Union Dicon Salt PlcNSENG: UNIONDICON

Quarter 3 - financial statement for 2025

Oct 27, 2025 at 1:19 PM UTC · Issued by Union Dicon Salt Plc

UNION DICON SALT PLC

MANAGEMENT ACCOUNTS

FOR THE 3RD QUARTER

2025

UNION DICON SALT PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

YEAR TILL DATE
2025	2024
=N='000	=N='000

QUARTER 3
2025	2024
=N='000	=N='000

NOTE

Revenue

3,427

8,910

Cost of Sales 8 8,910 -

(5,483)

238,850

188,758

Gross Profit

Other Operating Income	9	61,600	61,795
Administrative Expenses	10	(96,969)	(36,713)

(238,551) (124,596)


(35,369)	25,082
	-
-	25,082


(5,184)	64,162

-	-

Profit/(Loss) before tax

Income Tax Expenses

11 (i)

(35,369)

18,911

(5,184)

36,728

-	-
(5,184)	36,728

Other Comprehensive Income

Item that will be reclassified to profit or loss

Item that may not be reclassified to profit or loss:

Actuarial gain on gratuity

16 (e)

- 3,900

- -

Total Comprehensive Profit/(loss) for the year Net of Tax

(35,369)

22,811

Profit/(Loss) for the year

UNION DICON SALT PLC

STATEMENT OF FINANCIAL POSITION

AS AT 30TH SEPTEMBER, 2025

ASSET

Property, Plant and Equipment

Investment in subsidiary

Other Asset

CURRENT ASSET

Trade and Other Receivables

Cash and Cash Equivalents

Inventory

CURRENT LIABILITIES

Trade and Other Payables

Current Tax liabilities

NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES

NON-CURRENT LIABILITIES

Employee Benefit Liabilities

Deferred Tax Liabilities

NET LIABILITIES

EQUITY

Share Capital

Share Premium

Actuarial Valuation Reserve

Revenue Reserve

TOTAL EQUITY

QUARTER 3

YEAR TILL DATE

2025

=N='000

255,850

Notes 2025 2024 =N='000 =N='000 12 255,850 45,728

- 3,701		-
255,850 49,429		255,850

73,245	7,600	73,245
209,201	29,608	209,201
11,250	-	11,250
293,696	37,208	282,446

11 (iii)

1,936,915	(1,209,477)	1,936,915
85,957	(86,332)	85,957
(2,022,872)	(1,295,809)	(2,022,872)

(1,473,326)

(1,209,172)

(1,484,576)

16 (d)

11 (v)

60,002	(59,502)	60,002
11,413	(11,413)	11,413
(71,415)	(70,915)	71,415
(1,401,911)	(1,280,087)	(1,401,911)

17 (a)

17 (b)

136,673	136,673	136,673
250,638	250,638	250,638
65,692	65,692	65,692
(1,854,914)	(1,733,090)	(1,854,914)
(1,401,911)	(1,280,087)	(1,401,911)

The financial statements were approved by the Board of Directors on, 27th October 2025 and signed on its behalf by:
(i) LT. General T.Y Danjuma (RTD), GCO	Chairman	FRC/2013/IODN/00000003130

(ii) Florence S. Iroye

Ag. Managing Director

FRC/2021/002/00000023527

(iii) Adelowo A. Peter

Financial Controller

FRC/2025/PRO/ICAN/001/208881

UNION DICON SALT PLC

STATEMENT OF CASHFLOW

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

QUARTER 3
2025	2024
=N='000	=N='000

NOTES

CASH FLOW FROM OPERATING ACTIVITIES

Profit/(loss) before taxation YTD		(35,369)
Adjustment for non cash items
Depreciation & Amortization of property, plant and equipment and Other Asset	14	6,672
Accruals		-
Post balancesheet adjustement		-
Income Tax Expense	13(i)	-
Operating profit before capital changes		(28,697)
Changes in working capital
(Increase)/Decrease in other receivables	16	(92,475)
(Decrease)/Increase in Employee Benefit Liabilities	19(d)	-
Increase/(Decrease) in Trade and other payables	18	(32,655)
Decrease in Tax Liabilities
Tax paid	13	-
NET CASH FLOW FROM OPERATING ACTIVITIES		(182,524)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of PPE	14	(7,700)
Pre-operation Factory Expenses	14	(84,822)
Investment in subsidiary		-
Net cash flow from investing activities		(92,522)
Net increase/decrease in cash and equivalents		(114,582)
cash and cash equivalent at beginning		323,783
cash and cash equivalent at the end of the quarter		209,201

