Prime Business AfricaIn its 2024 financial statements, Morison Industries reported N287.17 million revenue after spending N209.81 million on production during the same year.
Compared to the performance of 2023, Morison had recorded N119.94 million as cost of production, while it generated N145.22 million as turnover.
Join our WhatsApp ChannelThis shows revenue grew by 97.74 percent year-on-year, while the cost of sales increased by 74.93 percent during the same period.
Prime Business Africa gathered that the cost of production gulped 73.06 percent of revenue last year, compared to the 82.58 percent recorded in 2023.
Furthermore, Morison reported that gross profit increased by 205.96 percent to N77.36 million in 2024, exceeding the N25.28 million reported in the corresponding period in 2023.
As a result, loss from operations declined to N59.69 million last year, against the N77.99 million posted in 2023, indicating a decrease of 23.46 percent.
Morison’s bottom line was also supported by finance income of N2.33 million in 2024, as the company had recorded zero finance income the year before.
The company’s bottom line also got a boost from the 0.70 percent decline recorded in finance expenses, which dropped slightly to N19.60 million in 2024, compared to N19.73 million in the corresponding period of 2023.
Consequently, net finance expenses dropped to N17.26 million during the period under review, falling below the N19.73 million reported in 2023, reflecting a 12.54 percent decline.
This reduced Morison’s loss before taxation by 21.25 percent year-on-year, from N97.73 million to N76.95 million.
Also, Morison reported a tax income of N1.78 million for the period between January and December last year, up by 80.16 percent from N993,000 filed the year before.
The company added that the loss after tax also declined, falling by 20.23 percent to N78.74 million in 2024, compared to the N98.72 million recorded in 2023.
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