ABC transport plc has finally reported a profit after several quarter of record losses.
The company said in its Q1 2017 result that its net profit rose by 62% to NGN192.8 million. This is a miracle compared to NGN118.7 million loss recorded in fiscal year 2016.
The company ended the first quarter 2017 with NGN1.7 billion revenue compared to NGN1.5 billion recorded same period in the financial year 2016. Its costs of sales for the period was NGN1.2 billion against NGN1.3 billion recorded in 2016.
The transport company reported increase in gross profit to NGN482.3 million in contrast to NGN211.7 million posted in 2016.While its interest income dipped to NGN1.4 million versus NGN2.0 million recorded in the year before.
ABC Transport said its profit before tax was NGN338.9 million compared to NGN106.3 million loss recorded in the year 2016.
ABC Transport plc said it acquired NGN4.0 billion assets in q1 2017 compared to NGN5.4 billion acquired in 2016. while its total liabilities for the period was NGN2.2 billion against NGN3.1 billion recorded in 2017.
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