40,628

(5,280)

(300)

(229,306)

(0)

(701)

(154,331)

(23,977)

53,585.3

29,608

REPRESENTED BY:

BANK BALANCE AS AT 30TH SEPTEMBER 2025

FIXED DEPOSIT

59,201

150,000

209,201

29,608

UNION DICON SALT PLC

STATEMENT OF CHANGE IN EQUITY

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

Share	Share	Reserve For	Retained	Total
Capital	Premium	Actuarial Valuation	Earnings	Equity
=N='000	=N='000	=N='000	=N='000	=N='000
136,673	250,638	65,692	(1,881,181)	(1,428,178)

Balance as at 30th June 2025

Comprehensive Income for the year	-	-	-	-	-
Profit for the year	-	-	-	9,403	9,403
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the year	-	-	-	9,403	9,403

Transaction with owners recorded directly in equity

Balance at 30th September 2025 136,673 250,638 65,692 (1,845,513) (1,392,510)

Balance as at 30th June 2024	136,673	250,638	65,692	(1,755,859)	(1,302,856)
Comprehensive Income for the year	-	-	-	-	-
Profit for the year	-	-	-	9,403	9,403
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the year	-	-	-	9,403	9,403

Transaction with owners recorded directly in equity
Balance at 30th September 2024	136,673 250,638 65,692 (1,801,931) (1,348,928)

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

PLANT AND

MACHINERY

N'000

FURNITURE &

FITTINGS

N'000

COMPUTER

EQUIPMENT

N'000

WAREHOUSE

RENOVATION

N'000

MOTOR VEHICLE

GENERATOR

LABORATORY MACHINE

Factory

machine & Equipment

TOTAL

N'000

12	Property, Plant and Equipment
	LEASEHOLD
	LAND & BUILDING
		N'000
	COST
	At 30th June 2025	66,082
	Additions	-
	Disposal	-
	At 30th Sept 2025	66,082

1,131,666

17,637

2,716

20,353

169,936

Accumulated depreciation and impairment
At 30th June 2025	24,374
Charge for the Period
At 30th Sept 2025	24,374
CARRYING AMOUNTS
At 30 Sept 2025	41,708

169,936

1,131,666 167,900 13,920

- 93 176

1,131,666 167,993 14,096

- 1,943 5,257

111,434

21,089	15,633	56,023	1,385,321
9,676 -	-	-	113,150
- -	-	-
9,676 21,089	15,633	56,023	1,498,471

111,434

-	-	-	-	-	1,337,860
5,077	193	502	632	2,801	6,672
2,785	193	502	632	2,801	1,340,914

108,649

9,484

20,587

15,001

53,222

255,850

(a)	None of the company's assets is held under lease
(b)	None of the company's assets is pledged as collateral for loan
(C)	No contractual commitment to acquire asset during the year.

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR T HE PERIOD ENDED 30TH SEPTEMBER, 2025

1)	Corporate information and principal activities
	Dicon Salt Limited and Union Salt Limited were incorporated as private limited liability companies on 11 October 1984 and 30 May 1991 respectively.
	The principal activity of the Company is the processing of crude salt. The issued share capital of the Company is held thus: 28% by Aims Limited, 19%

Its registered office is at Phase 2, NPA Kirikiri Lighter Terminal Apapa Lagos.

Basis of preparation

Statement of compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in compliance with the requirements of the Companies and Allied Matters Act, 2020 and Financial Reporting

Council of Nigeria Act No 6, 2011.

b	Basis of measurement
	The financial statements have been prepared under the historical cost concept except for certain financial instruments which were measured at fair
c	Functional and presentation currency
	The Company's functional and presentation currency is the Nigerian Naira. The financial statements are presented in Nigerian Naira and have been rounded up to the nearest thousand except where otherwise stated.
d	Use of estimates and judgement
	The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and judgments. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4.

