SCOA PLC Records NGN469 Million Loss

Odunayo Olagundoye

SCOA PLC, a diversified group undertaking automobile assembly, water engineering, distribution of construction equipment has reported a net loss of NGN469 million for the first half of the year.

This is a sharp contrast to its net profit position reported last year amounting to NGN44,5 million. The company’s gross revenue increased to NGN2,8 billion from NGN1,8 billion the company recorded last year.

This was however depleted by its cost of sales which increased to NGN2,0 billion to NGN1,0 billion last year. As a going concern, SCOA will need to shore up its liquidity position as its current ratio is now 0.8. Current asset for the company stood at NGN6,7 billion compared to its current liabilities NGN7,46 billion.

The company employs over 400 people with offices in Abuja, Lagos, Kaduna, Kanu, Warri and Port Harcourt.

 

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