Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Non-Executive Chairman Lab Akande Bakare was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Market cap is less than US$10m (₦1.07b market cap, or US$704.2k). New Risk • Feb 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₦3.3b). Revenue is less than US$1m (₦346m revenue, or US$231k). Market cap is less than US$10m (₦1.07b market cap, or US$711.7k). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Aug 06
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₦3.3b). Earnings have declined by 29% per year over the past 5 years. Revenue is less than US$1m (₦346m revenue, or US$450k). Market cap is less than US$10m (₦1.07b market cap, or US$1.39m). Reported Earnings • Aug 06
Full year 2022 earnings released Full year 2022 results: Revenue: ₦346.0m (up 7.1% from FY 2021). Net loss: ₦118.1m (down 182% from profit in FY 2021). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Non-Executive Chairman Lateef Bakare was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 05
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₦85.1m (flat on 3Q 2021). Net loss: ₦21.3m (down 108% from profit in 3Q 2021). Reported Earnings • Aug 11
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₦86.9m (up 64% from 2Q 2021). Net loss: ₦24.5m (loss widened ₦20.8m from 2Q 2021). Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₦78.8m (up 49% from 1Q 2021). Net loss: ₦39.0m (loss widened ₦35.3m from 1Q 2021). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Chairman Lateef Bakare was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jul 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Kabir Usman was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Jan 19
New 90-day high: ₦0.22 The company is up 10.0% from its price of ₦0.20 on 21 October 2020. The Nigerien market is up 37% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is up 6.0% over the same period.