Meyer post 35% growth in revenue to N1.118bn

By Philemon Adedeji

Meyer Plc reported 35 per cent increase in revenue for the 202l full year audited financial statement, reporting growth of revenue which rose significantly from N827.5 million in corresponding period of 2020 to Nl.ll8 billion in the previous period.

From the platform of Nigerian Exchange Limited (NGX), profit before tax recorded during the period declined to a 96per cent from Nl.638 billion in 2020 to N60.2 million in 202l.      Also, the group declared 97 per cent decrease in profit before tax to N1.118 billion in full year of 2029 to N33 million in the full year of 2021.

Gross profit recorded grew by 11 per cent to N392.3 million in 2021 from N358.5 million recorded in 2020. As net finance income appreciated by 33 per cent from N61.8 million in the corresponding period of 2020 to N82.1 million in the previous year of 2021.        During the period the cost of selling and distribution dropped by 9 per cent to N311.5 million in twelve months of 2020 from N413.4 million in twelve months of 2021.                          In the audited financial statement declared, Meyer plc  recorded total assets and current total assets which declined.

The group recorded decline of total assets to 40 per cent from N1.767 billion in 2020 to N1.054 billion in 2021 results and account for the period ended 3l, December 202l.

The group total current asset went down by 37 per cent from N2.659 billion in 2020 to Nl.679 billion in 202l, Also total non current assets dipped by 12 per cent to N343.7 million in 202l to N392 million in 2020.    In addition, the group current liabilities decreased by 47 per cent to N1.402 billion in 202l from N737.7 million in 2020.