SCOA NIGERIA PLC
[RC: 6293]
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2021
BBC PROFESSIONALS
CHARTERED ACCOUNTANTS
SCOA NIGERIA PLC
[RC: 6293]
Annual Report And Consolidated Financial Statements - 2021
CONTENTS | |
PAGES | |
Corporate information | 2 |
Financial highlights | 3 |
Notice of annual general meeting | 4 |
Report of the directors | 5 |
Report of the statutory audit committee | 10 |
Statement of directors responsibilities | 11 |
Independent auditor's report | 12 |
Consolidated statement of profit or loss and other comprehensive income | 14 |
Consolidated statement of financial position | 15 |
Consolidated statement of changes in equity | 16 |
Consolidated statement of cashflows | 18 |
Notes to the consolidated financial statements | 19 |
Statement of value added | 73 |
Group financial summary | 74 |
Company financial summary | 75 |
Share capital history | 76 |
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SCOA NIGERIA PLC
RC: 6293
Annual Report And Consolidated Financial Statements - 2021
CORPORATE INFORMATION
BOARD OF DIRECTORS Mr. Henry Agbamu
Dr. Massad F. Boulos Engr. Amresh Shrivastava Alhaji Gambo Lawan Mrs. Sarah Boulos Mr. Michel Fadoul
Hon. Magnus C. Onyibe (Independent)
COMPANY SECRETARY
Mr. Micheal A. Adeyemi, ACIS, MNIM
REGISTERED OFFICE
157, Apapa/ Oshodi Expressway, Isolo, Lagos P. O. Box 2318, Lagos
Telephone: 01-2802072 E-mail:info@scoaplc.com
REGISTRAR AND TRANSFER OFFICE Africa Prudential Registrars Plc
220B, Ikorodu Road, Palmgrove, Lagos
MAJOR SOLICITORS
Bola Ajibola & Co.
Balogun, Majekodunmi & Biachi Sumi Ahonsi & Co.
Rasky Gbinigie & Co. Olasunkanmi Fasule & Co.
BANKERS
Access Bank Plc Ecobank Plc Fidelity Bank Plc
First Bank of Nigeria Limited First City Monument Bank Plc Guaranty Trust Bank Plc Heritage Bank Limited Keystone Bank Plc Polaris Bank Limited Providus Bank Limited Stanbic IBTC Bank Plc Sterling Bank Plc
Union Bank of Nigeria Plc Unity Bank Plc
Wema Bank Plc Zenith Bank Plc
INDEPENDENT AUDITORS BBC PROFESSIONALS [Chartered Accountants] Charter House
7 McNeil Road Sabo Yaba Lagos
- - - - - - -
Chairman
Managing Director/CEO Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director
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SCOA NIGERIA PLC | ||||
Group | Group | Company | Company | |
2021 | 2020 | 2021 | 2020 | |
₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Turnover | 15,809,503 | 6,526,055 | 966,713 | 5,499,692 |
Profit/(loss) before taxation | 526,461 | (77,263) | 308,727 | (101,002) |
Tax expenses | (454,064) | (304,244) | (254,069) | (300,681) |
Profit/(loss) after taxation | 72,398 | (381,507) | 54,659 | (401,683) |
Capital Expenditure | 4,823 | 25,223 | 1,835 | 22,742 |
Depreciation of property plant & equipment | 181,598 | 236,921 | 179,050 | 233,954 |
Total Asset | 23,448,096 | 14,910,730 | 8,876,817 | 13,210,935 |
Shareholders' fund | 2,865,412 | 2,817,299 | 522,395 | 499,507 |
Per Share Data: | ||||
Profit/(loss) per share (Naira) | 0.11 | (0.59) | 0.08 | (0.62) |
Stock Exchange Quotation as at | ||||
31st December | 293k | 293k | 293k | 293k |
Number of Shareholders | 44,281 | 44,281 | 44,281 | 44,281 |
Number of Employees | 93 | 95 | 23 | 25 |
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SCOA NIGERIA PLC
RC: 6293
Notice of Annual General Meeting
NOTICE is hereby given that the ............ Annual General Meeting of Members of SCOA Nigeria Plc. will be held at Company premises at 157, Apapa/ Oshodi Expressway, Isolo, Lagos on … ......................... , 2022 at 11.00am to transact the following business:
1. To lay before the Members, the Report of the Directors, the statement of financial position as at 31st December 2021, with the profit or loss account for the year ended on that date, together with the Reports of the Auditors and of the Audit Committee.
2. To re-elect the Directors.
3. To authorize the Directors to fix the remuneration of the Auditors.
4. To elect Members of the Audit Committee.
Dated this 29th day of March , 2022
By Order of the Board.
MICHAEL A, ADEYEMI, ACIS, MNIM CFROCM/P20A1N3Y/ICSSEACNR/E00T0A0R0Y002290 SCOA Nigeria Plc
157 Apapa/Oshodi Expressway Isolo, Lagos
PROXY: A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his/her place and such a proxy need not be a member of the Company. Executed proxy forms should be returned to reach the Registrars, Africa Prudential Registrars Plc., 220B Ikorodu Road, Lagos, not less than 48 hours before the time of the meeting.
DIVIDEND WARRANTS: The Directors have recommended no dividend for the year.
CLOSURE OF REGISTER OF MEMBERS: Notice is hereby given that the Register of Members and Transfer Books shall be closed between……….and ………… ..., 2022 (both dates inclusive) for the purpose of updating the Register of Members.
UNCLAIMED SHARE CERTIFICATES AND DIVIDEND WARRANTS: This is to inform all Shareholders that the Company is holding share certificates and dividend warrants which have been returned by the Post Office as unclaimed, while some dividend warrants sent to Shareholders' registered addresses are yet to be presented for payment or returned to the Company for revalidation.
Affected Shareholders are hereby advised to write to the Company Secretary or the Registrar for collection and or revalidation of share certificates and/or stale dividend warrants.
AUDIT COMMITTEE: In accordance with Section 404(6) of the Companies and Allied Matters Act , 2020, any Member may nominate a Shareholder for election as a Member of the company's Audit Committee by giving Notice in writing of such nomination to the Company Secretary, at least 21 days before the Annual General Meeting. The Audit Committee comprises of three (3) Shareholders and two (2) non-executives members.
E-DIVIDEND/E-BONUS: Shareholders are reminded to open Bank Accounts and CSCS Accounts for the purpose of dividend payments and bonus issues. To assist in this regard, a detachable form each of E-Dividend Mandate and E-Bonus is provided in this Annual Report and Accounts for completion and return to the Registrars, Africa Prudential Registrars Plc 220B Ikorodu Road, Palmgrove, Lagos.
RIGHTS OF SECURITIES; HOLDERS TO ASK QUESTIONS: Securities Holders have a right to ask questions not just at the Meeting, but also in writing to prior to the Meeting and such questions must be submitted to the Company on or before…… ...................... , 2022
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