Daar Communications Plc posted a pick-up in profitability for fiscal 2021, its unaudited earnings report issued on Friday showed, after last reporting a positive bottom line in 2012.
The Abuja-based broadcasting company, which had been racking up losses due to rising operating costs, said last year’s revenue accelerated 35 percent to N4.8 billion from N3.6 billion.
Television revenues contributed 91 percent of billing, while radio contributed the rest. No revenue came from pay TV, according to financial data seen by PREMIUM TIMES.
Daar Communications’ stock has not risen once since it plunged into protracted losses beginning in late 2012, when it was priced to N0.50 per unit. It fell to, and remained at, N0.20 as of April 12, 2021, the lowest level to which Nigerian stock market law allows any stock to fall.
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Both pre-tax and after-tax profits stood at N374.4 million, a deviation from a loss position of -N599.6 million reported for 2020. That marked an improvement of 162.4 per cent on the figure. from the previous year.
earnings per share rose to N0.05 from –N0.07.
Total assets increased marginally by 0.2 per cent from N14.9 billion to N15 billion.