Daar 2024 4th Quarter Report

DAAR COMMUNICATIONS PLCCompany No. RC 117587UNAUDITED FINANCIAL STATEMENTSFOR THE PERIOD ENDED31ST DECEMBER, 2024DAAR COMMUNICATIONS PLCSTATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMER, 2024ASSETSDec, 2024Dec, 2023NON CURRENT ASSETSN’000N’000PROPERTY,PLANT & EQUIPMENT24,223,02424,061,928OTHER INTANGIBLE ASSETS39,47822,802INVESTMENT – (MTS & AITNEWS24)97,000497,893DEFERRED TAX ASSETS0969,24124,359,50225,551,864CURRENT ASSETSTRADE RECEIVABLES2,666,6455,005,070OTHER DEBTORS & PREPAYMENTS3292,609219,424CASH & CASH EQUIVALENTS4188,617129,662TOTAL CURRENT ASSETS3,147,8713,444,919TOTAL ASSETS27,507,37328,996,783EQUITY AND LIABILITIESCAPITAL AND RESERVESSHARE CAPITAL54,000,0004,000,000SHARE PREMIUM13,411,54113,411,541REVALAUTION SURPLUS617,939,47917,232,806RETAINED EARNINGS7-19,580,229-16,825,758TOTAL EQUITY15,770,79117,818,589Non-Current LiabilitiesAccrued Gratuity8726,160865,375Total Non-Current Liabilities726,160865,375CURRENT LIABILITIESSURBORDINATED LOAN150,662362,029TRADE PAYABLES1,114,8142,884,999OTHER PAYABLES99,073,5648,254,398TAXATION10671,382720,630TOTAL CURRENT LIABILITIES11,010,42212,222,056TOTAL EQUITY AND LIABILITIES27,507,37330,906,020 Marcel AnyalechiStanley    SagbojeAg. CEOED, Finance & Accounts/CFOFRC/2014//CAN/00000013647FRC/2016/ICAN/00000015580DAAR COMMUNICATIONS PLCSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFOR THE QUARTER ENDED 31ST DECEMBER, 2024Twelve mths to Dec 2024Three mths to Dec 2024Twelve mths to Dec. 2023Three mths to Dec. 2023N’000N’000N’000N’000Revenue4,991,927         2,103,4644,510,3391,316,946Cost of Sales-3,827,817         (1,448,495)-2,799,156-545,558Gross Profit1,164,110            654,9701,711,183771,389Other Income93,111            (107,563)445,308277,4131,257,221            547,4072,156,4911,048,802Selling Expenses-283,071           (166,429)-403,282-305,423Impairment Allowance-969,241           (284,174)-913,450Administration Expenses-2,862,971           (982,705)-2,338,415-1,549,867Finance Charges-12,743               (3,186)-10,370-1,784PROFIT BEFORE TAXATION-2,870,805-889,087-1,509,027-808,273TAXATION0                    –  00PROFIT/(LOSS) FOR THE YEAR-2,870,805-889,087-1,509,027-808,273EPS in kobo-36                   (11)-19-10DAAR COMMUNICATIONS PLCSTATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2024SHARE CAPITALSHARE PREMIUMREVALUATION SURPLUSRETAINED INCOMETOTALN’000N’000N’000N’000N’000BAL B/F4,000,00013,411,54117,232,806-16,709,42317,934,924PROFIT FOR THE PERIOD TO DECEMBER00706,673-2,870,805-2,164,133BALANCE AS AT DEC. 31, 20244,000,00013,411,54117,939,479-19,580,22915,770,791DAAR COMMUNICATIONS PLCSTATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2023SHARE CAPITALSHARE PREMIUMREVALUATION SURPLUSRETAINED INCOMETOTALN’000N’000N’000N’000N’000BAL B/F4,000,00013,411,5410-15,198,2352,213,306PROFIT FOR THE PERIOD TO DECEMBER000-1,509,027-1,509,027BALANCE AS AT DEC. 31, 20234,000,00013,411,5410-16,707,262704,279DAAR COMMUNICATIONS PLCSTATEMENT OF CASH FLOWSFOR THE PERIOD ENDED 31ST, DEC 2024Dec 31, 2024Dec 31, 2023Cash flow from operating activities:N’000N’000Profit/(Loss) before taxation-2,777,695-1,578,275Add back items not involving movement of funds:Depreciation1,201,565815,573Amortisation8191,764Revalaution surplus706,6730Write down of deferred Tax assets969,241913,423Prior year adjustment-0-0Impairment allowance on receivableMovements In Trade ReceivablesFinance cost12,74310,370Other income-93,1110Finance income00Gratuity-139,21548,338-118,981211,194Working capital changes:(Increase) /Decrease in Trade Receivables2,408,151-2,278,823(Increase)/Decrease in Other Receivables and prepayments-73,185-13,803(Increase)/Decrease in Stocks00Increase/(Decrease) in Trade and other payables-951,0192,681,6161,383,947388,990Tax Paid0-14,831Net cash from operating activities1,264,966585,352Cash flows from investing activities:(Purchase)/Sale of fixed assets-1,365,390-294,380Investment in AITNEWS24 Limited400,893-400,893(Increase)/Decrease in intangible assets-17,403-90Net cash used in investing-981,900-695,363Cash flows from financing activities:Bank loan received00Bank loan repaid00Surbordinated Loan Repaid-211,36786,154Finance cost-12,743-10,370Net