3	New standards, interpretations and amendments
(a)	New standards, interpretations and amendments adopted from 1 January 2022
	New standards effective for adoption in the annual financial statements for the year ended 31 December 2022 but had no significant effect or impact

Standard/Interpretation		Date Issued by IASB	Effective date periods beginning on or after
IAS 37	Onerous Contracts - Cost of Fulfilling a Contract	14 May 2022	1 January 2022
Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41	Annual Improvements to IFRS Standards 2018-2020	14 May 2020	1 January 2022
IAS 16	Property, Plant and Equipment - Proceeds before Intended Use (Amendments to IAS 16)	14 May 2020	1 January 2022
IFRS 3	Reference to the Conceptual Framework	14 May 2020	1 January 2022

(b)

The following are the new standards and interpretations that have been issued, but are not mandatory for the financial year ended 31 December

In terms of International Financial Reporting Standards, the company is required to include in its financial statements disclosure about the future

At the date of authorisation of the financial statements of the Company for the year ended 31 December 2022, the following standards and

interpretations were in issue but not yet effective:

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR T HE PERIOD ENDED 30TH SEPTEMBER, 2025

Standard/Interpretation		Date issued by IASB	Effective date periods beginning on or after
IAS 1	Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)	12 February 2021	1 January 2023
IAS 8	Definition of Accounting Estimates (Amendments to IAS 8)	12 February 2021	1 January 2023
IAS 12	Deferred Tax related to Assets and Liabilities arising from a single Transaction (Amendments to IAS 12)	7 May 2021	1 January 2023
IFRS 16	Lease liability in a Sale and Leaseback (Amendments to IFRS 16)	22 September 2022	1 January 2024
IAS 1	Non-current liabilities with covenants	31 October 2022	1 January 2024
IAS 1	Classification of liabilities as current or non-current	31 October 2022	1 January 2024

*All standards and interpretations will be adopted at their effective date (except for those standards and interpretations that are not applicable to the Entity).

4)	Critical accounting estimates and judgements

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future,

i)	Legal proceedings

The Company reviews outstanding legal cases following developments in the legal proceedings and at each reporting date, in order to assess the need for provisions and disclosures in its financial statements. Among the factors considered in making decisions on provisions are the nature of litigation, claim or assessment, the legal process and potential level of damages in the jurisdiction in which the litigation, claim or assessment has been brought, the progress of the case (including the progress after the date of the financial statements but before those statements are issued), the opinions or views of legal advisers, experience on similar cases and any decision of the Company's management as to how it will respond to the litigation, claim or assessment.

ii)	Income and deferred taxation

The Company incurs corporate tax liability and recognises changes to deferred tax assets and deferred tax liabilities, all of which are based on management's interpretations of applicable laws and regulations. The quality of these estimates is highly dependent upon management's ability to properly apply at times a very complex sets of rules to recognise changes in applicable rules and in the case of deferred tax assets, management's ability to project future earnings from activities that may apply loss carry forward positions against future income taxes.

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

iii)	Impairment of property, plant and equipment and intangible assets

The Company assesses assets or groups of assets for impairment annually or whenever events or changes in circumstances indicate that carrying amounts of those assets may not be recoverable. In assessing whether a write-down of the carrying amount of a potentially impaired asset is required, the asset's carrying amount is compared to the recoverable amount. Frequently, the recoverable amount of an asset proves to be the Company's estimated value in use.

The estimated future cash flows applied are based on reasonable and supportable assumptions and represent management's best estimates of the range of economic conditions that will exist over the remaining useful life of the cash flow generating assets.

iv)	Estimates of useful lives and residual value

The estimates of useful lives and residual values of property, plant and equipment impact the annual depreciation charge. The useful lives and residual values are based on management experience and the condition of the assets. Consideration is given to management's intended usage policy for the assets in the future and potential market prices of similar assets.

5)	Summary of significant accounting policies

The Company's accounting policies set out below have been applied consistently to all years presented in these financial statements.

Foreign currency transactions

In preparing the financial statements of the Company, transactions in currencies other than the entity's presentation currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions and any exchange differences arising are

included in the income statement of the reporting period.

Monetary items denominated in foreign currency are translated using the closing rate as at the reporting date. Non-monetary items measured at historical cost denominated in a foreign currency are translated with the exchange rate as at the date of initial recognition; non monetary items in a foreign currency that are measured at fair value are translated using the exchange rates at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at the reporting

date exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement.

