
It www morisonplc.ng
MORISPI? If1GLl?TkIES PLC | |||
:>"TATEMENT GF CASH FLOW (UNAUDITED) | |||
FOR THE PERIGD ENDED 30 SEPTEJBER 2025 | |||
SEPTEJBER | 31ST, DECEMBER | ||
2025 N'000 | 2024 N'000 | ||
ng Activities | (10,5z3 | t20,063) | |
wet cas! i w I' z • westing Act'vitics | 21,792 | ||
515) | 1,729 | ||
Cash a ed cash egui 'alert at the oeg inning o' t,fse year | 29 136 | 20,267 | |
•'a!e nt at the end of the ; eai/per od | 27,621 | 21.996 |
Rich a. rd.O. +it. iI..oy. e -. rr
Charles A. Osezua (OON ).
Continuation shee'
MORISON IHDUSTRIES PLC 6
F)XANCIAL STATEMENTS, 3oTH pTE,4tBER 2025 ( UNAUDITED)
NOYES Tg THE FINANCIAL STATEMENTS
JAN-SEPT | JAN SEPT | ||||||
Revenue and Prat'it | Revenue | 2025 Cost of sales | Gross profit | ReYenue | 2024 Cost of sales | Gross profit | |
Analysis by ar.t1vitiet: Pharmaceuticals | N'0OO | U'000 | N'000 | N'0O0 | N'000 | N'000 | |
LMP-Consumers | 277,322 | 149,57S | 27,749 | t71 ,020 | 94,822 | 76,698 | |
Othen›Contacts | 80,884 | 8,672 | 72,212 | 32,412 | 5, 464 | 2g 94g | |
Cost ofMater!als Used | 358, 206 | 158,244 | 199,961 | 203 431 | 97,786 | 105,646 | |
Cost of sales Cost of sales deludes- Materials consumed | 2025 N'000 158,244 | 2024 97,766 | |||||
Product on sa9ees mud wages | 17,092 | 15,552 | |||||
Repati s and maintenance | 12,la2 | 5,535 | |||||
Etemnciry | 9,0s7 | 2,740 | |||||
Depreciation nf property, plant and equipment | 1,142 | 1,194 | |||||
Oil and gas | 8, 184 | 14,099 | |||||
Laboratory Expenses | 4,349 | 2,306 | |||||
Factoi y Annual Registrar on | 110 | ||||||
Technical Analysis Expenses Production uniform | BO 59a | 174 | |||||
Office expenses
4,781
215 760
1,207
140.735
DJstribut on exj¿enses Advertisement | H'000 2,254 | N'000 829 | |
Discount allowed and commission | 14, 539 | 9,346 | |
Trade Samples | 2,296 | ga1 | |
Salaries and br›nuses | 8,446 | 7,5t1 | |
Loca* Fte ght | 5, 561 | 5,133 | |
"rrave(ling Expenses | 4,O7R | 3J2 | |
Apptication b : ndci fees | 1 5 | 141 | |
Transportation | JOB | 801 | |
37'i98 | |||
Operating expenses | N'000 | N'000 | |
Audit lees | 1,875 | 1,875 | |
Salar'ius and wages | 31,083 | 2.7,041 | |
Bank r.harges | 545 | 27$ | |
Depreciation on picperty, plant and equipment | 23.679 | 23,651 | |
Directors' emoumentt | S,975 | 2,650 | |
Directors' fees | Z,248 | 1,200 | |
Electricity | 3,899 | t,174 | |
Legal Expenses Insurance, licence and f€'es | J .563 | 1,150 | |
Compri:er expenses | 705 | 647 | |
Lano use charges | 323 | 363 | |
Off1ce ex{jensrs -Nnte 6('c) | 34,106 | 28, JJ2 | |
Postages and r+lephones | 3,570 | ¿, t45 |
Continuationsheet
C
Professional fees
Rent and rat0s
Repairs and renewals offices 6 premises Products Registration and L cences environment Development Charge
Fine 6 Penalties Deferred Tax Business Premises Secretariat expenses Security expenses
Obsolete and damaged inventory written off
Vehicle running expenses
Other operat"u›g Income This /:omprises'
Bad dests reco'ered
Sales. of empty frHn s anal scraps
Rent
Prof £ on disposal uf prope ty, ptant and equipment Sundry income
Wnance income/expenses Fnanceincome
Finance exiles corr›pr se:
Interest 0n tjorrowti‹gs Net finance expenses
Directors
the aggregate emoluments of the Dim tars were: Fees
Otto emoluments
eOyfefi n s Canteen expenses RecruLment Ex»enses Subsea ipcions
Industrat Train'ng Fund
Chrismas Gift
Meals ñ Enterfa nment
I I9W5@B PF @ ITagBZT FUS
Pnntin9 & staLiortery Staff wefrare Trgnsportation
HOtel and Accnmodati0n Training expenses
20Z5
5,635
66J
1,011
750
1,S31
4.500
5,46t
12,751
Td0.372
w'ooo
54, 165
5960
71,7 1
N'000
(4,675I D4,676)
N'00d 2,748
3,975
6,223
10
3,144
1,408
1
3, 131
17, J6d
6, 4t9
239
34,106
7
zoz4
H00o
2,463
660
8B5
556
4,560
3,918
9,2B4
_1 5
N'000
B70
11,4D9
b0,D38
N'000
N'000
2,65O
3,8SD 2,d57
352
867
1,339
16,638
5,859
28,312
Continuation sheet
7 P.F0'gW!y, pIai›t and equipment
Leasehold land and
Pont.
machnerY Computer Molor Cep•alwor and equipment Vehicies in progress
Tatai
Cost
At 1 January 2024 Additions
buildings eg.uipment
N*00O H.'ggg
'^ **8 6* 56f 575.
