After posting a record loss for the year 2016, A.G Leventis Nigeria plc has released it 2017 first quarter report. The company’s loss for the quarter increased by 21% to NGN139.0 million compared to NGN114.8 million recorded in 2016.
Total revenue for the quarter was NGN3.3 billion revenue compared to NGN3.5 billion recorded in the same period 2016, while its costs of sales were NGN2.5 billion against NGN2.9 billion recorded in 2016.
The company reported NGN751.7 million gross profit for the period in review in contrast to NGN634.4 million reported in the previous year. Meanwhile, its investment income for the year fell to NGN5.1 million from NGN72.7 million recorded in 2016.
Leventis Nigeria said its total asset for the period was NGN22.1 billion against NGN20.3 billion acquired in 2016. While its total liabilities was NGN15.9 billion versus NGN 13.9 billion recorded in the year before.
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A.G. Leventis (Nigeria) Plc (AGL), is a large Nigeria-based conglomerate established in 1937, by Anastasios G. Leventis. The new company, although established at the height of the depression, expanded rapidly, and soon had branches in all parts of the Gold Coast. By the time of A.G. Leventis’ death in 1978, it had become one of the largest enterprises – and one of the two largest employers – in Nigeria, and poised to expand into other parts of the world.
The history of A.G. Leventis (Nigeria) Plc started when Chief A. G. Leventis himself formed a trading company known as A.G. Leventis & Company Limited in Ghana in 1937. Originally, the main activities of the Company were produce buying, importing and wholesaling of textile goods. Over the years, the Company expanded into various parts of Nigeria investing in properties and also in general trade and the sales and service of motor vehicles.
The Company later devolved into Leventis Motors Limited (established in 1958), Leventis Stores Limited (1965), Leventis Technical Limited (1972) whilst it retained ownership of valuable freehold and leasehold property throughout the country.
Under and by virtue of a series of Mergers and Schemes of Arrangement, the afore-mentioned companies merged with A. G. Leventis (Nigeria) Plc. and they were dissolved and the Group acquired its current name.