All foreign exchange gains and losses recognised in the income statement are presented net in the Income statement within other operating income and operating expenses respectively. Foreign exchange gains and losses on other comprehensive income items are presented in other comprehensive income within the corresponding item.

b)	Revenue
	The Company supplies salt in the wholesale market. Sales are recognized when control of the goods has transferred, being when the goods

The goods is often sold with volume discounts based on aggregate sales value over a 12 months period. Revenue from these sales is

A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional because only the

passage of time is required before the payment is due.

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

Finance income and finance expense

Interest income on short-term deposits is recognised by reference to the principal outstanding and at the effective interest rate applicable,

which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the asset's net

Dividend income from investments is recognised in the income statement when the shareholder's right to receive payment has been established (provided that it is probable that the economic benefits will flow to the Company) and the amount of income can be measured

Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss where the Company holds such financial assets and impairment losses recognised on financial assets ( other

Property, plant and equipment

i) Recognition and measurement

Property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the assets. Items of property, plant and equipment under construction are disclosed as capital work in progress. The cost of construction recognised includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and

restoring the site on which they are located, and borrowing costs on qualifying assets.

ii) Subsequent costs

The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is then derecognised. The costs of the day-to-day servicing and maintenance of an item of property, plant and equipment

are recognised in the income statement during the period in which they are incurred.

iii) Depreciation

Depreciation is calculated on items of property, plant and equipment to write down the cost of each asset to its residual value over its

estimated useful life. No depreciation is charged on items of property, plant and equipment until they are brought into use.

The principal annual rates used for this purpose, which are consistent with those for the previous years, are as follows:

Type of asset

Building

Plant and machinery

Computer equipment

Furniture and fittings

The assets depreciable methods, useful lives and residual values are reviewed annually and adjusted if necessary. The asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

iv) Derecognition

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use. Any gains or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement within 'Other income or operating expenses' in the year that the asset is derecognised.

Impairment of non-financial assets

Non-financial assets other than inventories are reviewed at each reporting date for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less cost to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which they have separately identifiable

cash flows (cash-generating units).

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment is treated as a revaluation increase.

Inventory

Inventory include salt, engineering items, bags and other consumables. Inventories are valued at the lower of cost and net realizable value. Cost includes the cost of the products, the landing cost and the expenses/charges associated with the conveyance of the inventory to the warehouse. Costs of the products are determined using the average cost methods. Net realizable value is the estimated selling price in the ordinary course of business less estimated cost necessary to make the sale. Adequate provision is made for slow moving, obsolete and defective inventories to ensure that the value at which inventories is held at the reporting date is reflective of anticipated future sales

patterns.

g)	Financial instruments
	a) Financial assets

Financial assets are initially recognised at fair value plus directly attributable transaction costs. Subsequent remeasurement of financial assets is determined by their designation that is revisited at each reporting date.

i) Classification as trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognized initially at the amount of

consideration that is uncondition unless they contain significant financing components, when they are recognized at fair value. The Company

ii) Classification of financial assets at amortised cost

The Company classified its financial assets as at amortised cost only if both of the following criteria are met:

•	the asset is held within a business model whose objective is to collect the contractual cash flows, and
•	the contractual terms give rise to cash flows that are solely payments of principal and interest.

iii) Other receivables

These amounts generally arise from transactions outside the usual operating activities of the Company. Interest may be charge at commercial rates where the terms of repayment exceed six months. Collateral is not normally obtained. The non-current other receivables are due and

payment within three years from the end of the reporting period.

iv) Prepayments

Prepayments are payments made in advance relating to the following year and are recognised and carried at original amount less amounts

utilised in the statement of profit and loss and other comprehensive income.

v) Cash and cash equivalents

Cash and cash equivalents consist of cash at bank and in hand and short-term deposits with an original maturity of three months or less.

For the purpose of reporting cash flows, cash and cash equivalents include cash on hand, bank balances, investments in money market instruments with maturity dates of less than three months and are risk free net of bank overdraft.

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

vi) Derecognition of financial assets

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expires, or when it transfers substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that

had been recognised in other comprehensive income and accumulated in equity is recognised in the income statement.

vii) Financial liabilities and equity instruments

Financial liabilities are initially recognised at fair value when the Company becomes a party to the contractual provisions of the liability. Subsequent measurement of financial liabilities is based on amortized cost using the effective interest method. The Company financial

liabilities include trade and other payables.

