UPDC PLC Unaudited Financial Statements
for the period ended
31 March 2023
UPDC PLC RC.321582
UAC House, 1-5 Odunlami Street, Lagos. info@updcplc.com |www.updcplc.com
Directors: Mr. O. Oshin (Chairman), Mr. O. Ojo (CEO), Ms. B. Fadayomi (DD), Mr. F. Aiyesimoju, Mr. K. Osilaja, Mr. A. Falade
TABLE OF CONTENT | PAGE |
Performance Highlights | 1 |
Consolidated and Separate Statement of Profit or Loss and Other | |
Comprehensive Income | 2 |
Consolidated and Separate Statement of Financial Position | 3 |
Consolidated and Separate Statement of Changes in Equity | 4 |
Consolidated and Separate Statement of Cash Flows | 5 |
Notes to the Consolidated and Separate Financial Statements | 6 |
Shareholding Structure/Free Float Status | 15 |
UPDC Plc
Financial Statements
For the period ended 31 March 2023
Performance Highlights
The Group | The Company | ||||||
31 Mar 23 | 31 Mar 22 | % | 31 Mar 23 | 31 Mar 22 | % | ||
N'000 | N'000 | Change | N'000 | N'000 | Change | ||
Revenue | 843,122 | 780,780 | 8 | 102,282 | 282,430 | (64) | |
Operating profit/(loss) | (37,606) | 262,947 | (114) | (71,014) | 155,197 | (146) | |
Net finance cost | (87,069) | (117,165) | 26 | (87,069) | (122,094) | 29 | |
Profit/ (loss) before taxation | (124,675) | 145,782 | (186) | (158,083) | 33,103 | (578) | |
Taxation | (32,951) | (16,243) | (103) | (753) | (706) | (7) | |
Loss from discontinued operations | - | (8,728) | 100 | - | - | ||
Profit/(loss) for the period | (157,626) | 120,811 | (230) | (158,836) | 32,397 | (590) | |
Total comprehensive profit/(loss) for the period | (137,614) | 7,410 | (1,957) | (138,824) | (81,004) | (71) | |
Total Equity | 8,259,022 | 8,396,636 | (2) | 503,626 | 642,451 | (22) | |
Total equity and liabilities | 18,838,276 | 19,428,403 | (3) | 10,589,529 | 10,852,735 | (2) | |
Cash and Cash equivalents | 2,879,873 | 3,161,475 | (9) | 2,137,468 | 2,532,109 | (16) | |
Basic Profit/(Loss) Per Share (Kobo) | (1) | 1 | (200) | (1) | - | (100) | |
NSE quotation as at December 31 (kobo) | 99 | 119 | 99 | 119 | |||
Number of shares in issue ('000) | 18,559,970 | 18,559,970 | 18,559,970 | 18,559,970 | |||
Market capitalisation as at December 31 | 18,374,370 | 22,086,364 | 18,374,370 | 22,086,364 | |||
(N'000) | |||||||
1
UPDC Plc
Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Income For the period ended 31 March 2023
The Group | |||
3 months | 3 months | ||
ended | ended | ||
31 Mar 23 | 31 Mar 22 | ||
Notes | N'000 | N'000 | |
Revenue | 4 (i) | 843,122 | 780,780 |
Cost of sales | 6 | (448,106) | (486,541) |
Gross profit | 395,016 | 294,239 | |
Selling and distribution expenses | 6 | (20,222) | (14,594) |
Administrative expenses | 6 | (417,692) | (130,036) |
Other operating income | 5 | 5,292 | 113,338 |
Operating profit/(loss) | (37,606) | 262,947 | |
Finance income | 7 | 17,279 | 12,558 |
Finance cost | 7 | (104,348) | (129,723) |
Net finance cost | (87,069) | (117,165) | |
Profit/ (loss) before taxation | (124,675) | 145,782 | |
Taxation | 8 | (32,951) | (16,243) |
Profit/(loss) from continuing operations | (157,626) | 129,539 | |
Discontinued operations | |||
Loss from discontinued operations | - | (8,728) | |
Profit/(loss) for the period | (157,626) | 120,811 | |
Other comprehensive income: |
Items not to be subsequently recycled to profit or loss:
Net changes in fair value of financial | 14 | 20,012 | (113,401) |
assets | |||
- | - | ||
Tax on other comprehensive income | |||
Total comprehensive profit/(loss) for the period | (137,614) | 7,410 | |
Profit/ (loss) attributable to: | |||
Equity holders of the parent | (168,197) | 105,139 | |
Non controlling interest | 10,571 | 15,672 | |
Total profit/(loss) | (157,626) | 120,811 | |
Total comprehensive profit/(loss) attributable to: | |||
Equity holders of the parent | (148,185) | (8,262) | |
Non controlling interests | 10,571 | 15,672 | |
Total comprehensive profit/(loss) | (137,614) | 7,410 | |
Earnings per share for profit/(loss) attributable | |||
to the equity holders of the group: | |||
Basic Profit/(Loss) Per Share (Kobo) | 10 | (1) | 1 |
From continuing operations | |||
From discontinued operations | 10 | - | - |
From profit/(loss) for the period | (1) | 1 | |
Diluted Profit/(Loss) Per Share (Kobo) | 10 | (1) | 1 |
From continuing operations | |||
From discontinued operations | 10 | - | - |
From profit/(loss) for the period | (1) | 1 |
The Company
3 months | 3 months |
ended | ended |
31 Mar 23 | 31 Mar 22 |
N'000 | N'000 |
102,282 | 282,430 |
(71,076) | (104,566) |
31,206 | 177,864 |
(13,712) | (13,743) |
(137,235) | (106,390) |
48,727 | 97,466 |
(71,014) | 155,197 |
17,279 | 7,629 |
(104,348) | (129,723) |
(87,069) | (122,094) |
(158,083) 33,103
- (706)
(158,836) 32,397
- | - |
(158,836) | 32,397 |
20,012 | (113,401) |
- | - |
(138,824) | (81,004) |
(158,836) | 32,397 |
- | - |
(158,836) | 32,397 |
(138,824) | (81,004) |
- | - |
(138,824) | (81,004) |
- -
- | - |
(1) | - |
(1) | - |
- | - |
- -
The notes on pages 6 to 14 are an integral part of these consolidated financial statements.
