MCNICHOLS : CONSOLIDATED PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2022

McNICHOLS CONSOLIDATED PLC

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED (JANUARY 2022 - SEPTEMBER 2022)

	NOTE	Sep-22	Sep-21	Jul-Sep 2022	Jul-Sep 2021
		₦	₦	₦	₦
Revenue	1	628,105,781	579,434,668	205,829,708	217,701,773
Cost of Sales		(525,235,250)	(481,406,320)	(173,300,978)	(181,847,709)
Selling, Marketing & Admin. Expenses	5	(76,718,013)	(68,146,641)	(26,660,146)	(26,726,079)
Finance Charges	9	(8,762,617)	(10,383,113)	(3,014,428)	(4,028,325)
Profit Before Taxation		17,389,901	19,498,594	2,854,156	5,099,660
Taxation	6	(2,120,947)	(3,164,381)	(513,748)	(1,580,498)
Profit From Continuing Operations		15,268,954	16,334,213	2,340,408	3,519,162
Other Comprehensive Income		7,470,490	-	-	-
Prior Year Deferred Tax Adjustment		-	-	-	-
Total Comprehensive Income		-	-	-	-
Profit Attributable to the Owners of the
Company		22,739,444	16,334,213	2,340,408	3,519,162
Non-Controlling Interest		-	-	-	-
Total Comprehensive Income Attributable to
the Owners of the Company:		22,739,444	16,334,213	2,340,408	3,519,162
Non-Controlling Interest		-	-	-	-
Total Comprehensive Income for the Period		22,739,444	16,334,213	2,340,408	3,519,162
Earninngs Per Share (Kobo)		6.96	5.00	0.72	1.08

McNICHOLS CONSOLIDATED PLC

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30,2022

	NOTES
ASSETS
Property, Plant and Equipment	8
Investment	7
TOTAL NON-CURRENT ASSETS
CURRENT ASSETS
Inventories
Trade and Other Receivables	2
Cash and Cash equivalents
Restricted Cash	11
TOTAL CURRENT ASSETS
TOTAL ASSETS
EQUITY
Share Capital
Share Premium
Retained Earnings
Equity Attributable to Owners of the Company	3
Non-controlling Interests
TOTAL EQUITY
LIABILITIES
Long Term Borrowings	10A
Provisions
Deferred Tax Liabilities
TOTAL NON-CURRENT LIABILITIES
Trade and Other Payables	4
Loans and Borrowings	10B
Current Tax Liabilities
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
Total EQUITYAND LIABILITIES

Sep-22	Sep-21	Dec-21
		AUDITED
₦	₦	₦
288,114,969	329,261,869	323,929,624
5,820,000	5,820,000	5,820,000
293,934,969	335,081,869	329,749,624
95,266,324	129,401,139	129,973,012
124,774,937	120,261,206	102,574,618
73,029,029	15,126,767	52,951,878
51,036,402	87,576,522	77,264,022
344,106,692	352,365,634	362,763,531
638,041,661	687,447,503	692,513,155
163,350,000	163,350,000	163,350,000
14,887,688	16,913,313	16,913,313
191,928,512	189,802,902	178,892,057
370,166,200	370,066,215	359,155,370
370,166,200	370,066,215	359,155,370
75,625,000	116,875,000	106,562,500
89,000,000	91,035,530	89,000,000
20,945,495	20,893,359	20,945,495
185,570,495	228,803,889	216,507,995
38,728,516	38,581,588	72,317,373
41,250,000	41,250,000	41,250,000
2,326,449	8,745,811	3,282,417
82,304,965	88,577,399	116,849,790
267,875,460	317,381,288	333,357,785
638,041,661	687,447,503	692,513,155

These financial statements were approved by the Board of Directors on 26th October, 2022 and signed on its behalf by:

Chimaraoke Ekpe	Adebayo Temitope Abefe
Managing Director	Finance Manager
FRC/2016/NIM/00000014307	FRC/2021/001/00000022401

McNICHOLS CONSOLIDATED PLC

STATEMENT OF CHANGE IN EQUITY AS AT 30 SEPTEMBER 2022

		Other Reserves
	Share Capital	(Share Premium)	Retained Earnings	Total Equity
Balance as at 01/01/2021	163,350,000	16,913,313	173,468,688	353,732,001
Balance as at 30/09/2021	163,350,000	16,913,313	189,802,902	370,066,215
Balance as at 01/01/2022	163,350,000	16,913,313	178,892,057	359,155,370
Issued Share Capital				-
Dividend Paid			(9,801,000.00)
Proposed Right Issue Cost Written Off		(2,025,624.72)		(2,025,625)
Profit for the period			22,837,455	22,837,455
PPE Revaluation Surplus				-
Balance as at 30/09/22	163,350,000	14,887,688	191,928,512	370,166,200

McNICHOLS CONSOLIDATED PLC

STATEMENT OF CASH FLOW AS AT 30 SEPTEMBER 2022

	30-Sep-22	30-Sep-21	31-Dec-21
	₦	₦	₦
Cash Flow from Operating Activities	57,220,571	30,812,674	86,730,471
Tax Paid	(18,424,288)	(3,585,129)	(4,122,125)
Net Cash Generated from Operating Activities	38,796,283	27,227,545	82,608,346
Cash Flow from Investing Activities
Purchases of property, plant and Equipment	(3,896,225)	(17,520,850)	(23,149,090)
Sale of property, plant and Equipment	7,470,490	-	-
Net Cash Flow from Investing Activities	3,574,265	(17,520,850)	(23,149,090)
Cash Flows from Financing Activities
Long Term Loans & Leases	(30,937,500)	(6,875,000)	(17,187,500)
Share Capital	-	-	-
Net Interest Paid	(8,762,617)	(10,383,113)	(13,489,663)
Dividend Paid	(8,820,900)	-	(8,820,900)
Net Cash from Financing Activities	(48,521,017)	(17,258,113)	(39,498,063)
Total Cash Movement for the period	(6,150,469)	(7,551,418)	19,961,193
Cash at beginning of period	130,215,900	110,254,707	110,254,707
Total cash at end of period	124,065,431	102,703,289	130,215,900