H'000 N'000
2,652 66. 08a
n'O0o N'000
7,825 1,6l1,622
874
At 31 December 2024
At : January 2025 Addi!ons
At 30 September 2025
AC 1 January 2025 Char9e fnr the pi iud
At 30 September 2025
1, 473. $gg 62, t J6
I 4,709
2,652 66 q83 7,825 T,6f¿, 196
L1O4 15,g13
S 08 6
29.470 | 3,307 | 2,510 | 6S. 949 | |
88, 410 _ | _ | 50,185 | 2, 652 | 66.084 |
8841g | 50.185 | '3,652 | 6g 084 | |
Z2.1D2 | 2,594 | 126 | ||
10,512 | S2,779 | y, 777 | 66.D84 | |
375 |
174,277
33,053
207 33j
2P7,.331
- 24;821
-
/m
At ° January 202.5
At 30 September 20zs
*8 January 20Z5 Imp+Jrment 0efe.'•cd Exper!!.es
At 3O September 20S5
Carrying amounts at-
30 September 2025
31 bed.ember 202a
232.152
1 362 988
' - 75
Continuation sheet
Inventories | 30/09/2025 N'000 | 31/12/Z024 H'000 |
Raw md I+ffdl5 | 57,341 | 45,641 |
Finished goods | 34,170 | 24,075 |
91,510 | 69,716 | |
Provision for obsolete inventory | (0) | (0) |
1 1 | 9 7 | |
No Inventory was pledged as security for borrowings. | ||
Trade and other receivables | tl'O6O | ft'OD0 |
Trade receivables | 100,984 | 151,291 |
PrcvJsion for trade receivables (117,997) | ||
Total financial assets other than cash and cost eqzr/vo/enfs | ||
cfossi/ied as moons and receivables. | 100,984 | 33,294 |
Other recetvabtes and prepayments | 25,182 | 25,895 |
126,165 | 39,1B9 | |
Trade receivahes represents receivables from customers for goods sold and other trading
Other receivables and prepaYments: | N'000 | N'000 |
staff rec°ivabies | 2,189 | 320 |
Withholcling tax receiots | 3,085 | 3,085 |
V/ithhoiding tax receivables | 19,708 | 15,967 |
Provision for WHT and other receivables | (3,706} | (3,706) |
advance to suppl ers | 7,140 | |
Unpaid Invoices | ||
faece vable from Unosource | ||
Other receivables | 3M4 | 3 08+ |
24,360 | 25,889 |
Prepaym‹'nts 821
25,]82 25,895
^repayments
H'O00
H*D00
10. | Cash and cash equivalents Cash and case equivalents comodse: | N'D00 | N"000 | * |
Cash ¿it /dFl‹t | 27,591 | 21,965 | ||
Cash in hand | 30 | 30 | ||
Cash and cash equivalents for the purpose of cash flows | 7 621 | 1 6 |
lnsui anco and Rates 81
821
Continuation stieet
The boot value and fair value nf borrowings are as Outlaws:
Balance at the begJnn1ng of the year AdditionS duFing the year
It.tweed charged d ing the year
]nteres! paid ñiJring the year
N'0D0
173,723
14,é75
N'000
154, 123
9,6nO
10.
