Sun. Apr 27th, 2025

Daar 2024 4th Quarter Report

ByBig News

Apr 3, 2025

DAAR

	DAAR COMMUNICATIONS PLC
	Company No. RC 117587

	UNAUDITED FINANCIAL STATEMENTS

	FOR THE PERIOD ENDED

	31ST DECEMBER, 2024




	*DAAR COMMUNICATIONS PLC*
	*STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMER, 2024*

	*ASSETS*				*Dec, 2024*		*Dec, 2023*
	*NON CURRENT ASSETS*				*N’000*		*N’000*
	PROPERTY,PLANT & EQUIPMENT				24,223,024		24,061,928
	OTHER INTANGIBLE ASSETS				39,478		22,802
	INVESTMENT – (MTS & AITNEWS24)				97,000		497,893
	DEFERRED TAX ASSETS				0		969,241
					*24,359,502*		*25,551,864*
	*CURRENT ASSETS*
	TRADE RECEIVABLES				2,666,645		5,005,070
	OTHER DEBTORS & PREPAYMENTS	3			292,609		219,424
	CASH & CASH EQUIVALENTS	4			188,617		129,662
	TOTAL CURRENT ASSETS				3,147,871		3,444,919
	*TOTAL ASSETS*				*27,507,373*		*28,996,783*

	*EQUITY AND LIABILITIES*
	*CAPITAL AND RESERVES*
	SHARE CAPITAL	5			4,000,000		4,000,000
	SHARE PREMIUM				13,411,541		13,411,541
	REVALAUTION SURPLUS	6			17,939,479		17,232,806
	RETAINED EARNINGS	7			-19,580,229		-16,825,758
	*TOTAL EQUITY*				*15,770,791*		*17,818,589*

	*Non-Current Liabilities*
	Accrued Gratuity	8			*726,160*		*865,375*
	*Total Non-Current Liabilities*				*726,160*		*865,375*
	*CURRENT LIABILITIES*
	SURBORDINATED LOAN				150,662		362,029
	TRADE PAYABLES				1,114,814		2,884,999
	OTHER PAYABLES	9			9,073,564		8,254,398
	TAXATION	10			671,382		720,630
	TOTAL CURRENT LIABILITIES				11,010,422		12,222,056
	*TOTAL EQUITY AND LIABILITIES*				*27,507,373*		*30,906,020*


	*Marcel Anyalechi*				*Stanley Sagboje*
	*Ag. CEO*				*ED, Finance & Accounts/CFO*
	*FRC/2014//CAN/00000013647*				*FRC/2016/ICAN/00000015580*

	*DAAR COMMUNICATIONS PLC*
	*STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME*
	*FOR THE QUARTER ENDED 31ST DECEMBER, 2024*
				*Twelve mths to Dec 2024*	*Three mths to Dec 2024*	*Twelve mths to Dec. 2023*	*Three mths to Dec. 2023*
				*N’000*	*N’000*	*N’000*	*N’000*
	Revenue			4,991,927	*2,103,464*	4,510,339	1,316,946
	Cost of Sales			-3,827,817	(1,448,495)	-2,799,156	-545,558
	Gross Profit			1,164,110	*654,970*	1,711,183	771,389
	Other Income			93,111	(107,563)	445,308	277,413
				1,257,221	*547,407*	2,156,491	1,048,802
	Selling Expenses			-283,071	*(166,429)*	-403,282	-305,423
	Impairment Allowance			-969,241	*(284,174)*	-913,450
	Administration Expenses			-2,862,971	*(982,705)*	-2,338,415	-1,549,867
	Finance Charges			-12,743	(3,186)	-10,370	-1,784
	PROFIT BEFORE TAXATION			-2,870,805	-889,087	-1,509,027	-808,273
	TAXATION			0	–	0	0
	PROFIT/(LOSS) FOR THE YEAR			-2,870,805	-889,087	-1,509,027	-808,273
	EPS in kobo			*-36*	*(11)*	-19	-10




	*DAAR COMMUNICATIONS PLC*
	*STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2024*
			*SHARE CAPITAL*	*SHARE PREMIUM*	*REVALUATION SURPLUS*	*RETAINED INCOME*	*TOTAL*
			*N’000*	*N’000*	*N’000*	*N’000*	*N’000*
	BAL B/F		4,000,000	13,411,541	17,232,806	-16,709,423	17,934,924
	PROFIT FOR THE PERIOD TO DECEMBER		0	0	706,673	-2,870,805	-2,164,133
	*BALANCE AS AT DEC. 31, 2024*		*4,000,000*	*13,411,541*	*17,939,479*	*-19,580,229*	*15,770,791*

