TRIPPLE GEE & COMPANY PLC
UNAUDITED RESULTS FOR THE SECOND QUARTER YEAR ENDED 30TH SEPTEMBER 2024
The Directors of Tripple Gee and Company PLC are pleased to announce the unaudited results of the company's operation for the second quarter ended 30th September, 2024.
STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER 2024
FOR THE PERIOD | FOR THE PERIOD | AUDITED RESULTS | ||
FOR THE YEAR | ||||
ENDED 30TH | ENDED 30TH | |||
ENDED 31ST | ||||
SEPTEMBER, 2024 | SEPTEMBER, 2023 | |||
MARCH, 2024 | ||||
N'000 | N'000 | N'000 | ||
ASSETS | ||||
NON-CURRENT ASSETS | ||||
PROPERTY PLANT & EQUIPMENTS … Note 1 | 3,545,361 | 3,851,460 | 3,701,163 | |
OTHER INTANGIBLE ASSETS | 90,663 | 95,594 | 95,594 | |
TOTAL NON CURRENT ASSETS | 3,636,024 | 3,947,054 | 3,796,757 | |
CURRENT ASSETS | ||||
INVENTORIES … 2 | 1,184,512 | 723,483 | 1,319,485 | |
TRADE RECEIVABLES … 3 | 117,705 | 168,411 | 347,779 | |
OTHER CURRENT ASSETS … 4 | 897,480 | 367,465 | 876,410 | |
CASH AND CASH EQUIVALENTS … 5 | 3,387 | 3,805 | 1,759 | |
TOTAL CURRENT ASSETS | 2,203,084 | 1,263,164 | 2,545,433 | |
TOTAL ASSETS | 5,839,109 | 5,210,218 | 6,342,190 | |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | ||||
SHARE CAPITAL | 247,477 | 247,477 | 247,477 | |
RETAINED EARNINGS | (48,874) | 111,526 | 239,032 | |
OTHER COMPONENTS OF EQUITY | 319,121 | 319,121 | 319,121 | |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 517,724 | 678,124 | 805,630 | |
NON CONTROLLING INTEREST | - | 419,578 | - | |
TOTAL EQUITY | 517,724 | 1,097,702 | 805,630 | |
LIABILITY | ||||
NON CURRENT LIABILITIES | ||||
LONG TERM BORROWINGS | 3,337,083 | 2,184,359 | 2,922,946 | |
LONG TERM PROVISION | - | 241,035 | - | |
TOTAL NON CURRENT LIABILITIES | 3,337,083 | 2,425,394 | 2,922,946 | |
CURRENT LIABILITIES | ||||
TRADE & OTHER PAYABLES … 6 | 850,543 | 689,392 | 1,570,659 | |
SHORT TERM BORROWINGS | 1,046,598 | 934,049 | 976,627 | |
CURRENT TAX PAYABLES | 54,250 | 28,818 | 33,125 | |
SHORT TERM PROVISIONS | 32,911 | 34,863 | 33,203 | |
TOTAL CURRENT LIABILITIES | 1,984,302 | 1,687,122 | 2,613,614 | |
TOTAL LIABILITIES | 5,321,385 | 4,112,516 | 5,536,560 | |
TOTAL EQUITY & LIABILITIES | 5,839,109 | 5,210,218 | 6,342,190 |
The Financial Statements were approved by the Board of Directors on 28 October, 2024 and signed on its behalf by:
IBRAHIM AKINTAN | CHIEF (MRS) ADEBIMPE GIWA | SAMUEL IDOWU AYININUOLA |
HEAD OF FINANCE | GROUP MANAGING DIRECTOR | CHAIRMAN |
FRC/2013/ICAN/00000002023 | FRC/2020/002/00000022342 | FRC/2016/ICAN/00000015248 |
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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SECOND QUARTER ENDED 30TH SEPTEMBER, 2024
FOR THE PERIOD | FOR THE PERIOD | AUDITED RESULT | |
FOR THE YEAR | |||
ENDED 30TH | ENDED 30TH | ||
ENDED 31ST | |||
SEPTEMBER, 2024 | SEPTEMBER, 2023 | ||
MARCH, 2024 | |||
N'000 | N'000 | N'000 | |
TURNOVER … 7 | 980,959 | 1,138,981 | 2,202,687 |
COST OF SALES … 8 | (694,785) | (964,235) | (1,392,094) |
GROSS PROFIT | 286,174 | 174,746 | 810,593 |
OTHER OPERATING INCOME | - | - | 11 |
DISTRIBUTION & ADMINSTRATIVE EXPENSES … 9 | (340,537) | (241,073) | (565,131) |
OPERATING PROFIT | (54,363) | (66,327) | 245,473 |
FINANCE COSTS | (233,543) | (54,178) | (227,460) |
NET FINANCE COST/INCOME | (233,543) | (54,178) | (227,460) |
PROFIT/(LOSS) BEFORE TAXATION | (287,906) | (120,505) | 18,013 |
