DAAR COMMUNICATIONS PLC

Company No. RC 117587

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2022

Baker Tilly Nigeria

7, Gwandu Close, Off Jibia Road, Off Badagry Road, Area 2,

Garki; Abuja, FCT.

Tel: 0 8 0 2 3 1 0 6 4 2 2 , 0 8 0 5 1 9 7 7 8 7 3

E-mail: b t n a b j @ b a k e r t i l l y n i g e r i a . c o m

DAAR COMMUNICATIONS PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2022

Table of Contents

Corporate Information

3

Free Float Report

4

Financial Highlights

5

Statement of Directors' Responsibilities

6

Report of the Audit Committee

7

Certification Pursuant to Section 405 of CAMA 2020

8

Independent Auditor's Report

9

Statement of Profit or Loss and Other Comprehensive Income

16

Statement of Financial Position

17

Statement of Changes in Equity

18

Statement of Cashflows

19

Notes to the Financial Statements

20

Other National Disclosures

69

Statement of Value Added

70

Five Year Financial Summary

71

2

DAAR COMMUNICATIONS PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2022

Corporate Information

Directors

Chief Raymond Paul Dokpesi Jnr.

Chairman

Mr. Tony A. Akiotu, FNGE

Group Managing

Chief Stanley Sagboje

Executive

Dr. Ambrose Somide

Executive

Dr. (Mrs.) Oluwatosin Dokpesi

Executive

Engr. Tony C. Uyah

Executive

Mallam Gambo Lawan

Non-Executive

Shedrack. A. Akolokwu, PhD

Non-Executive

Prof. Ralph Akinfeleye

Non-Executive

Mr. Cornelius Oboh

Non-Executive (Died in December 2022)

Princess (Mrs.) Ibitoru Ofili JP

Non-Executive

High Chief Raymond Aleogho Dokpesi, PhD, Dsc, OFR-

Non-Executive

Mr. Nornah Awoh

Independent

Company Secretary

Anopuo Donatus O. (Esq)

DAAR Communications Plc

Asokoro, Abuja.

Company Registration Number

RC. 117587

Registered Office

Ladi Lawal Drive Kpaduma Hills,

Off T. Y. Danjuma Street, Asokoro,

FCT Abuja.

Auditors

Baker Tilly Nigeria (Chartered Accountants),

Gwandu Close, Off Jibia Road,

Off Badagry Road. Area 2, Garki,

Abuja; FCT

Tel: 08023106422, 0805197873

Registrars

First Registrars & Investor Services Ltd

No. 2 Abebe Village Road

Iganmu, Lagos.

Bankers

Fidelity Bank Plc

First Bank of Nigeria Ltd

First City Monument Bank Ltd

Sterling Bank Plc

Guaranty Trust Bank Plc.

Union Bank of Nigeria Plc

United Bank for Africa Plc

Zenith Bank Plc

3

DAAR COMMUNICATIONS PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2022Free Float Report

DAAR COMMUNICATION PLC

FREE FLOAT REPORT AS AT 31 DECEMBER 2022

Name of Company: Board Listed: Year End: Reporting Period:

Share Price as at end of Reporting Period:

DAAR COMMUNICATION PLC

31 DECEMBER

YEAR ENDED 31 DECEMBER 2022 NGN

DESCRIPTION

CURRENT YEAR 2022

Percentage (In

relation to

Issued Share

Units

Issued Share Capital

8,000,001,000

100%

DETAILS OF SUBSTANTIAL SHAREHOLDINGS (5% AND ABOVE)

DAAR Investment & Holding Co. Ltd

4,890,523,000

61.13%

Total Substantial Shareholdings

4,890,523,000

61.13%

PREVIOUS YEAR 2021

Percentage (In relation to Issued Share

UnitsCapital) 8,000,001,000 100%

4,890,523,00061.13%

4,890,523,00061.13%

DETAILS OF DIRECTORS SHAREHOLDINGS (DIRECT & INDIRECT), EXCLUDING DIRECTORS HOLDING SUBSTANTIAL INTERESTS

Chief Raymond Paul Dokpesi Jnr

10,000

0.00%

10,000

0.00%

Mr. Tony A. Akiotu, FNGE

100,000

0.00%

100,000

0.00%

Chief Stanley Sagboje

Nil

Nil

Nil

Nil

Dr. Ambrose Somide

4,000

0.00%

4,000

0.00%

Dr. (Mrs) Oluwatosin Dokpesi

120,000

0.00%

120,000

0.00%

Engr. Uyah Anthony Chukwuemeka

100,000

0.00%

100,000

0.00%

Malam Gambo Lawan

15,000

0.00%

15,000

0.00%

Shedrack A. Akolokwu, PhD

Nil

Nil

Nil

Nil

Prof. Ralph Akinfeleye

Nil

Nil

Nil

Nil

Mr. Cornelius Oboh

Nil

Nil

Nil

Nil

Princess (Mrs) Ibitoru Ofili JP

Nil

Nil

Nil

High Chief Raymond Aleogho Dokpesi, PhD,

Dsc, OFR

320,000,000

4.00%

320,000,000

4.00%

Nornah Awoh

7,000

0.00%

7,000

0.00%

Palesa Capital Market Associate Ltd

205,000

0.00%

205,000

0.00%

(Indirect)

Total Directors' Shareholdings

320,561,000

4.00%

320,561,000

4.00%

Free Float in Unit and Percentage

2,788,917,000

34.86%

2,788,917,000

34.86%

Free Float in Value

DECLARATIONS:

DAAR Communication PLC with a free float percentage of 34.86 % as at 31 December 2022, is compliant with The Exchange's free float requirements for companies listed on the Main Board

4

DAAR COMMUNICATIONS PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2022Financial Highlights

2022

2021

Absolute

Change

Changes

₦'000

₦'000

₦'000

%

Revenue

4,787,259

4,806,011

(18,752)

-

Loss Before Taxation

(755,824)

(641,942)

(113,882)

(18)

Loss After Taxation

(768,066)

(733,463)

(34,603)

(5)

Non-Current Assets

9,354,544

10,892,586

(1,538,042)

(5)

Current Assets

3,095,668

3,308,537

(212,869)

(6)

Non-Current Liabilities

817,037

760,922

(56,115)

(7)

Current Liabilities

9,419,869

10,458,831

(1,038,962)

(10)

Issued Share Capital

4,000,000

4,000,000

-

-

Share Premium

13,411,541

13,411,541

-

-

Shareholders' Fund

2,213,306

2,981,371

(768,065)

(26)

Total Equity and Liabilities

12,450,212

14,201,124

1,750,212

12

=========

========

==========

===

Loss Per Share (kobo)

(10)

(9)

====

====

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

DAAR Communications plc published this content on 17 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2023 21:35:45 UTC.