Morison Industries PlcNSENG: MORISON

Year end - financial statement for 2025

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MORISON INDUSTRIES PLC

MONTHLY FINANCIAL REPORTS

UNAUDITED FINANCIAL REPORTS

FOR THE 4TH QUARTER 2025

ENDED

31ST DECEMBER 2025

28/3D, Monson C ascent,

Oregun Industrial Aree, lkeia, Lams-Nigeria Tel.: (•234) 0708 057 4209. 08t1 868 0526

e-main: miplc@moriconplc.ng

/•tORltOM UDUSTRIES PLC

$TATEMENT OF PROFIT OR LOSS AHD OTHER CO tPREHEHSIVE INCO IE (UHAUDITED)



FOR TFtE PCRIOD ENDEO 3t DE/§j¿g 5

PDST*L DDRESS:



P.M.B. 21 . Ik .

1

Notes

JAN-DEC 2025 N'000

JAB -DEC 2024 N'000

0Abt-DEC

2025

H'000

JArl-DE



2024

H'000

9e›enue

Co›Lof sales

Gross profit

o!s prjbutton expense s

Operating expenses

'Other operating Income

Profit/|LossI Fr.om .operations Finance inCone

Finance exp.enses

Net finance expenses Profit/.(Loss) before taxation



9 oñult s) fw eyeer

Other comprehensive Income

Jtems.that will. not be reclassified to profit or loss: ltrtns that will or may be recñssified to profit or toss:

Total other c0mprehensfve Income

Total comprehensive toss

Pr0t it' iLosS i per share‹kobol

1 51y,.767

2 I.308,086)

209,680



(42"2S9



4

S

73,056

D

6 (18;60.1}











0

54,455

3.51

287,17.9 ft09,815)

.77,364

($4,720d

t7O,699l 6B,360





(76,9:58›



‹78,747d



178,747)

7.98



64,146





38,805



{d,925)

, 80

0

3.3,880

0





33.880



83. f48

69.3241

14,424

( 1,8 f.4.)



{43,7511

2,337

(4,9l5|

(2,5B8) 4

‹46,339)



146,3391

4,6'8

Richard Q . Tltitoy.e - rc (Chairman), Engi.neer Charles





HM

Or 1e e•

MORISON I DUSTRIES PLC





D OF-FlCE•

egun IndusbialAree, lkeja, Lagos-Nigeria

POSTAL ADDRE8B:



p, .o, ga 20B4, MarinaLagos:

P.M.B. 21290, lke}a-Lagae.

n

  1. : {+234) 0708 057 42D9, 0811 068 0528

    nsaiI: mi Ie@morie'unplC.kg

    les rnorisonplcna

    yggkalto;.www.mc¥-isonpIc 9



    3

    STATEMENT OF FtNAttCtAL PO5TIoN AS AT 3t DECE8BER Z01S (UñAUDlTED)

    DECEMBE.R

    31ST, DECkMSER

    Assets

    Notes

    2a025

    N'000

    2024

    FF000

    Hon-tu<>

    Property, plant and equipment



    1,385,078

    1,404,492

    Leased assets

    Current assets

    1,385,07a

    1; 404,492.

    nventortes

    8

    74,266

    69,599

    Trade and other receivables

    9

    148,.671

    .59.223

    Cash and cash equivalents



    150,101

    b"

    N0RISDÂ¥ lkDU8@IEP@g 373,039 150, 1g

    Total assets 25/30. MOR*GON CRESCENT,

    5 31

    Liabilities @l4 @f$Â¥f. IKFJA - LAQO9.

    Current liabilities

    Borrowings

    M fl

    '//.

    •*' - 0b. US J*

    .'/s0574fl0@

    11

    193,323

    173,722

    Trade and Pther payables

    J2

    539,139

    410,389

    Income tax payabes

    4,7

    737,172

    4,710

    588,.B21

    Hon-current iabiities Employees benefit obligations

    13

    SU

    515

    Deferred tax liabilities



    184,163



    184,678

    Total liabilities

    911,850

    773,499

    Het assets

    7

    1 1

    Share capital

    14

    494., 580



    Share premium

    1'2

    84,477

    84,477

    Revenue reserve

    16

    ‹861,826)

    (9.16,281›

    Revaluation reserve

    17

    1,119,035

    1, 119,035





    Total equity

    TTLOYE, Richard tarny Chairman FRC/201:3/ICAtJ/000.0000386.7

    OLADEJO, Ade Ji Ak nail yariagfng Directar FRC/2021/003Y000000zZ831

    781.812



    ABJOYE, Ofaj1de Adedayo Head ol' Finance WRC/.1O17/CAN/000000›.631s

    Directors- Richard 0. Titiloya: - FCA (Chairman), Engineer Charles A. Osezua (OON), Akintayo Odeyer0i rc‹, " " ", ‹ , ... •••.- • •-•- • - • -: - • ° " ' ' " '• • ' -" "

    HEAD OFFC5:

    28/30, Manson Cresoent;

    Oregun Industrial Area, lkeja, Lagos-Nigeria Tel.: (+234› e0708 057 4209: 0811 866 0586

    e.-mail: mipic@morisonplc.ng

    . ales@morisonfxc.n9

    PO9TAL ADDRESS:

    P O. Box 2084, Marina-Lagos. PM.B. 21290. Ikeje-Lagos.