TAXATION | - | (5,695) | (11,013) |
PROFIT/ (LOSS) AFTER TAXATION | (287,906) | (126,200) | 7,000 |
EARNINGS PER SHARE [KOBO] | (58.17) | (25.50) | 1.41 |
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STATEMENT OF CASH FLOW FOR THE SECOND QUARTER ENDED 30TH SEPTEMBER 2024
FOR THE PERIOD | FOR THE PERIOD | AUDITED RESULTS | |
FOR THE YEAR | |||
ENDED 30TH | ENDED 30TH | ||
ENDED 31ST | |||
SEPTEMBER, 2024 | SEPTEMBER, 2023 | ||
MARCH, 2024 | |||
N'000 | N'000 | N'000 | |
NET PROFIT BEFORE TAXATION | (287,906) | (120,505) | 18,013 |
NET CASH GENERATED FROM OPERATING ACTIVITIES | (357,638) | 384,613 | 631,027 |
CASH FLOW FROM FINANCING ACTIVITIES | 414,136 | (464,493) | (386,518) |
CASH FLOW FROM INVESTING ACTIVITIES | (54,870) | 70,954 | (255,483) |
NET (DECREASE)/INCREASE IN NET CASH & CASH EQUIVALENTS | 1,628 | (8,926) | (10,974) |
CASH/BANK BALANCE AT THE BEGINNING OF THE PERIOD | 1,759 | 12,731 | 12,733 |
CASH/BANK BALANCE AT THE END OF THE PERIOD | 3,387 | 3,805 | 1,759 |
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STATEMENT OF CHANGES IN EQUITY FOR THE SECOND QUARTER ENDED 30TH SEPTEMBER 2024
Revaluation | Retained | |||||
Equity Shares | Reserve | Capital Reserve | Earnings | Total | ||
N'000 | N'000 | N'000 | N'000 | N'000 | ||
Balance - 1st April, 2023 | 247,477 | 197,886 | 121,235 | 281,527 | 848,125 | |
Comprehensive income for the period | ||||||
Profit/(loss) for the period ended 30 September, 2023 | - | - | - | (120,505) | (120,505) | |
Dividend Paid | - | - | - | (49,496) | (49,496) | |
Balance - 30 September, 2023 | 247,477 | 197,886 | 121,235 | 111,526 | 678,124 | |
Balance - 1st April, 2024 | 247,477 | 115,663 | 203,458 | 239,032 | 805,630 | |
Profit/(loss) for the period ended 30 September, 2024 | - | - | - | (287,906) | (287,906) | |
Balance - 30 September, 2024 | 247,477 | 115,663 | 203,458 | (48,874) | 517,724 |
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NOTES TO THE ACCOUNTS | ||||||
FOR THE PERIOD | FOR THE PERIOD | AUDITED RESULTS | ||||
FOR THE YEAR | ||||||
ENDED 30TH | ENDED 30TH | |||||
ENDED 31ST | ||||||
SEPTEMBER, 2024 | SEPTEMBER, 2023 | |||||
MARCH, 2024 | ||||||
N'000 | N'000 | N'000 | ||||
1 PROPERTY, PLANT & EQUIPMENTS | ||||||
LAND & BUILDING | 850,012 | 860,508 | 852,622 | |||
PLANT & MACHINERIES | 2,575,306 | 2,947,309 | 2,734,284 | |||
OFFICE FURNITURE & FITTINGS | 18,170 | 23,284 | 20,339 | |||
MOTOR VEHICLE | 79,673 | 76,693 | 70,907 | |||
LOOSE TOOLS/LAB EQUIP | 1,936 | 3,367 | 2,508 | |||
COMPUTERS/OFFICE EQUIPMETNS | 20,264 | 26,221 | 20,503 | |||
3,545,361 | 3,937,382 | 3,701,163 | ||||
2 INVENTORIES | ||||||
RAW MATERIALS | 757,861 | 404,776 | 350,949 | |||
SEMI FINISHED GOODS | 17,374 | - | 17,374 | |||
FINISHED GOODS | 57,193 | 73,111 | 73,111 | |||
DIESEL | 5,532 | - | 611 | |||
RAW MATERIALS IN TRANSIT | 346,552 | 102,336 | 877,440 | |||
1,184,512 | 580,223 | 1,319,485 | ||||
3 TRADE RECEIVABLES | ||||||
TRADE RECEIVABLES | 117,705 | 303,865 | 340,244 | |||
OTHERS RECEIVABLES | - | - | 7,535 | |||
117,705 | 303,865 | 347,779 | ||||
4 OTHER CURRENT ASSETS | ||||||
WITHHOLDING TAX | 284,077 | 229,926 | 274,175 | |||
PREPAYMENTS | 177,663 | 10,000 | 161,218 | |||
DEFERRED INTEREST | 339,206 | 12,932 | 367,782 | |||
MACHINE SPARES/PART IN TRANSIT | 93,391 | 34,601 | 73,235 | |||