Balance at the and of 30/09/2d25 Trade and other payables
Trade payables
188,398 173,723
H'0OD
115,854
OLher payables
29#.002
278,599
Due to related company
Total financial tiabilit es, excluding loans and borrowings, cIassif ed as financial (iabilities measured
9,800 9.80o
at amortised case
439,657
389,750
Other payables - Tax Z0.602
459.575 410,352 | ||||
Other payables | N'.000 | N'000 | ||
acclaimed dividend | 5,632 | |||
Accruals | 64,320 | 07,022 | ||
Pension payable -Note 12 c | 89,B46 | 94,534 | ||
Rertt rece vr'd ii advance | 43,383 | |||
6,764 | 7,963 | |||
0rhPr payables 69,875 69,565 Z94,00Z 278,599 | ||||
Wages | N'0OO 296 | N'000 6,821 | ||
Sundry accruals | 26,1§i | ZS,054 | ||
Audit fees | 2,'2G | 3,057 | ||
Secretarial expenses | b60 | 3,550 | ||
Chairman's Allowance | 11,625 | j0,500 | ||
Sates Commosston.'ncefrtives | 11,345 | |||
li dust lal Train nq Fund | 1,652 | 1,652 | ||
Lease charye | 676. | 601 | ||
Dr‹ctcrs' feel | 7,910 | 3,975 | ||
Backduty assessme!jts | ||||
Interest expense 7,313 57,5Z1 | ||||
Pension payable
Balance at the beginningof the period
Contributians for the perfod
N'AD 94,534
3.386
N'000
97.1S4
4,60FI
Remittances
Balante aL the end of the penod
l8,0M) (7,220)
89,B46 94,534
The Company operates a defined contnbutory pension ccheme for eligible employees. Both employer and employee contribute 1@ and 8$ respectively of the employees' basic, housing transport atowances in tine wth the provisions of the Pensions Reformed Act, 2914 (as
Continuation sheet"
Othef qaygjlestqa 'faIt e Added Tax
Y:ilJihplding Tax
N'000
11, 07J
*.731
N'000 z z
11,41.5
4, 205
PAYE
5 , 1 4 4,982
20,602
Engtgyjzes* benefits abtigattons Batar+Ce at th.°. beginning of the year Pr‹›vis‹on for time 'ear
Payments during che Scar
Balance at th.= endnf 30/09/202d
x*0o0
I4'000
516
eStc
Authorised
Ordinary Shares .Of H0.50 each at beginning of the year Qrdinary Shares .af N0.s0 each as at 30 September, 2025 ftumber
Ordinary shares pf N0.50 each at beginnfmg of the year
Ordinary shares of NU. 50 each as .a*. 30 September, 2025
Issued and fully paid: "
VatuP
Ordinary squares Of NO.SQ each at. beginnirg of the ye6r Ords nñry shcres of HU. 50 ea.ch as at 3d Sepiember, 202'5
Number
Ordinary sh‹1res cf H0.50 each at beginning of the year
Ordinary share° 0f tJ0. SO eacG as at 30 September, y025 Share premium
30O9/I026 3 '2 02# ñ0O0 HOo0
500"000
50£›,000 5%,0%
1,{t00 000 1,000; 000
1,000,000 1,.000,OCO
969 160 _ ?88, 160
989, 760 9g9, 160
84,477 g4,477 '
.Seve.nue reserve
Bala.nce at II a begi: ning cI the year
Transfer Iron st atcmrnt of comprehensive income
Balance at the end o' 30/09/2025
Reval‹Jation reserve
Balana at the beg‹ rirg of the year Revatuaton 'urplu.s - ‹-ost
4 477 8 ,477
H'000 N'00O
f916,165l l837,53}
21,491 ‹78,63'4)
fg94,675) 916. 165›
1 . J10,D35 1,119, 035
Revaluation surplus - Llepreci,tton
Balance at Ohr end of SO '09/20Z5 Less: Tax on i"evaI clarion .surplus
.Balance at Um end of 30 09/Z025
1,119.,0.35 I ,119.D25
tn«umplianEe with Rule 17 *15"0 scl'osure of Dealings In Iseers, Share*, Aules of Excnange' 2015tIs'suers' Rutel,
/aorissn In4iJscrJ•'s PM tea any} is corienty upda'rtng and linatising Tts Se.aunties Trading Ploticy as mandates by tne issuri s Rule. Thév Policy when becomes effectiw Applies. to all Ertrectors, 4udlt cowittee.
+rnpIoyeec of the Company ud ary oLhw person In possession of inside Information from the dealing in the Con pay's shares duñng the.Non-Authsriaod Trading éehoin accordance •dth the Investment and Secrrity Act. 2007 and Pusr Lis Eng Rules cf Tfie Higerian Stock Exchange.
r on Industries Plc .
.5. ' holding.Sttucture/fireeFfoai' tatus
+Ontinuation sheet
re Shades Algeria I irnited
oye Richa•d 0.ianiyi.t Direc I an.d in4rect - Representin.g.O|an›yi Tftifcye and Co.|
gr!.. Charles A. 0.Sezu.I (OON).lDir ect)
r. Ayeni .OIU•egun P: iffp l fncfii eCt - R.eprer.enting IUcr*son investment Limited)
rs. AfofaLe marvel {/nJi."ect 4ep'esentin GTI Securities. Ltd and Sh ari.tan Ve.*tU res Ltd )
r. Jo»n Adeo)e.
r.. Ssj‹ Ola.u.qjn
teQ 'filoat in Units and Percentage ree tloat inname
23,7.23,06 :2..40% 33,723,06. 2.40%
0 '0:00.% 0 O.O0W
0 0D0# 0' 0.00W
0 0.00%' 0' 0,.00:%
o a.pos D D..OON
tA) MoriSon *›Justrie'. PI›: wizF a f•ee ttoat percentage ot 18.27•• 9s 3t 5E'ptember 30, 2025, is not compliant with 7he Echango's free float requirements
B) Morison ndustric! Plc wire› a free float percenra e of 18.2Z% as at Septen ber 30a 2G28, is .ot compliant witln The Exchange's frqe float "equiremerits