Morison Industries reports NGN78.5 million loss in 2016

Morison Industries

Morison Industries plc ended the financial year 2016 with NGN132.2 million revenue against NGN183.3 million recorded in the financial year 2015. Its cost of sales for the year was NGN81.0 million versus NGN114.3 million recorded in the year 2015.

The company recorded NGN51.2 million gross profit compared to NGN68.8 million recorded in the year 2015. its operating loss for the year was NGN69.4 million against NGN45.2 million recorded in the year before.

Morison industries recorded NGN78.5 million loss before taxation ion the year in review against NGN45.6 million recorded in the year before. After its tax expense for the year, its loss for the year NGN78.5 million against NGN108.7 million loss recorded in the year before

Morison industries plc acquired NGN412.8 million total assets in 2016 compared to NGN422.7 million recorded in the fiscal year 2015. its total liabilities for the period was NGN269.4 million versus NGN200.6 million recorded in the previous year.

For more details on the report, click here 

Company Information

Morison Industries Plc, is a public limited company quoted on the Nigerian Stock Exchange under the Healthcare Sector. The company became a public quoted company in 1978 when it became listed on the Nigerian Stock Exchange.

The company has its head office at 28/30 Morison Crescent, Oregun Industrial Area, Ikeja, Lagos, Nigeria. The Company formerly known as J. L Morison, Sons and Jones (Nigeria) Limited was incorporated in Nigeria on 29th June 1955 after having operated as a small agency for overseas manufacturers in Nigeria from 1947.

Prior to the indigenization policy of the Federal Government of Nigeria, the Company had a 100% British Shareholding. With indigenization, however, 60% of the shares moved over to the Nigerian public while the remaining 40% remained with Guinness international who sold their shares in 1983 to ITM Group. The ITM Group sold their shares in 1991 to Morison Investments Ltd. U.K.

Morison belongs to various bodies of the Organised Private Sector and Chambers of Commerce as well as professional bodies.