Financial liabilities are presented as if the liability is due to be settled within 12 months after the reporting date, or if they are held for the purpose of being traded. Other financial liabilities which contractually will be settled more than 12 months after the reporting date are classified as non-current.

a) Trade and other payables

Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

b) Dividends

Dividends on ordinary shares are recognised as a liability and deducted from equity when they are approved by the Company's shareholders.

Interim dividends are deducted from equity when they are declared and no longer at the discretion of the Company. Dividends for the year

c) De-recognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they expire. The

difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in income statement.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability

simultaneously.

i)	Impairment of financial instruments
	The Company has trade receivables for the sales of inventory that is subject to the expected credit loss model.

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all

To measure the expected credit losses, trade receivables has been grouped based on shared credit risk characteristics and the days past due.

The expected loss rates are based on the payment profiles of customers over a period of 36 months from 31 December 2020 and the

Taxation

i) Current income tax

The income tax expense for the period comprises current and deferred tax expense. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other

comprehensive income or directly in equity.

UNION DICON SALT PLC	14
NOTES TO THE FINANCIAL STATEMENT
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the reporting date in Nigeria where the Company operates and generates taxable income.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years, but it further excludes items that are never taxable or deductible. The Company is subject to the following types of current income tax:

. Company Income Tax - This relates to tax on revenue and profit generated by the Company during

the year, to be taxed under the Companies Income Tax Act, Cap C21, LFN 2004 as amended to date

. Tertiary Education Tax - Tertiary education tax is based on the assessable income of the Company

and is governed by the Tertiary Education Trust Fund (Establishment) Act, LFN 2011 (Amended)

ii) Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting

purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:

. temporary differences on the initial recognition of assets or liabilities in a transaction that is not a

business combination and that affects neither accounting nor taxable profit or loss.

. taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax is provided for using the liability method, which represents taxation at the current rate of corporate tax on all timing differences between the accounting values and their corresponding tax written down values. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the amount will be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Employee benefits

(i) Short term employee benefits

Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related services are provided. The

Company recognises wages, salaries, bonuses and other allowances for current employees in the income statement as the employees render such services.

A liability is recognised for the amount expected to be paid under short - term benefits, if the company has a present legal or constructive obligation to pay the amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(ii) Defined contribution plans

The Company operates a defined contribution plan as stipulated in the Pension Reform Act, 2014. Under the defined contributory scheme,

the Company contributes 10%, while its employees contribute 8% of their annual basic, housing and transport allowances to the scheme. Once the contributions have been paid, the Company retains no legal and constructive obligation to pay further contributions if the fund does not hold sufficient assets to finance benefits accruing under the retirement benefit plan. The Company's obligations are recognised in the income statement as administrative expenses (employee benefits) when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or reduction in the future payments is available.

(iii) Defined benefits plan

Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more

factors such as age, years of service and compensation. The liability in respect of a defined benefit pension plan is the present value of the defined obligation at the end of the reporting period less the fair value of plan assets, together with adjustments for un-recognised past-service costs. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows, using interest rate of government bond. Actuarial gains and losses arising from experience adjustment and changes in actuarial assumption are charged or credited

to equity in other comprehensive income in the period which they arise.

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

l)	Provisions
	A provision is recognized only if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date.
	Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The unwinding of the discount is recognised as a finance cost.

m)	Share capital, reserves and dividends
	i) Share capital
	Share capital represents the nominal value of shares that have been issued.

ii) Reserves

Reserves include all current and prior periods' retained earnings.

iii) Dividends

Dividends on ordinary shares are recognised as a liability and deducted from equity when they are approved by the company's shareholders. Interim dividends are deducted from equity when they are declared. Dividends for the year that are approved after the statement of financial

position date are disclosed as an event after the statement of financial position.

Related party transactions

Related parties include the related companies, the directors and any employee who is able to exert significant influence on the operating policies of the company. Key management personnel are also considered related parties. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any

director (whether executive or otherwise) of that entity.

The Company considers two parties to be related if, directly or indirectly one party has the ability to control the other party or exercise

significant influence over the other party in making financial or operating decisions.

Where there is a related party transactions with the company, the transactions are disclosed separately as to the type of relationship that

exists with the company and the outstanding balances necessary to understand their effects on the financial position and the mode of settlement.