OTHER ASSETS | 3,143 | - | - | |||
897,480 | 287,459 | 876,410 | ||||
5 CASH & CASH EQUIVALENTS | ||||||
AT BANK | 3,309 | 8,291 | 1,659 | |||
IN HAND | 78 | - | 100 | |||
3,387 | 8,291 | 1,759 | ||||
6 TRADE & OTHER PAYABLES | ||||||
TRADE CREDITORS | 378,401 | 391,718 | 332,522 | |||
STAFF PENSION | 48,611 | 12,670 | 32,395 | |||
UNCLAIMED DIVIDENDS | 5,777 | - | 5,757 | |||
OTHER CREDITORS & ACCRUALS | 105,011 | 39,929 | 885,487 | |||
DEPOSIT BY CUSTOMERS | 312,743 | 239,827 | 314,488 | |||
850,543 | 684,144 | 1,570,649 | ||||
7 TURNOVER | ||||||
PRINTING SERVICES | 328,948 | 440,000 | 623,054 | |||
OTHER PRINTING SERVICES | - | - | 631,400 | |||
PACKAGING | 652,010 | 226,458 | 948,233 | |||
OTHER PACKAGING | - | - | - | |||
980,959 | 666,458 | 2,202,687 | ||||
8 COST OF SALES | ||||||
RAW MATERIALS CONSUMED | 373,092 | 382,768 | 835,215 | |||
SALARIES & WAGES | 74,580 | 27,146 | 110,792 | |||
ELECTRICITY & POWER | 69,510 | 19,506 | 76,037 | |||
REPAIR & MAINTENANCE | 16,158 | 3,098 | 11,137 | |||
TRANSPORT & TRAVELLING | 1,547 | 2,984 | 8,129 | |||
PRINTING & STATIONERY | - | 2,673 | 16,258 | |||
TELEX & TELEPHONE | - | 500 | 4,065 | |||
DEPRECIATION | 159,898 | 75,882 | 318,266 | |||
POSTAGE & COURIER | - | 2,172 | 12,195 | |||
694,785 | 516,729 | 1,392,094 |
9 DISTRIBUTION & ADMIN EXPENSES
SALARIES & WAGES | 75,431 | 38,211 | 125,244 |
DIRECTORS REMUNERATION | 15,621 | 2,720 | 27,533 |
GRATUITY | 3,785 | 1,893 | 7,570 |
PENSION CONTRIBUTION | 9,008 | 3,623 | 14,565 |
POWER | 22,127 | 6,916 | 36,835 |
REPAIRS & MAINTENANCE | 8,201 | 1,362 | 16,604 |
DEPRECIATION & AMORTISATION | 38,975 | 18,685 | 78,489 |
GENERAL ADMIN EXPENSES | 167,389 | 46,626 | 258,291 |
340,537 | 120,036 | 565,131 |
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SUMMARY OF ACCOUNTING POLICIES
(i) Basis of Accounting
The Financial Statements have been prepared in compliance with International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board. The Financial Statements are presented in the currency of Nigeria, Naira.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies.
- Depreciation
Depreciation on Fixed Assets has been calculated on straight line basis based on useful life of each assets.
The rates used are as follows: - | % |
Land | - |
Building | 2.5 |
Plant and Machinery | 10 |
Motor Vehicle | 25 |
Loose Tools/Lab Equipment | 20 |
Furniture and Fittings | 12.5 |
Computer | 25 |
(iii) Inventories
Inventories are valued at lower of cost and net realizable value. Cost of finished goods comprise direct cost of production together with a proportion of production overhead appropriate to the condition of stock concerned.
(iv) Turnover
Turnover represents revenue from the sales of goods and services invoiced to the third parties during the period.
(v) Contingent Liabilities
In the opinion of the Directors no contingent liability exists.
(vi) Foreign currency transactions
Transactions in foreign currency are converted to Naira at the rate of exchange ruling at the date of the transaction.
(vii) Foreign currency translations
Balances in foreign currency at the period ended are converted to Naira at the rate of exchange ruling on that date. All differences arising from the conversion of balances in foreign currency to Naira are taken to the profit or loss account.
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