2
UPDC Plc
Consolidated and Separate Statement of Financial Position
At 31 March 2023
The Group | |||
31 Mar 23 | 31 Dec 22 | ||
Notes | N'000 | N'000 | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 11 | 8,403,616 | 8,390,160 |
Intangible assets | 12 | 46,132 | 45,442 |
Investments in joint ventures | 13 | 125,647 | 125,647 |
Equity instrument at fair value | 14 | 420,252 | 400,240 |
Investments in subsidiaries | 15 | - | - |
8,995,647 | 8,961,489 | ||
Current assets | 16 | 5,142,575 | 5,265,759 |
Inventories | |||
Trade and other receivables | 17 | 1,692,388 | 1,911,918 |
Current tax assets | 9 | 127,792 | 127,762 |
Cash at bank and in hand | 18 | 2,879,873 | 3,161,475 |
9,842,629 | 10,466,914 | ||
Total assets | 18,838,276 | 19,428,403 | |
Equity | 9,279,985 | 9,279,985 | |
Share capital | |||
Share premium | 8,971,551 | 8,971,551 | |
Fair value reserve of financial assets at FVOCI | (146,755) | (166,767) | |
Revenue reserve | (9,899,766) | (9,731,569) | |
Equity attributable to equity holders of the Company | 8,205,015 | 8,353,200 | |
Non controlling interest | 54,007 | 43,436 | |
Total equity | 8,259,022 | 8,396,636 | |
Liabilities | |||
Non-current liabilities | |||
Interest bearing Loans and Borrowings | 19 | 4,702,096 | 4,702,096 |
Deferred taxation liabilities | 73,016 | 73,016 | |
4,775,112 | 4,775,112 | ||
Current liabilities | 20 | 5,452,070 | 6,041,882 |
Trade and other payables | |||
Current income tax liabilities | 176,999 | 144,048 | |
Interest bearing Loans and Borrowings | 19 | 175,073 | 70,725 |
5,804,142 | 6,256,655 | ||
Total liabilities | 10,579,254 | 11,031,767 | |
Total equity and liabilities | 18,838,276 | 19,428,403 |
The Company
31 Mar 23 | 31 Dec 22 |
N'000 | N'000 |
32,561 28,744
10,184 10,970
124,843 124,843
420,252 400,240
1,719,716 1,719,716
2,307,556 2,284,513
4,149,571 3,927,220
1,867,173 1,981,131
127,762 127,762
2,137,468 2,532,109
8,281,974 8,568,222
10,589,529 10,852,735
9,279,985 9,279,985
8,971,551 8,971,551
(146,755) (166,767)
(17,601,155) (17,442,318)
503,626 642,451
--
503,626 642,451
4,702,096 4,702,096
72,537 72,537
4,774,633 4,774,633
5,098,112 5,327,596
38,083 37,330
175,073 70,725
5,311,268 5,435,651
10,085,902 10,210,284
10,589,529 10,852,735
The unaudited financial statements were approved by the board of directors on 27 April 2023 and signed on its behalf by:
Wole Oshin | Odunayo Ojo | Gbenga Fagbami | ||
Chairman | Chief Executive Officer | Financial Controller | ||
FRC/2013/CIIN/00000003054 | FRC/2016/NIESV/00000014322 | FRC/2018/ICAN/00000018050 |
The notes on pages 6 to 14 are an integral part of these consolidated financial statements.
3
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UPDC plc published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 12:32:12 UTC.