6)	Financial instruments - risk management
	The Company is exposed through its operations to the following financial risks:
-	Credit risk
-	Fair value or cash flow interest rate risk
-	Foreign exchange risk
-	Other market price risk, and
-	Liquidity risk.

In common with all other businesses, the Company is exposed to risks that arise from its use of financial instruments. This note describes the Company's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the Company's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

(i) Principal financial instruments

The principal financial instruments used by the Company, from which financial instrument risk arises are as follows:

- Trade receivables

- Cash and cash equivalents

- Trade and other payables

UNION DICON SALT PLC

NOTES TO THE FINANCIAL STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

ii)	Financial instruments by category
	Financial assets

Loans and
receivables
2025	2024
N'000	N'000
209,201	29,608
73,245	7,600
282,446	7,546

Cash and cash equivalents

Trade and other receivables

Total financial assets

Financial liabilities
at amortised cost
2025	2024
N'000	N'000
1,936,195	1,209,477

Total liabilities

Trade and other payables

General objectives, policies and processes

The Board has overall responsibility for the determination of the Company's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Company's finance department. The Board receives monthly reports from the Company's Accountant through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it

sets. The Company's Accountant also reviews the risk management policies and processes and reports his findings to the Board.

The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Company's competitiveness and flexibility. Further details regarding these policies are set out below:

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual

obligations. The Company is mainly exposed to credit risk from rental income. The Company is not expose to credit risk from sales of products as it is currently not trading.

Liquidity risk

Liquidity risk arises from the Company's management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due.

The Company is currently experiencing difficulty in meeting its financial obligations as they fall due. However, efforts is being made by the Board to ensure that the Company can start the production and sales of salt in order to generate income for its working capital requirements.

Capital management

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide

returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

Management is currently addressing this effectively. As part of the measures to sustain the going concern, the Company has entered into a

joint venture arrangement with Joatalim Logistic Limited. This arrangement currently fetch the sum of N230 million annually to sustain the

Proper attention is focused on the impact of the negative working capital and net liabilities respectively. To facilitate this, the management is

committed to engage in productive activities this year with the approval by the Board to revive salt production and diversify into other bussiness opportunities. As part of the measures to sustain the going concern, the amount due to the related parties will not be required for immediate repayment until the Company returns to profitable position.

UNION DICON SALT PLC

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

7	REVENUE
	Revenue arises from: SALT
	Gross sales of salt less rebate

=N= '

3,426,600

9	OTHER OPERATING INCOME
	Rental income	61,600,000
	Dividend income	-
	Other income
		61,600,000

10	ADMINISTRATIVE EXPENSES
	AGENCY FEE	-
	LEGAL & PROFESSIONAL FEES	10,400,000
	ICT EXPENSES	3,470,000
	AUDIT EXPENSE	-
	COMMUNICATION/DATA EXP	-
	ENTERTAMENT	-
	CORPORATE SUB.	-
	FOOD & BEVERAG	-
	REGULATORY BODIES	3,500,000
	WELFARE	-
	BOARD EXP.	150,000
	BIRTHDAY GIFT	-
	CAR MAINTENANCE	-
	FUEL FOR GEN	1,559,050
	STAFF SALARY	6,004,287
	SECURITY UNIFORM	-
	SECURITY	-
	TRANSPORT RELIEF	1,908,810
	DIRECTOR ALLOWANCE	5,350,000
	MEDICAL/STAFF WELFARE	-
	FIRE EXTINGUISHER	-
	GRATUITY	-
	EMPLOYER PENSION CONTR.	732,803
	REPAIR & MAINT(M/V)	240,500
	REPAIR & MAINT(FACTORY EQUIPMENT)	-
	REPAIR & MAINT(PLANT & MACHINERY)	-
	OFFICE EXP.	21,257,500
	STATIONARY	-
	TRANSPORT	-
	RENT (NPA)	42,366,069
	CSR	-
	BANK CHARGES	23,752
	DEPRECIATION & AMORTIZATION	6,672
		96,969,443

COST OF SALES

8,910,000

UNION DICON SALT PLC

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 30TH SEPT, 2025

11 TAXATION

Current income tax

Taxation for the period in the income statement represent deferred tax, education tax and company income tax

(i) Profit and loss account Company income tax Education tax

Nigeria Police Trust Fund Levy

2025

Deferred tax -

Income tax recognised in profit or loss

The charge for taxation in these finacial statements us computed in accordance with the provision of the Company's Income Tax Act, CAP C21 LFN, 2004 as amended.

