NASCON ALLIED INDUSTRIES : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

Nascon Allied Industries Plc (Registration number 11364)

Unaudited Financial Statements for the period ended 30 June 2023

Nascon Allied Industries Plc

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 June 2023

Contents

	Page
Statement of Profit or Loss and Other Comprehensive Income	2
Statement of Financial Position	3
Statement of Changes in Equity	4
Statement of Cash Flows	5
Notes to the Unaudited Financial Statements	6 - 39

1

Nascon Allied Industries Plc

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 June 2023

Statement of Profit or Loss and Other Comprehensive Income

		Reviewed	Reviewed	Reviewed	Reviewed	Audited
		3 Months	3 Months	6 Months	6 Months	12 Months
		ended	ended	ended	ended	ended
		30 June 2023	30 June 2022	30 June 2023	30 June 2022	31 December
						2022
	Notes	N '000	N '000	N '000	N '000	N '000
Revenue	4	21,264,249	14,367,395	38,165,448	25,127,854	58,786,251
Cost of sales	6	(9,254,678)	(8,804,518)	(19,203,947)	(16,758,115)	(34,243,932)
Gross profit (loss)
	12,009,571	5,562,877	18,961,501	8,369,739	24,542,319
Other income	7	20,328	15,040	103,548	24,836	124,293
Other operating (loss)/gains	8	(69)	-	(69)	411,353	(794,555)
Movement in credit loss allowances	9	-	-	-	-	(16,147)
Distribution costs	10.1	(4,778,151)	(3,068,496)	(8,247,722)	(4,997,586)	(12,038,516)
Administrative expenses	10.2	(1,027,556)	(735,699)	(2,014,692)	(1,447,207)	(3,142,912)

Operating profit (loss)
Investment income	11
Finance costs	12

6,224,123	1,773,722	8,802,566	2,361,135	8,674,482
167,781	77,833	309,266	135,558	394,538
(227,835)	(145,739)	(486,506)	(222,138)	(694,829)

Profit (loss) before taxation		6,164,069	1,705,816	8,625,326	2,274,555	8,374,191
Taxation	13	(2,012,082)	(374,517)	(2,803,232)	(739,229)	(2,904,943)
Profit (loss) from from continuing operations
	4,151,987	1,331,299	5,822,094	1,535,326	5,469,248
Profit (loss) for the period
	4,151,987	1,331,299	5,822,094	1,535,326	5,469,248
Total comprehensive income for the period
	4,151,987	1,331,299	5,822,094	1,535,326	5,469,248
Earnings per share
Per share information
Basic and diluted earnings per share (Kobo)	15	627	201	439	116	206

The accounting policies on pages 6 to 18 and the notes on pages 19 to 39 form an integral part of the Unaudited Financial Statements

2

Nascon Allied Industries Plc

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 June 2023

Statement of Financial Position

		Reviewed	Reviewed	Audited
		6 Months	6 Months	12 Months
		ended	ended	ended
		30 June 2023	30 June 2022	31 December
				2022
	Notes	N '000	N '000	N '000
Assets
Non-Current Assets
Property, plant and equipment	16	12,078,471	13,759,078	12,468,851
Right-of-use assets	17	3,822,529	3,761,201	3,894,704
		15,901,000	17,520,279	16,363,555
Current Assets
Inventories	18	7,649,238	7,710,594	8,266,480
Trade and other receivables	19	25,193,903	11,212,916	11,639,953
Other financial assets	20	695,826	658,159	695,826
Other assets	21	2,653,357	1,948,855	5,558,747
Cash and cash equivalents	22	16,388,473	10,292,920	13,006,210
		52,580,797	31,823,444	39,167,216
Total Assets
	68,481,797	49,343,723	55,530,771
Equity and Liabilities
Equity
Share capital	23	1,324,719	1,324,719	1,324,719
Share premium	24	434,037	434,037	434,037
Retained earnings	25	20,456,266	13,347,475	17,283,610
		22,215,022	15,106,231	19,042,366
Liabilities
Non-Current Liabilities
Borrowings	27	38,570	38,570	38,570
Lease liabilities	28	3,630,565	3,419,096	3,701,309
Retirement benefit obligation	29	125,475	133,171	133,171
Deferred tax	14	2,125,796	2,356,442	2,125,796
		5,920,406	5,947,279	5,998,846
Current Liabilities
Trade and other payables	30	28,245,161	23,907,493	20,177,590
Borrowings	27	4,627,119	1,628,063	4,792,881
Lease liabilities	28	248,022	224,574	301,028
Contract liabilities	31	3,006,802	1,128,949	2,099,314
Current tax payable	13	4,219,265	1,401,134	3,118,746
		40,346,369	28,290,213	30,489,559
Total Liabilities
	46,266,775	34,237,492	36,488,405
Total Equity and Liabilities
	68,481,797	49,343,723	55,530,771

The Unaudited Financial Statements and the notes on pages 19 to 39, were approved by the Board on the 28 July, 2023 and were signed on its behalf by:

Thabo Mabe

Managing Director

FRC/2013/IODN/00000001741

Aderemi Saka

Chief Financial Officer

FRC* "Waiver granted by FRCN"

The accounting policies on pages 6 to 18 and the notes on pages 19 to 39 form an integral part of the Unaudited Financial Statements.

3

Nascon Allied Industries Plc

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 June 2023

Statement of Changes in Equity

	Share capital	Share premium	Retained	Total equity
			income
	N '000	N '000	N '000	N '000
Balance at 1 January 2022	1,324,719	434,037	12,871,924	14,630,680
Profit for the period	-	-	1,535,326	1,535,326
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	-	-	1,535,326	1,535,326
Dividends	-	-	(1,059,775)	(1,059,775)
Total contributions by and distributions to owners of company
-	-	(1,059,775)	(1,059,775)
recognised directly in equity
Balance at 30 June 2022
1,324,719	434,037	13,347,475	15,106,231
Balance at 1 January 2023	1,324,719	434,037	17,283,610	19,042,366
Profit for the period	-	-	5,822,094	5,822,094
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	-	-	5,822,094	5,822,094
Dividends	-	-	(2,649,438)	(2,649,438)
Total contributions by and distributions to owners of company
-	-	(2,649,438)	(2,649,438)
recognised directly in equity
Balance at 30 June 2023
1,324,719	434,037	20,456,266	22,215,022

The accounting policies on pages 6 to 18 and the notes on pages 19 to 39 form an integral part of the Unaudited Financial Statements.

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