SCOA Nigeria Plc has announced a significant decline in its fourth-quarter 2024 revenue, dropping by 74% to N2.17 billion, compared to N8.22 billion in the same period of 2023. This substantial decline in revenue had a profound impact on the company's gross profit, resulting in a loss of N891.23 million.
Key Highlights:
- 74% decline in Q4 2024 revenue to N2.17 billion, down from N8.22 billion in Q4 2023
- Gross profit loss of N891.23 million, compared to a gross profit of N551.64 million in Q4 2023
- Cost of sales decreased by 60% to N3.06 billion, down from N7.67 billion in Q4 2023
- Profit after tax of N183.39 million, driven primarily by a 56% increase in other income to N367.69 million
The company's financial performance was heavily impacted by the significant decline in revenue, which outweighed the cost savings achieved during the period. However, SCOA Nigeria Plc was able to report a profit after tax, primarily driven by an increase in other income.
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