The company's education tax is computed in accordance with the provisions of Education Tax Act, CAP E4 LFN, 2004 as amended which is 3% of the assessable profit for the year.

(ii)	The income tax expense for the year can be reconciled to the accounting profit as per the statement
	of comprehensive income as follows:
	Profit before tax	25,082
	Tax at the statutory corporation tax rate of 30%	-
	Effet of income that is exempted from taxation	-
	Effect of expenses that are not deductable in determining taxable profit	-
	Loss relieved	-
	Education tax at 3% of assessable profit
	Balancing charge/allowance
	Nigeria Police Trust Fund Levy
	Capital allowances absorbed	-
	Minimum tax
	Deferred tax provision	-
	Tax expense recognised in profit or loss	-
	Effective rate

(iii)	Statement of financial position
	Balance at the beginning of the year

86,332

Payment during the year:

Income tax

Provision for the year:

Company income tax

Nigeria Police Trust Fund Levy

Education tax

Minimum tax

Balance at the en of the year

- 1,715

1,340

85,957

(iv)	Current tax assets and liabilities
	Deferred taxation
	The following are the major deferred tax liabilities and asset recognised by the Company and movements thereon during the
	current and prior reporting periods:
			Recognised in Other
		Propert, Plant	Comprehensive
		and Equipments	Income	TOTAL
		N'000	N'000	N'000
	At 1 January 2024	5,384	-	5,384
	Charged to profit or loss	6,029	-	6,029
	Charged to other comprehensive income	-	-	-
	Reclassification from equity to profit or loss	-	-	-
	At 31 December 2024	11,413	-	11,413
	Charged to profit or loss	-	-	-
	Charged to other comprehensive income	-	-	-
	Reclassification from equity to profit or loss	-	-	-
	At 30th September 2025	11,413	-	11,413

(v)	Deferred tax liabilities
	Balance at the beginning of the year	5,384
	Charge for the year	6,029
	Balance at the end of the year	11,413

5,384

6,029

11,413

UNION DICON SALT PLC

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025

13	OTHER RECEIVABLES
	Amount due from related companies (13(a))
	Staff loan account
	Sundry receivables
	Rent receivables(Joatelim Nig ltd)
	Other assets

745

72,500

73,245

Impairment allowance (13(b))

Total trade and other receivables

73,245

14	CASH AND CASH EQUIVALENTS
	Cash at bank available on demand

209,201

15	TRADE AND OTHER PAYBALES
	Other payables (Note 15(a))	874,378
	Accruals (Note 15(b))	143
Total financial liabilities excluding loans and borrowings, classified as financial liabilities measured
	at amortised cost	874,521
	Directors current account	1,004,447
	Staff pension (15(c ))	57,947
		1,936,915
The carrying value of trade and other paybales classified as financial liabilities measured at amortised cost
	approximates fair value
(a)	Other Payables
	PAYE	12,676
	PROV. GRATUITY EXISTING STAFF	251,992
	WITHOLDING TAX ACCOUNT	-
	Union dues	-
	Deferred Income	590,667
	Joatelim Nig. Ltd	-
	CBO capital account	16,534
	Other payables	1,818
	ITF payables	691
	NSITF payables	-
		874,378

(b)	Accruals
	Accrued charged
	Salary payable
	Audit fees
	NHF
	Staff trust fund
	Rent

143

(c )	Staff Pension
	Balance at the beginning of the year
	Deduction in the year
	Remittance in the year

55,123

2,947

(123)

57,947

16	EMPLOYEE BENEFITS LIABILITIES
(a)	The company operates a gratuity scheme in line with the provision of the agreements entered into with Nigeria Labour Congress (NLC)
The benefits payable to members based on the completed number of years served are as follows:
(i)	Less than 2 years of meritorious service -	Nil
(ii)	2-9 years of meritoriuos service -	150% of monthly gross salary
(iii)	10-20 years of meritoriuos service -	200% of monthly gross salary
(iv)	More than 20 years -	250% of monthly gross salary

(b)	The most recent actuarial valuation of the present value of the defined benefit obligation were carried out at 31 December 2020 by
	Bestwole Developments Limited and the report was signed by the Managing Director of the company Mr. Wole Ogunkoya (FRC/2013/
	NAS/00000000986). The present value of the defined benefit obligation, and the related current service cost and past service cost,
	were measured using the Projected Unit Credit. The company did not undertake any actuarial valuation in the year.

