Arbico sinks into NGN7.6 million loss in 2016

Group Five

Coming from 2015 when it made over NGN300 million in profit, Arbico PLC is reported a loss for the full year 2016.

Arbico plc ended the financial year 2016 with NGN3.4 billion revenue against NGN4.5 billion recorded in the financial year 2015.

Its cost of sales for the year was NGN2.6 billion loss in contrast to NGN3.5 billion loss recorded in the year 2015.

the company recorded NGN 741.1 million gross profit compared to NGN979.2 million recorded in the year 2015. Hence its operating profit for the year was NGN39.8 million against NGN 332.8 million recorded in the previous year.

Arbico plc recorded NGN43.5 million profit before taxation in the year in review against NGN341.7 million recorded in the previous year.

After deducting it tax for the year, the company made a loss of NGN7.6 million for the year compared to NGN341.7 million recorded in the year 2015.

The total assets acquired by the company for the year 2016 was NGN3.9 billion in contrast to NGN4.5 billion recorded in the year 2015. Its total liabilities for the year was NGN3.8 billion against NGN4.4 billion recorded in the year before.

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Corporate information

Arbico Plc is a full service building and civil engineering construction company. It was established in 1958 and has been quoted on the Nigerian Stock Exchange since 1978. The company has become one of the foremost building companies in Nigeria with presence across the geopolitical zones of the country.