Daar Communications posts NGN691 million loss for 2016

Daar Communications

Daar Communications owners of AIT and Raypower radio network said it recorded a net loss of NGN691.1 million against NGN296.6 million profit reported in the financial year 2015.

Total revenue for the year was NGN794 million revenue compared to NGN2.0 billion reported same period 2015. Its costs of sales for the period remained at NGN1.0 billion same as 2015.

The company recorded gross loss of NGN258.0 million in the period in review against NGN1.0 billion profit recorded in the fiscal year 2915. Its finance cost for the period was NGN28 million in contrast to NGN18 million recorded in the year before.

Daar communications recorded NGN687.9 million loss before taxation in 2016 compared to NGN426.7 million profit posted in the previous year.

Daar Communications plc said it acquired NGN16.7 billion worth of assets in the year in a review against NGN17.6 billion acquired in the year before. Its total liabilities for the period was NGN6.5 billion versus NGN6.7 billion recorded in the year before.

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Company Information

DAAR Communications plc is an independent privately owned broadcasting organization in Nigeria. It was established on August 31, 1998 by Raymond Dokpesi and on April 23, 2007, it was converted into a public liability company. It pioneered Africa Independent Television (AIT), Ray power 100.5 FM Abuja and Raypower 100.5 FM. The company is listed on the Nigerian Stock Exchange.

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