(c )	The principal assumptions used for the purpose of the actuarial valuations were as follows:
		%
	Discount rate	-
	Rate of salary increase	-
	rate of inflation	-

(d)	Reconciliation of change in benefit obligation
	The amount included in the statement of financial position arising from the entity's obligation in respect of its defined benefit plans
	is as follows:
	Balance at the beginning of the year	60,002.0
	Current service cost	-
	Interest cost	-
	Benefit paid	-
	Actuarial loss - change in assumption	-
	Actuarial loss - experience adjustment	-
	Curtailment	-
	Balance as at year end	60,002

(e )	Statement of Other Comprehensive Income
	Actuarial loss on liability during the year due to:
	Change in assumption
	Experience adjustment

17	SHARE CAPITAL
(a)	Issued and fully paid
	Ordinary share of 50 kobo each
	Addition during the year
	Balance at the end of the year

NUMBER	VALUE
273,346	136,673
-	-
273,346	136,673

(b)	Share Premium
	Balance at the beginning of the year

- 250,638

18	ACTUARIAL RESERVE
	Balance at the beginning of the year
	Gains for the year
	Balance at the end of the year

-	65,692
	-
-	65,692

19	REVENUE RESERVE
	Balance at 30th June 2025
	Profit/ (Loss) for the year
	Balance as at 30th September 2025

- 1,854,914

25,082

- (1,829,832)

UNION DICON SALT PLC

FINANCIAL STATEMENTS, 30TH SEPTEMBER 2025

OTHER NATIONAL DISCLOSURE

3 YEAR FINANCIAL SUMMARY

Revenue

Profit/(loss) before taxation

Taxation

2025	2024	2023	2022
=N='000	=N='000	=N='000	=N='000
0.00	0.00	0.00	0.00
(35,369)	61,567	61,567	(88,105)
-	-	-	-
(35,369)	61,567	61,567	(88,105)

Share capital	136,673	136,673	136,673	136,673
Share Premium	250,638	250,638	250,638	250,638
Retained earnings	(1,854,914)	(1,733,090)	(1,720,609)	(1,915,329)
Actuarial valuation reserve	65,692	65,692	65,692	65,692
Equity	(1,401,911)	(1,280,087)	(1,267,606)	(1,462,326)

Employment of capital:
Property, plant and equipment	255,850	49,429	46,212	44,548
Investment in subsidiary	-	3,701	57,682	56,481
Current assets	367,865	37,208	60,362	7,523
Total liabilities	(2,025,626)	(1,295,809)	(1,431,862)	(1,570,876)
Total net liabilities	(1,401,911)	(1,205,471)	(1,267,606)	(1,462,324)

Shareholding Structure/Free Float Status

Description	30-Sep-25		30-Sep-25
Description	Unit	Percentage	Unit	Percentage
Issued Share Capital	273,346,000	100%	273,346,000	100%
Substantial Shareholdings (5% and above)
Lt. General (Rtd) T.Y. Danjuma (GCON)	33,473,291	12.25%	33,473,291	12.25%
CROSS GROUP (NOT REPRESENTED)	64,000,000	23.41%	64,000,000	23.41%
Mr. Bekuochi Nwawudu	34,596,362	12.66%	34,596,362	12.66%
Maj. Gen. A E Edet	44,000,000	16.10%	44,000,000	16.10%
Dr. Ibrahim Abubakar Kana	44,000,000	16.10%	44,000,000	16.10%
Total Substantial Shareholdings	176,069,653	64.41%	176,069,653	64.41%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests
Lt. General (Rtd) T.Y. Danjuma (GCON)	37,277,386	21.17%	37,277,386	21.17%
Total Directors' Shareholdings	37,277,386	13.64%	37,277,386	13.64%
Free Float in Units and Percentage	59,998,961	21.95%	59,998,961	21.95%
Free Float in Value	₦ 485,991,584.10		₦ 536,990,700.95

Declaration:

(A) UNION DICON SALT Plc with a free float percentage of 21.95% as at 30 Sept. 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

(B) UNION DICON SALT Plc with a free float value of N485,991,584 as at 30 Sept. 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

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