Scoa PLC Is Insolvent! Can It Carry On?

Alitalia

Scoa PLC an automobile assembly, water engineering, distribution of construction equipment seller is on the brink of closing down as its nine months result shows that company is insolvent and or bankrupt.

The company has just disclosed that it made a net loss of NGN962 million in the third quarter of year compared to NGN421 million loss the company reported last year.

This is a bad news for the Nigerian vehicle and engineering sector given the major position the company occupied in the market. The state of its financials become more damning when its current assets are compared to its current liabilities.

Huge debt in its books owed to banks and trade partners/suppliers puts its current liabilities at NGN7,2 billion compared to current asset which was disclosed as NGN6 billion.

The company has a negative working capital of NGN1,2 billion. With an inventory worth NGN3 billion and payables put at NGN 2 billion, SCOA PLC will need to source for alternative source of capital or declare bankruptcy.

Corporate information (company website)

SCOA NIGERIA PLC is a Nigerian Conglomerate quoted in the Nigerian Stock Exchange with its Head Office at 156 Isolo/Oshodi Expressway, Mushin Lagos.

SCOA NIGERIA PLC has been contributing towards the growth and development of the Nigerian economy for over 70 years,

with business activities covering most of Nigeria’s economic life. The company employs over 400 people with offices in Abuja,Lagos, Kaduna, Kanu, Warri and Port Harcourt. The plans are to have representations in all the States in Nigeria.

Technology, infrastructural development, equipment supply and turnkey solutions is our business. We are a leading project & technology management firm and service provider in the field of information and communication technology (ICT), infrastructure development and a number of equipment supply and services.

Our consulting & project management expertise, and service model approach is based on a comprehensive understanding of markets, business transactions and technologies that has been proven worldwide, we are also specialized in the provision of fast rollout turnkey packages and full site services for the deployment of infrastructures, farming, farming technologies, water engineering, food Technologies, medical equipment, and other telecommunication-related projects in Nigerian market.

One of our focal points is integrated consulting and technology development which traverses the conception and implementation of solutions involving the deployment of modern technologies.

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