Board Change • May 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. No independent directors (10 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 05
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Oct 31
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₦1.9m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₦1.9m). Revenue is less than US$1m (₦512m revenue, or US$354k). Market cap is less than US$10m (₦1.61b market cap, or US$1.11m). Board Change • Oct 07
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 04
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Jul 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Revenue is less than US$1m (₦529m revenue, or US$346k). Market cap is less than US$10m (₦1.86b market cap, or US$1.22m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Reported Earnings • Jul 27
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₦129.4m (up 13% from 2Q 2024). Net loss: ₦18.6m (down ₦20.4m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has increased by 127% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₦130.8m (up 93% from 3Q 2023). Net loss: ₦7.19m (loss widened 98% from 3Q 2023). Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: ₦0.009 (vs ₦0.044 in 2Q 2023) Second quarter 2024 results: EPS: ₦0.009 (down from ₦0.044 in 2Q 2023). Revenue: ₦114.2m (up 62% from 2Q 2023). Net income: ₦1.74m (down 80% from 2Q 2023). Profit margin: 1.5% (down from 12% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 02
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₦104.2m (up 48% from 1Q 2023). Net income: ₦1.68m (up ₦11.0m from 1Q 2023). Profit margin: 1.6% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 85% per year, which means it is well ahead of earnings. New Risk • Feb 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₦207k free cash flow). Negative equity (-₦84m). Earnings have declined by 42% per year over the past 5 years. Revenue is less than US$1m (₦289m revenue, or US$180k). Market cap is less than US$10m (₦387.8m market cap, or US$241.6k). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • Feb 01
Full year 2023 earnings released: ₦0.034 loss per share (vs ₦0.34 loss in FY 2022) Full year 2023 results: ₦0.034 loss per share (improved from ₦0.34 loss in FY 2022). Revenue: ₦288.8m (up 14% from FY 2022). Net loss: ₦6.74m (loss narrowed 90% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 02
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₦67.8m (up 6.8% from 3Q 2022). Net loss: ₦3.63m (down ₦4.30m from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₦70.6m (up 21% from 2Q 2022). Net loss: ₦4.36m (down ₦5.43m from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Reported Earnings • May 08
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₦70.6m (up 15% from 1Q 2022). Net loss: ₦5.65m (loss narrowed 21% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year and the company’s share price has also fallen by 19% per year. Reported Earnings • Feb 06
Full year 2022 earnings released: ₦0.055 loss per share (vs ₦0.14 loss in FY 2021) Full year 2022 results: ₦0.055 loss per share (improved from ₦0.14 loss in FY 2021). Revenue: ₦254.1m (down 32% from FY 2021). Net loss: ₦11.1m (loss narrowed 55% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Director Sylvanus Eneche was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₦63.5m (down 38% from 3Q 2021). Net income: ₦672.1k (up 135% from 3Q 2021). Profit margin: 1.1% (up from 0.3% in 3Q 2021). Reported Earnings • Jul 22
Second quarter 2022 earnings released: ₦0.013 loss per share (vs ₦0.013 loss in 2Q 2021) Second quarter 2022 results: ₦0.013 loss per share (vs ₦0.013 loss in 2Q 2021). Revenue: ₦58.5m (down 26% from 2Q 2021). Net loss: ₦2.69m (loss widened 3.3% from 2Q 2021). Reported Earnings • Apr 28
First quarter 2022 earnings released: ₦0.017 loss per share (vs ₦0.004 loss in 1Q 2021) First quarter 2022 results: ₦0.017 loss per share (down from ₦0.004 loss in 1Q 2021). Revenue: ₦61.6m (down 39% from 1Q 2021). Net loss: ₦3.37m (loss widened 331% from 1Q 2021). Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (9 non-independent directors). Director Sylvanus Eneche was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ₦0.026 loss per share (up from ₦0.12 loss in FY 2020). Revenue: ₦372.1m (up 50% from FY 2020). Net loss: ₦5.23m (loss narrowed 78% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 21
Full year 2020 earnings released: ₦0.12 loss per share (vs ₦0.008 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ₦247.5m (down 29% from FY 2019). Net loss: ₦23.5m (loss widened ₦21.9m from FY 2019). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 20
New 90-day low: ₦1.36 The company is down 10.0% from its price of ₦1.51 on 22 July 2020. The Nigerien market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 4.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: ₦1.36 The company is down 10.0% from its price of ₦1.51 on 01 July 2020. The Nigerien market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 4.0% over the same period.