Thomas Wyatt records N12m loss

Thomas Wyatt Nigeria Plc has reported a loss of N12.4m for the financial year ended March 31, 2024, marking a 129 per cent decline from the N43.1m profit recorded in the previous year.

The company’s financial statements filed on the Nigeria Exchange on Thursday showed a downturn in profitability, driven by a decline in revenue, lower other income, and increased administrative expenses.

The firm’s revenue fell by eight per cent to N80.2m in 2024 from N87.2m in 2023, reflecting a slowdown in business activities. Despite a positive turnaround in gross profit, which stood at N4.2m compared to a loss of N3.3m in the previous year, the company’s profitability remained under pressure due to rising costs and reduced income from other sources.

Other income for the period dropped significantly by 27 per cent to N81.5m from N111.9m in the previous year. The company also recorded a sharp decline in profit before tax, which fell by 88 per cent to N5.1m from N43.6m in 2023.

Administrative expenses rose by 32 per cent to N63.5m from N48.2m, while depreciation costs increased to N22.1m from N21.2m. Distribution expenses also remained high at N8.1m.

Following a tax expense of N17.6m, Thomas Wyatt recorded a net loss of N12.4m, a sharp reversal from the previous year’s profit of N43.1m.

The company’s balance sheet showed a marginal decline in total assets, which stood at N1.02bn compared to N1.03bn in the previous year. Liabilities increased by two per cent to N512m from N501.7m, while shareholders’ equity declined by two per cent to N511.5m.

On a per-share basis, Thomas Wyatt reported a loss per share of six kobo, a decline from the 20 kobo earnings per share recorded in 2023.

The company’s cash flow position also worsened, with cash and cash equivalents at the end of the year standing at a negative balance of N5.4m, compared to a negative N2.9m in 2023. The net cash flow from operating activities, however, improved to N18.9m from an outflow of N11.6m in the prior year.

The PUNCH reported that the Nigerian Exchange Limited has announced the suspension of trading in the shares of Thomas Wyatt Nigeria Plc, effective Tuesday, February 11, 2025.