    Website: www.morisonplc.ng

    MORJSON INDUSTRIES PLC

    STATEMENT 'OF CHANG.ES IN 5QUFFY(.UNAUDITEO)

    FOR THE PERIOO EHDED 3I DECMBER Z025

    Betance et.8 January 1.024 Comprehensive income. for the period:

    Loss for the period

    Other Comprehensive income

    Total «omprehensJve income for the period

    Transactions with owners. recnrdod directly in aqulty Dividends .to ego.i.ty holders

    Total Lransac tions with equity o'wmers



    6alance at 1 January 2025

    Complehenslve inca.me for the .Yearfperiod Profit for the year./ per iod

    Other comprehensive i .ome

    Total comprehensive Income fat the year/perTod

    Transactions with owners, recorded directly in .equity

    D.vdends ro c'quity holders _

    Total transactions with equity ewners Balance at 31 December 2025





    $hare $hare Revaluation Revenue Total Capital Premium Reserve Reserve E:quiLy H"000 IN'000 N'000 N'000 N'000 494,580 B4,477 1.119,035 (837,534) 860,55B

    f78,747) 7 47

    494, SBO 84.477 1,11 :03 6 8 7 1 1

    4 4 80 8 7 • 1 03 916 281 81 1



    49 8 77 t 1 03 6 2 78 8

    54,455





    4 11 2 ) 536,266

    494..580 84,477 1,119,0.35 (861,826) 836,266 "

    Directors: Richard O. Titiloye - rc (Chairman). Engineer Charles Ap Osezua (OON), Akintayo Odeyemi rCA,



    HEAD OFFICE:

    28/30, Morison Crescent.

    Oiegun ndust»a Area, keja, Lagos-Nigeria Te : (+234.› 0708 057 4209, 0811 868 0526

    p•maTI: mipJG@morisonpIc ng

    ales morisonplc

    MORISON INDUSTRIES PLC

    STATEMENT OF CASH FLOW tUNAUDITED)

    P 0 Box 20B4 t.ag

    P.M.B. 21290. Ikeja-Lagos.

    website- www monsonplc

    FOR THE PERIOD ENDED 3 1 DECEMBER 2025

    DECEMBER 31ST, DECEMBER

    2025 2024

    N'000 N'000

    Net cash tlow from Operating Activities

    108,693

    3.491

    Net cash flow from Investing Activities

    19

    Net cash flow from Financing Activities

    Cash and Cash equivalent for the year

    128 105

    5,253

    Cash and cash equivalent at the beginning of the year

    21,996

    16,743

    Cash and mash equivalent at the end of the year/Deriod

    150,101

    2‹.9g6

    .

    Directors Richard O. Titi,o, ye -, re.x.I Chairm.an, ). En9‹neer :hames A.,. Osezua (O- ON), Akintayo Odeyemi rr .



    Contin tion Sheet

    MORSON INDUSTRIL> «

    Flf/ANCIAL STATE tENJ*S, 3ST 0ECEM8Ee 2ozs «uoi oj

    JAN-DEC

    JAN-PEC

    20Z5

    2OZ4

    Revenue and Profit

    Revenue

    Cost of sales

    rof

    Revenue

    Cost of sales

    Anatyss byacti ties:

    N'000

    000

    N'00O

    N'000

    00€I

    OOO

    Phamaceutc%s

    1,880

    1,082

    10,798

    10 334

    6,024

    4,330

    MIP-Comumers

    379,520

    207,566

    71,954

    2Z9,761

    32,788

    0thers7 Contracts

    112 367

    t4, 224

    98 143

    47,g64

    246

    Cosh of Materials Used

    513,767

    280,894

    209,815

    Cost of sales

    2D25

    2024

    Cost of sales includes:

    8'000

    N'000

    Materials consumed

    32 872

    140,527

    Production saaries and waees

    Repairs and maintenance

    18 g44

    27,511

    9Df

    Electricity

    12,061

    Depreciation of property, plant and equipment

    1,558

    541

    Oil and gas

    10,057

    7,423

    Laboratory Expenses Factory Annual Regstracion

    358

    110

    Technical Analysis Expenses Productien uniform

    598

    59

    Off:

