Union Dicon Salt reports N37.4m loss in H1

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By Kayode Tokede

Union Dicon Salt Plc has reported N37.4 million loss in its audited financial statement for half year (H1) ended June 30, 2020 as against N81.9million reported in half year ended June 30, 2019.

The company in its results to the Nigerian Stock Exchange (NSE) on Thursday reported N14.77million other operating income in the period under review as against N33.1 million reported in prior H1 results.

Union Dicon Salt has failed to report its revenue generation and cost of sales in most of its results submitted to the Exchange.

The company thus reported N52million administrative expenses in H1 ended June 30, 2020 compared with N11.5million reported in H1 2019.

However, the company reported a loss of N117.5million in its audited result and accounts for full ended December 31, 2019 as against N240.97million reported in full year ended December 31, 2018.

The salt processing company in its results to date had reported a loss before tax of N117.18million in 2019 as against N240.6million reported in 2018.

Our correspondent gathered that the company for the second consecutive year has failed to report revenue but reported significant increase in other operating income that closed 2019 at N126million from N45.04million reported in 2018.

Union Dicon Salt’s administration expenses closed 2019 at N243.6million from N285.7million in 2018.

From the balance sheet position, the company reported 119 per cent increase in non-total assets to N97.89million in 2019 from N44.62million reported in 2018 while current assets closed 2019 at N20.44million, 61.34 per cent increase over N12.67million reported in 2018.

This brings total assets for 2019 to N118.3million, 106.5 per cent growth over N57.3million reported in 2018.

Dicon Salt Limited and Union Salt Limited were incorporated as private limited liability companies on 11 October 1984 and 30 May 1991 respectively.

The Companies merged and simultaneously converted into a public limited liability company on 7 May 1993 to become Union Dicon Salt Plc.

The Company  became listed on the official listing of the NSE on 23 September, 1993.

The principal activity of the Company is the processing of crude salt.

The issued share capital of the Company is held thus: 28 per cent by Aims Limited, 19 per cent by Defence Industries Corporation, 14 per cent by Danjuma T.Y, eight per cent by Taraba Fisheries Ltd, eight per cent by T.Y. Holdings Ltd, one per cent by Danjuma Grace Elizabeth, four per cent by UDS Plc(Staff Trust Fund) and 18 per cent by others.

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