SCOA NIGERIA PLC
[RC: 6293]
ANNUAL REPORT AND
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2022
BBC PROFESSIONALS
CHARTERED ACCOUNTANTS
SCOA NIGERIA PLC | |
[RC: 6293] | |
Annual Report And Consolidated Financial Statements - 2022 | |
TABLE OF CONTENTS | PAGES |
INTRODUCTION | |
Corporate information | 2 |
Financial highlights | 3 |
CORPORATE GOVERNANCE | |
Report of the directors | 4 |
Corporate Governance Report | 9 |
FINANCIAL STATEMENTS | |
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 |
OTHER FINANCIAL INFORMATION | |
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 - 2022
CORPORATE INFORMATION | ||
BOARD OF DIRECTORS | ||
Mr. Henry Agbamu | - | Chairman |
Dr. Massad F. Boulos | - | Managing Director/CEO |
Engr. Amresh Shrivastava | - | Deputy CEO |
Alhaji Gambo Lawan (Independent) | - | Non-Executive Director |
Mrs. Sarah Boulos | - | Non-Executive Director |
Mr. Michel Fadoul | - | Non-Executive Director |
Prince Boniface Nwabuko | - | Non-Executive Director |
Hon. Magnus C. Onyibe (Independent) | - | Non-Executive Director |
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 Plc
220B, Ikorodu Road, Palmgrove, Lagos
MAJOR SOLICITORS
Bola Ajibola & Co.
Balogun, Majekodunmi & Biachi
Sumi Ahonsi & Co.
Rasky Gbinigie & Co.
Pinheiro LP
BANKERS
Heritage Bank Limited
Providus Bank Limited
Sterling Bank Plc
Unity Bank Plc
Wema Bank Plc
Zenith Bank Plc
INDEPENDENT AUDITORS
BBC PROFESSIONALS
[Chartered Accountants]
Charter House
7 McNeil Road
Sabo Yaba
Lagos
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SCOA NIGERIA PLC
Financial Highlights
For the year ended 31 December, 2022
Group | Group | Company | Company | ||||
2022 | 2021 | 2022 | 2021 | ||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ||||
Turnover | 4,032,515 | 15,809,503 | 14,854 | 966,713 | |||
(Loss)/profit before taxation | (525,080) | 526,461 | (476,348) | 308,727 | |||
Tax expenses | (66,315) | (454,064) | (49,195) | (254,069) | |||
(Loss)/profi for the Year | |||||||
(591,395) | 72,398 | (525,543) | 54,659 | ||||
Capital Expenditure | 1,543 | 4,823 | 1,543 | 1,835 | |||
Depreciation of property plant & equipment | |||||||
165,789 | 181,598 | 162,349 | 179,050 | ||||
Total Asset | 17,924,224 | 23,448,096 | 8,084,848 | 8,876,817 | |||
Shareholders' fund | 3,007,467 | 2,865,412 | (963) | 522,395 | |||
Per Share Data: | |||||||
(Loss)/earning per share (Naira) | (0.91) | 0.11 | (0.81) | 0.08 | |||
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
Report of the Directors
For the year ended 31 December, 2022
FINANCIAL STATEMENTS
The Directors are pleased to present to the Members of Company their Report with the Consolidated Audited Financial Statements for the year ended 31 December, 2022.
LEGAL FORM:
SCOA Nigeria Plc, which commenced operations in Nigeria in 1926, was incorporated as a Limited Liability Company in June, 1969 with Registration No. RC. 6293. The Company was listed on the Nigerian Stock Exchange in 1977.
PRINCIPAL ACTIVITIES:
The principal activities of the Company include: distribution, maintenance and leasing of motor vehicles; assembly, sales, and servicing of power generators; sale, servicing and repairs of earth-moving and construction equipment, industrial compressors, agricultural tractors, machinery and equipment and general merchandising.
MAJOR BUSINESS PARTNERS: The Company's major business partners include: MAN, Ingersoll Rand, Karcher, Fiori, Perkins and Wirtgen.
REVIEW OF BUSINESS AND FUTURE PROSPECTS:
The review of the Company's business as contained in the Chairman's Statement is an integral part of the Directors' Report and should be read in conjunction therewith.
RESULTS FOR THE YEAR: | ||||
T h e G r o u p | T h e C o m p a n y | |||
2022 | 2021 | 2022 | 2021 | |
N'000 | N'000 | N'000 | N'000 | |
Revenue | 4,032,515 | 15,809,503 | 14,854 | 966,713 |
======== | ======== | ======== | ======== | |
(Loss)/profit before taxation | (525,080) | 526,461 | (476,348) | 308,727 |
Tax expenses | (66,315) | (454,064) | (49,195) | (254,069) |
------------- | ------------- | ------------- | ------------- | |
(Loss)/profi for the Year | (591,395) | 72,397 | (525,543) | 54,659 |
======== | ======== | ======== | ======== |
DIVIDEND:
The Directors did not recommend to members the payment of dividend given the results for the year.
PROPERTY, PLANT AND EQUIPMENT:
Information relating to changes in Property, Plant and Equipment during the year is given in Note 17 to the consolidated financial statements. In the opinion of the Directors, the market value of the group's properties is not less than the value shown in the accounts.
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