    877

    832

    308 D86

    DtsCrlbution ax Advertisement

    783

    Discount allowed and commission

    4,417

    Trade Samples

    852

    Salaries and bonuses

    15,776

    Local Fre ght

    978

    Travelling Expenses Application & tender fees

    Transportation

    9,895

    34 720

    ratin enses

    H'O00

    OOO

    Audtt fees

    2,500

    2,5D0

    Salaries and wages

    3.082

    )P, BE

    Bank charges

    4) 3

    Depreciation on prop€'rty, plant and equipment

    513

    Directors' emolumehu

    300

    5, 625

    Director' fees

    2,623

    Electricity

    Lega Expenses

    Insurance, licence and fees

    169

    2,490

    633

    Camputer expenses

    1 ,024

    Land use charges Office expenses

    47,682

    485

    Postages and telephones

    4,790

    NOTES TO"THE FINANCIAL STATEMENTS

    il











    VORISON !N USTftt?SPLC

    2025

    N'000

    6, 6g3

    881

    3,597

    1,g50

    1,831

    13,312

    8,084

    17350

    2D@488

    N'00O

    t6081 72435

    11,606 10,123

    N'0D0

    999

    ( 19,600/

    1 1

    N'000 2,AZ3

    SJOO 7,923

    3,077

    ID

    3,144

    400

    7

    2D24

    N000

    4, 425

    879

    1,7t9

    873

    3, 706

    5,118



    1,354

    13,043

    170,699

    N'000

    870

    55,833

    11,657 68,360

    H'0D0

    2,337

    (9,6001

    (17,263)

    N'000



    5,625 5,625

    1 ,gg4

    1 .

    3,643

    26,203

    9.046

    Z74

    47. 682"

    Professional fees

    Rent and rates

    Repairs and renewals- Offices 6 premises Produc Ls Registration and Liceves Environment Development Charge Provision for other receivables

    Atlowawe for credit tosses Business Premises Secretariat expenses Secunty expenses

    Other admin expenses Vehicle runn1ng expenses

    Other opertaennt e la) This comprises:

    Bad debts recovered Sa es emp

    Rent

    Profit on disposal of property, plant and equipment Sundry Income

    Finance Incomes expenses

    la I Finance income

    Finance expenses comprise:

    Interest on borrowings Net finance expenses

    (bl Directors

    The aggregate emoluments of the Directors were: Fees

    Other emoluments

    Office expenses Canteen expenses Recruitment Expenses Subscnptions

    Industrial Training Fund Dgnat ons

    Chrismas CIf

    /teats b Entertainment Newspaper b magaz›rx°s Printing El stationery Staff welfare Transportation

    Hotel and Accomodation

    Training expenses







    Continuation Sheet

    Y Property, plant.and equipment



    eiaot,

    Leasehold machinery Computer mtor capital viortt

    !°°d 4H and equipment Yebl€ies in progress

    building equ'ipment

    8

    Total

    Caer

    At 1 January 202-•



    Addi tions

    H'000 'N*o00



    2,6.52 66,.084



    N"000 FI'000

    7.825 1,6T'1,627

    574



    At 31December 2024

    At January 2025 Ad6t‹ons



    At 31 DecembaF t025

    13M500



    d2,136

    62,i36

    9J2

    2,652 6O,'083



    1, §30

    7, B25 i , 6i2, 196



    2.1Z5 13,7

    4,182

    Q$j

    1O,80O 1,623.94)



    décd I r I t

    At T January 20z4 Char

    e IOr 'nc year OndfpOsi@

    ^/rne Oack on revaiua ›on





    3.307

  2. . 5 TO 6'i,R4R

142 115

i74.3Z7

]3.053



At 3I December 20t4

50,185 2, 6SI 66.084 107, 331

A‹?Januey2025 Ch'arge for the period Dispos'als

At '3T December 2025

At 1 January 2025 Impairment



At 31 December 2025

4t 1 Janjuary 202a

0eferz'ed Expenses

At 3 December 20zs

88.,d10

294?0





•

375



! 17:ggg

2,869 Gfi.084

2JQ.J9O



37b

2.6b1 66.0B4





2{7.









Car un nt

31 December 20.25

3I Oecember 2024

  1. Inventories Raw materials Finished gcuds

    Provision for Obsolete inventory

    i*] No inveMCO'yvv%s pledged assecurtyfor0•wrozdmgv

  2. . hue a e a e

t.3J1620

1'7,84S



1. 313

10.300

1 , J85.078

t.385.090.



0



7,825

1,40d ,4@



31/12/20Z5 31/12/2024

N"000 N'000

oO, J9fi 34,998

_ ?38 J4,b5g

'4,266 69/656

lol i57)

"<,2S6 69,599





Continuanon Sheet

111 , 349 13 ,3t3



7oFg/ /inonciof ossefs other mon c•st and corfi equive/enrr

‹i•••ifi•d es foons and. eñrebles.