Cash used in financing activities-224,11075,783Net(decrease)/increase in cash and cash equivalent58,955-34,228Cash and cash equivalents at 1 January129,662163,800Cash and cash equivalents at 31st December188,617129,572Represented by:Bank and cash balances188,617129,663Bank Overdraft00Cash and cash equivalents at 31st December188,617129,663DAAR COMMUNICATIONS PLCNOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31ST DECEMBER, 2024Dec 31, 2024Dec 31, 20231REVENUEN’000N’000Television4,487,9694,134,905Daar News178,0020Radio325,956375,4344,991,92704,510,3392Profit before taxationDec 31, 2024Dec 31, 2023This is stated after charging the following:N’000N’000Directors’ remuneration –    -Fees29,00029,000    -OthersAuditors remuneration15,00015,000Amortisation8191,764Depreciation1,201,565815,5733Other receivables and prepaymentsN’000N’000Staff Loans and Advances4,3107,075 Prepaid Staff Rent29,45235,040 Prepaid Expenses9,29610,649 Cash Advance52,1899,499 Due from Daar Music Global91,00491,004 Withholding Tax of Sales106,35966,156292,609219,4244CASH & CASH EQUIVALENTSN’000N’000Cash Balance57,568639Bank Banlances131,049129,023188,617129,6625Share CapitalN’000N’000Authorised8,000,000,000 ordinary shares of 50k eachIssued and fully paid4,000,0004,000,000At 1 JanuaryIssue of shares during the year4,000,0004,000,0004,000,0004,000,0006REVALUATION SURPLUSN’000N’000At 1 january17,232,8060Current Year Revaluation Surplus706,67317,232,806At end of period17,939,47917,232,8067RETAINED EARNINGSN’000N’000At 1 january-16,825,758-15,198,235Retained Profit/(Loss)-2,870,8051,627,523At end of period-19,696,56316,825,7588Gratuity726,160865,375726,160865,3759Other payablesN’000N’000Accrued salary1,122,6911,335,469PAYE674,294612,656Pension fund1,917,1691,809,342Daar Investment Holding Coy Ltd198,030185,287NHF61,49671,183Directors’ loan222,410-0NHIS354,559391,413UNION DUES16,48715,209ITF113,370105,221NSITF107,407100,725Audit fee15,00015,000Directors’ Fees54,28067,884VAT1,658,1701,385,398Co-operative Society14,63614,636Withholding tax135,234115,910Ex-staff Terminal Benefit1,121,194774,177NBC Charges488,184480,961Accrued Expenses348,193331,162Accrued Staff Rent-1,456647Prov. For Uninvoiced Commitments452,214442,1189,073,56408,254,39710TaxationDec 31, 2024Dec 31, 2023N’000N’000At 1st Jan.671,382686,214Tax Adjustment for Previous Years00Deferred Tax Asset00Charged for the period00Paid during period0-14,831At end of period671,382671,382DAAR COMMUNICATIONS PLCVALUE ADDED STATEMENTDec 31, 2024Dec 31, 2023TURNOVERN’000%N’000%TURNOVER4,991,9274,510,339OTHER INCOME93,111445,3085,085,0384,955,648BOUGHT IN MATERIALS AND SERVICESLOCAL-4,946,441-4,037,068FOREIGN-331,241-258,550VALUE ADDED-192,644100%660,030100% DISTRIBUTED AS FOLLOWS:EMPLOYEES:Salaries, Pension,Welfare1,463,036-759%1,410,507214%PROVIDER OF CAPITALFinance Cost12,743-7%10,3702%TO GOVERNMENTTaxation00%00%PROVIDED for ASSET REPLACEMENTDepreciation of Property, Plant andEquipment1,201,565-624%815,573124%Amortisation/Provisions8190%1,7640%Retained for the year-2,870,8051490%-1,578,185-239%TOTAL VALUE ADDED-192,644100%660,030100%00DAAR COMMUNICATIONS PLCFIVE YEAR SUMMARYDec 31, 2024Dec 31, 20232,0222,0212,020Assets EmployedN’000N’000N’000N’000N’000Property, Plant & Equipment24,223,02424,061,9287,350,3137,898,4118,486,467Intangible Assets39,47822,89224,56626,79329,027Investment97,000497,89397,00097,000166,172Deferred Tax Assets0969,2411,882,6642,796,0873,653,692Net Current Assets-7,862,551-6,818,652-6,324,201-7,150,269-7,961,959Non-Current Liabilities – Gratuity-726,160-865,375-817,037-760,922-732,634Net Assets15,770,79117,867,9272,213,3052,907,1003,640,765FUNDS EMPLOYEDSHARE CAPITAL4,000,0004,000,0004,000,0004,000,0004,000,000SHARE PREMIUN13,411,54113,411,54113,411,54113,411,54113,411,541REVALUATION SURPLUS17,939,47917,232,806000GENERAL RESERVE-19,580,229-16,776,420-15,198,235-14,504,240-13,770,776SHAREHOLDERS FUND15,770,79117,867,9272,213,3062,907,3013,640,765DAAR COMMUNICATIONS PLCTURNOVER4,991,9274,510,3394,787,2594,806,0113,553,526PROFIT/(LOSS) BEFORE TAX-2,870,805-1,578,185-755,824-641,942-2,554,036TAX00-12,242-91,521207,925PROFIT AFTER TAX-2,870,805-1,578,185-768,066-733,463-2,346,111EARNINGS PER SHARE-36-20-10-9-29