Afromedia posts NGN180 million loss for Q1

Nigerian Enamelware

For the first quarter of the year, Afromedia is reporting a net loss of NGN180.3 million in contrast to NGN358.2 million recorded in the previous year.

Afromedia plc reported NGN233.6 million turnover for 2nd quarter 2017 against NGN228.9 million reported same period 2016.

Its costs of sales for the period was NGN.6 million in contrast to NGN151.0 million recorded in 2016.

Afromedia said it’s gross profit for the year dropped to NGN11.9 million from NGN77.9 million recorded in the fiscal year 2016. While it’s operating loss for the period was NGN166.8 million compared to NGN188.0 million posted in the previous year.

According to the report,  the company recorded NGN179.4 million loss before taxation compared to NGN356.5 million loss recorded in the year before.

Afromedia plc acquired NGN1.7 billion assets in q1 2017 compared NGN1.8 billion acquired in 2016 while its total liabilities stood at NGN 8.2 billion.

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Company Information

Afromedia PLC which came into being and became autonomous on the 28th day of October 1959 is Nigeria’s leading supplier of Out-of-Home media services to the advertising industry. Originally Afromedia was a small service arm of West Africa Publicity (WAP), the latter itself was incorporated in 1928 as part of the parent United Africa Company Limited (UACL).

However, in 1959, and to meet the requirements of an international convention which did not permit a single organisation to run both agency services and media contracting services, two companies were formed by the parent UAC conglomerate. The companies were namely: Afromedia Nigeria Limited to handle outdoor services, and Lintas Limited to handle agency work. Both were run by two independent members of the UACL Group.

The company was formed with a partnership of UAC International, Mills and Allen International and British Franco Electric Company.