OU

I-AGOS.

EL. 070805"Z4¿C›



Other receivables and prepaymen is



14S.67t

32,694

26.529

59,221

u0eisox!u?vsw‹iEsprc



Trade rec§ivabtes represents receivables from customers for goods sold .•nd other trading



abl nd r N'000 N'000

Staff receivables

*.206

J20

Withholdl5g t6x'L0Cei IS

J.085

14,910

vithhotding tax receivables

Provision for WHT and other renewables

Advance to suppliers

2 t,252 I 3,706f

T4,194

25,006

8,708

un'paid invoices

Irñpairment allowance on other rece›vablw

(24,589 J

0th.er receivables

J,084

4D,114

2,|39

2h,49'4

Prepayments

4,793

35

33.3ZZ

26.829





Insurance and Rates

'000

,793

07931

NOOO







nd u

Cash and cash equivalents comprise• Cash nt bank

Cath in hand

Cash and cash equivalents for the purpose of cash firms

FOOO FOOO

i%.097 ],95i



5 45

11. r

The boot value and fair value of borrowings are 'as follows:

Balance at the oegtnnJng of the year Additions during the year

Interest charged during the year Interest paid during the year Balance at the end of 31 /12/2025

I2.



Trade payables

Other payables

One to related company

Total financial liabilities, excluding loans and borrowings, classified as flancial liabilities measured

N'000





N'OOQ



3bB,027

9,800

HCO io







173,723



NOW



101,351

27B,6J2

8.8.88

at amort s& cost

Order payablés - Tax

521,161 389,7

17,979 20,605 '

4 03B9



lal

Other bl

N"900



Unctaimed dlvidend.



5,632

Accruals



83,071

Pension payable -Note 12c



94,534

Rent received in advance

1afi,7O5

43383

Advance deposit by custorriers

Otner payables

168,.027

7,961

i-4,049.

2%,62

Accruals

N"000

N"000





Is



secretarial expenses

Con/fnooffon Sheet

392

26.OZ4



lcl



Pâyabte to a scrategic.partner

The H@ofian Exchange Limited 'NGX'I





Indusrial Training Fund Lease chyge

Directors' fees 8ackduty asseswents Interest expense

Pen Ion abt

Balance ar the beginning Of the p'eriod

Contr'ibutas for the pe'riod



Balance af the end of the. period







2.313 t2,537



p'gq 87,131



27,800

4 jpg



3,975

3, 77B

2.3j 3

63,07‹



9i, Isa

The Company op'erates a defined coulributory pension scheme tar eligible employees. Both employer and employee contribute 1Os and BS req›en›vely of the emPio‹ees' basic. hcxJsing transport allowances in line.Cth the provis ons of the Pensions. Reformed Act. 20T4 ‹as

cdl th

Value Added Tax Withhotd1ng Tax PAGE



9.499







t7.979

N"000 I 1,415



d, gg



13

E

bene

N'000

Balance at the begtnning of the year Provision for the year

Payments during the year

316



Balance at ‹he end of 3i/tz2025



516

14 Sh tt I

31z12/t025

31/ 12/2024

Authorised

Yalue

hi'000

N'O0€I

Ordinary shares of HO.50 each at brgin'riing nf the year

500.

0

Ordinary share a* fi0.50 each as a‹ '3 December. 201S

Humber

Ordinary shares uf NO.50 earh at Deglnning nf the year

5s.o0o

l.O00,BB

â0O,000

l.OB0,.000

Ordinary shares of NO.50 eaCh as at 31 December, 20t5

,000:0'00

1(DO:OOQ

Issued and fully paio:

Value

Ordinary xha es i›t NO.•*0 each at beginning of the year

Ordln aty Shares ot N0. â0 eacn as at 3i December. 2025



qgq,§gj

494.581

Humber

Ordin'ary shaces of a.50 each at beginning of the year Ordinary shares o/ N0,50 each as at 3 Decembw. J0J5



989. 160

9gg ¿g 989,160

Balance at rhe b'egiFtn1ng of the year



B4,477

Balance at the end of 31 12/2025

8d,477



16 eenR_vuorserve e



N90O

"





15

statement of comprehensive 'ncr›me

year

Sh



17 ItevaIuation reserva

BgLance at the beginning of the year Revaluation surplus- Cost Revaluation surplus - depreciation 8aance at'the end of 31712/AI25

eaance at the end of 3l t2/7075



eet

" ..1, B37,53dI

54,455 (76,747d





t,{1°,05 {jMO35

1, t1^..033 1,119,035

MORiSON /kousrRizs»Lc"

28/30.

OREOtitj - LA1OS.

**209







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