Thomas Wyatt Nigeria Plc has reported a significant decline in its financial performance for the year ended March 31, 2024. The company posted a loss of N12.4 million, marking a 129% decline from the N43.1 million profit recorded in the previous year.
Key Factors Contributing to the Decline:
- Revenue Decline: An 8% decline in revenue to N80.2 million in 2024 from N87.2 million in 2023.
- Lower Other Income: A 27% drop in other income to N81.5 million from N111.9 million in the previous year.
- Increased Administrative Expenses: A 32% rise in administrative expenses to N63.5 million from N48.2 million.
Despite a positive turnaround in gross profit, the company's profitability remained under pressure due to rising costs and reduced income from other sources. The company's balance sheet showed a marginal decline in total assets, while liabilities increased by 2% and shareholders' equity declined by 2%.
The company's cash flow position also worsened, with cash and cash equivalents at the end of the year standing at a negative balance of N5.4 million. However, the net cash flow from operating activities improved to N18.9 million from an outflow of N11.6 million in the prior year.
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