	*DAAR COMMUNICATIONS PLC*
	*STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2023*
			*SHARE CAPITAL*	*SHARE PREMIUM*	*REVALUATION SURPLUS*	*RETAINED INCOME*	*TOTAL*
			*N’000*	*N’000*	*N’000*	*N’000*	*N’000*
	BAL B/F		4,000,000	13,411,541	0	-15,198,235	2,213,306
	PROFIT FOR THE PERIOD TO DECEMBER		0	0	0	-1,509,027	-1,509,027
	*BALANCE AS AT DEC. 31, 2023*		*4,000,000*	*13,411,541*	0	*-16,707,262*	*704,279*





	*DAAR COMMUNICATIONS PLC*
	*STATEMENT OF CASH FLOWS*
	*FOR THE PERIOD ENDED 31ST, DEC 2024*
					*Dec 31, 2024*		*Dec 31, 2023*
	*Cash flow from operating activities:*				*N’000*		*N’000*
	Profit/(Loss) before taxation				-2,777,695		*-1,578,275*
	*Add back items not involving movement of funds:*
	Depreciation				1,201,565		*815,573*
	Amortisation				819		*1,764*
	Revalaution surplus				706,673		0
	Write down of deferred Tax assets				969,241		*913,423*
	Prior year adjustment				-0		-0
	Impairment allowance on receivable
	Movements In Trade Receivables
	Finance cost				12,743		*10,370*
	Other income				-93,111		0
	Finance income				0		0
	Gratuity				*-139,215*		*48,338*
					-118,981		211,194
	*Working capital changes:*
	(Increase) /Decrease in Trade Receivables				2,408,151		*-2,278,823*
	(Increase)/Decrease in Other Receivables and prepayments				-73,185		*-13,803*
	(Increase)/Decrease in Stocks				0		0
	Increase/(Decrease) in Trade and other payables				-951,019		*2,681,616*
					1,383,947		388,990
	Tax Paid				0		-14,831
	*Net cash from operating activities*				1,264,966		585,352
	*Cash flows from investing activities:*
	(Purchase)/Sale of fixed assets				-1,365,390		*-294,380*
	Investment in AITNEWS24 Limited				400,893		*-400,893*
	(Increase)/Decrease in intangible assets				-17,403		*-90*
	*Net cash used in investing*				-981,900		-695,363
	*Cash flows from financing activities:*
	Bank loan received				0		0
	Bank loan repaid				0		0
	Surbordinated Loan Repaid				-211,367		*86,154*
	Finance cost				-12,743		*-10,370*
	*Net Cash used in financing activities*				*-224,110*		*75,783*
	*Net(decrease)/increase in cash and cash equivalent*				58,955		-34,228
	Cash and cash equivalents at 1 January				129,662		*163,800*
	*Cash and cash equivalents at 31st December*				*188,617*		*129,572*
	*Represented by:*
	Bank and cash balances				188,617		129,663
	Bank Overdraft				0		0
	*Cash and cash equivalents at 31st December*				*188,617*		*129,663*

	*DAAR COMMUNICATIONS PLC*
	*NOTES TO THE FINANCIAL STATEMENTS*
	*FOR THE YEAR ENDED 31ST DECEMBER, 2024*
					*Dec 31, 2024*		*Dec 31, 2023*
1	*REVENUE*				*N’000*		*N’000*
	*Television*				4,487,969		4,134,905
	*Daar News*				178,002		0
	*Radio*				325,956		375,434
					4,991,927	0	4,510,339
2	*Profit before taxation*				*Dec 31, 2024*		*Dec 31, 2023*
	*This is stated after charging the following:*				*N’000*		*N’000*
	*Directors’ remuneration –*
	*-Fees*				29,000		29,000
	*-Others*
	*Auditors remuneration*				15,000		15,000
	*Amortisation*				819		1,764
	*Depreciation*				1,201,565		815,573

3	*Other receivables and prepayments*				*N’000*		*N’000*
	Staff Loans and Advances				4,310		7,075
	Prepaid Staff Rent				29,452		35,040
	Prepaid Expenses				9,296		10,649
	Cash Advance				52,189		9,499
	Due from Daar Music Global				91,004		91,004
	Withholding Tax of Sales				106,359		66,156
					292,609		219,424
4	*CASH & CASH EQUIVALENTS*				*N’000*		*N’000*
	Cash Balance				57,568		639
	Bank Banlances				131,049		129,023
					*188,617*		*129,662*
5	*Share Capital*				*N’000*		*N’000*
	*Authorised*
	*8,000,000,000 ordinary shares of 50k each*
	*Issued and fully paid*				4,000,000		4,000,000
	*At 1 January*
	*Issue of shares during the year*				4,000,000		4,000,000

					4,000,000		4,000,000

6	*REVALUATION SURPLUS*				*N’000*		*N’000*
	*At 1 january*				17,232,806		0
	*Current Year Revaluation Surplus*				706,673		17,232,806
	*At end of period*				*17,939,479*		*17,232,806*



7	*RETAINED EARNINGS*				*N’000*		*N’000*
	*At 1 january*				-16,825,758		-15,198,235
	*Retained Profit/(Loss)*				-2,870,805		1,627,523
	*At end of period*				*-19,696,563*		*16,825,758*

