Newrest ASL gets back into profit, reports NGN1.1 billion for 2016

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Newrest ASL said that it recorded a full year profit of NGN1.1 billion against NGN57.2 million loss recorded in the year 2015.

Total revenue for the year 2016 came in at NGN5.0 billion revenue compared to NGN4.5 billion reported in the same quarter 2015.

The company’s cost of sales for the period was NGN 1.4 billion against NGN1.5 billion recorded in the previous year.

The logistics company said its gross profit for the period under review increased to NGN3.5 billion in contrast to NGN3.0 billion recorded in the year 2015. Its operating profit for the period was NGN284.6 million recorded in 2016 against NGN312.7 million loss recorded in the year 2015.

Total assets for the period was NGN6.4 billion against NGN4.5 billion acquired in 2015. Its total liabilities for the period was NGN3.2 billion versus NGN2.5 billion recorded in 2015.

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Company Information

The company operates international standard Inflight catering facilities, lounges and restaurants at Lagos’ Murtala Muhammed International Airport and at Abuja’s Nnamdi Azikwe International Airport. With its rapid growth and consistent business success, ASL is now a public listed Company on the Nigerian Stock Exchange (NSE).

The Newrest Group has recently increased its share of the company’s capital and has taken the operational responsibility of both Lagos’ and Abuja’s inflight kitchens, implementing its standard Policies and Procedures and planning for significant investment in the facilities.