Livestock Feeds PLC a major producer of animal feeds and pellets said its net profit for the third quarter of this year crashed to rose by 1.8% to NGN65 million year on year.
Gross profit for the period rose to NGN65,5 million compared to NGN64,3 million disclosed last year.
The company is benefiting from the scarcity of Forex. However, its profit has not shown significant jump like in the case of Presco PLC.
Livestock Feeds said its gross income for the period took rose by 23.3% to o NGN3,0 billion compared to NGN2,3 billion posted last year.
Inflationary tendencies also increased the company’s cost of sales to NGN2,7 billion. Last year, the company spent NGN2,0 billion on the same item.
Total assets has declined by 24% to NGN4,4 billion versus same quarter last year when it posted a net asset of NGN5,5 billion.
Livestock Feeds Plc was incorporated on 20th March,1963 and commenced business on 20th May, 1963. The Company was quoted on the Nigerian Stock Exchange in 1978.
The Company is engaged principally in the manufacturing and marketing of animal feeds and concentrates. The registered office of the Company is located at 1 Henry Carr Street, Ikeja Lagos.