Despite short-term disruptions in the operations of
According to the financial statement released to the
On the top line, revenue increased to N63.7 billion from N58.0 billion, while the cost of sales jumped to N46.1 billion from N40.4 billion.
The selling and marketing expenses were down to N838.4 million from N916.5 million, while administrative expenses dropped to N5.1 billion from N5.3 billion.
The firm also said it increased its other income to N151.9 million from N34.6 million and had flat a gross profit of N17.6 billion over the two periods, with operating profit slightly up to N11.8 billion from N11.5 billion.
Commenting on the results, the CEO of
'The first-quarter results confirm that our turnaround initiatives are effective and our strong balance sheet is mitigating the risks borne by the pandemic that has started hitting our country in March.'
Also, the company said COVID-19 impact on the 2020 results cannot be reasonably estimated at this stage, but long-term prospects remain positive.
However,
© Pakistan Press International, source