SCOA Nigeria reports 90.04% drop in profit to N31.78m

By Kayode Tokede

SCOA Nigeria Plc has released its unaudited statement of comprehensive income for the period January to December 31st, 2020 with 90.04 per cent drop in profit after tax to N31.78 million from N319.18 million in 2019.

The  company also reported a loss of N152.1million in its unaudited full year ended December 31, 2020 as against N69.75million reported in 2019.

The result released to the Nigerian Stock Exchange (NSE) showed 61.76per cent rise in revenue to N6.53 billion from N4.034 billion in 2019.

According to the results, the company reported N1.09 billion non-core business income in 2020 as against N1.18billion in 2019.

From financial position, the company reported net assets of N3.24billion in 2020 as against N1.98billion reported in 2019 audited full year results for period ended December 31, 2019.

SCOA Nigeria is a conglomerate active in furniture production and interior design, automobile assembly and distribution, power generation, retailing and trade.