8	*Gratuity*				726,160		865,375
					*726,160*		*865,375*
9	*Other payables*				*N’000*		*N’000*
	*Accrued salary*				1,122,691		1,335,469
	*PAYE*				674,294		612,656
	*Pension fund*				1,917,169		1,809,342
	*Daar Investment Holding Coy Ltd*				198,030		185,287
	*NHF*				61,496		71,183
	*Directors’ loan*				222,410		-0
	*NHIS*				354,559		391,413
	*UNION DUES*				16,487		15,209
	*ITF*				113,370		105,221
	*NSITF*				107,407		100,725
	*Audit fee*				15,000		15,000
	*Directors’ Fees*				54,280		67,884
	*VAT*				1,658,170		1,385,398
	*Co-operative Society*				14,636		14,636
	*Withholding tax*				135,234		115,910
	*Ex-staff Terminal Benefit*				1,121,194		774,177
	*NBC Charges*				488,184		480,961
	*Accrued Expenses*				348,193		331,162
	*Accrued Staff Rent*				-1,456		647
	*Prov. For Uninvoiced Commitments*				452,214		442,118
					*9,073,564*	0	*8,254,397*
10	*Taxation*				*Dec 31, 2024*		*Dec 31, 2023*
					*N’000*		*N’000*
	At 1st Jan.				671,382		686,214
	Tax Adjustment for Previous Years				0		0
	Deferred Tax Asset				0		0
	Charged for the period				0		0
	Paid during period				0		-14,831
	*At end of period*				*671,382*		*671,382*








	*DAAR COMMUNICATIONS PLC*
	*VALUE ADDED STATEMENT*
				*Dec 31, 2024*		*Dec 31, 2023*
	*TURNOVER*			N’000	%	N’000	%
	TURNOVER			4,991,927		4,510,339
	OTHER INCOME			93,111		445,308
				5,085,038		4,955,648
	*BOUGHT IN MATERIALS AND SERVICES*
	LOCAL			-4,946,441		-4,037,068
	FOREIGN			-331,241		-258,550
	*VALUE ADDED*			*-192,644*	*100%*	*660,030*	*100%*

	*DISTRIBUTED AS FOLLOWS:*
	*EMPLOYEES:*
	Salaries, Pension,Welfare			1,463,036	-759%	1,410,507	214%
	*PROVIDER OF CAPITAL*
	Finance Cost			12,743	-7%	10,370	2%
	*TO GOVERNMENT*
	Taxation			0	0%	0	0%
	*PROVIDED for ASSET REPLACEMENT*
	Depreciation of Property, Plant and
	Equipment			1,201,565	-624%	815,573	124%
	Amortisation/Provisions			819	0%	1,764	0%
	Retained for the year			-2,870,805	1490%	-1,578,185	-239%
	*TOTAL VALUE ADDED*			*-192,644*	*100%*	*660,030*	*100%*
				0		0
	*DAAR COMMUNICATIONS PLC*
	*FIVE YEAR SUMMARY*
			*Dec 31, 2024*	*Dec 31, 2023*	*2,022*	*2,021*	*2,020*
	*Assets Employed*		*N’000*	*N’000*	*N’000*	*N’000*	*N’000*
	Property, Plant & Equipment		24,223,024	24,061,928	7,350,313	7,898,411	8,486,467
	Intangible Assets		39,478	22,892	24,566	26,793	29,027
	Investment		97,000	497,893	97,000	97,000	166,172
	Deferred Tax Assets		0	969,241	1,882,664	2,796,087	3,653,692
	Net Current Assets		-7,862,551	-6,818,652	-6,324,201	-7,150,269	-7,961,959
	Non-Current Liabilities – Gratuity		-726,160	-865,375	-817,037	-760,922	-732,634
	*Net Assets*		*15,770,791*	*17,867,927*	*2,213,305*	*2,907,100*	*3,640,765*
	*FUNDS EMPLOYED*
	SHARE CAPITAL		4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
	SHARE PREMIUN		13,411,541	13,411,541	13,411,541	13,411,541	13,411,541
	REVALUATION SURPLUS		17,939,479	17,232,806	0	0	0
	GENERAL RESERVE		-19,580,229	-16,776,420	-15,198,235	-14,504,240	-13,770,776
	*SHAREHOLDERS FUND*		*15,770,791*	*17,867,927*	*2,213,306*	*2,907,301*	*3,640,765*
	*DAAR COMMUNICATIONS PLC*
	TURNOVER		4,991,927	4,510,339	4,787,259	4,806,011	3,553,526
	PROFIT/(LOSS) BEFORE TAX		-2,870,805	-1,578,185	-755,824	-641,942	-2,554,036
	TAX		0	0	-12,242	-91,521	207,925
	PROFIT AFTER TAX		-2,870,805	-1,578,185	-768,066	-733,463	-2,346,111
	*EARNINGS PER SHARE*		*-36*	*-20*	*-10*	-9	*-29*

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