Bricklinks Africa, a telecommunications company in Nigeria, has recorded a 17 percent increase in its shareholders’ equity within a year, according to the company’s latest full-year audited financial statement.
The statement showed that the equity rose to N27.7 million in 2023 from N23.6 million in 2022.
Shareholders’ equity, which represents the net worth of a company, is the naira amount that would be returned to shareholders if a company’s total assets were liquidated, and all of its debts were repaid.
Further findings from the statement show that retained earnings increased to N17.7 million from N13.6 million. Share capital stood at N10 million year-on-year.
After-tax profit dropped to N4.1 million from N5.4 million. Turnover also declined to N96.8 million from N107.3 million.
Cost of sales dropped to N58.1 million from N68.2 million and total overhead expenses grew to N32.5 million from N33.2 million.
Current assets grew to N36.7 million from N29.5 million. However, intangible assets dropped to N311.3 million from N332 million.
Non-current liabilities stood at N738.9 million year-on-year while current liabilities dropped to N2.6 million from N24.2 million.
Property, plant and equipment dipped to N421.3 million from N425.3 million.
Current income tax increased to N1.8 million from N450,000 while education tax surged to N200,000 from N50,000
Trade receivables grew to N24 million from N1 million. However, trade and other payables dropped to N623,000 from N23.2 million.
Cash flows from operating activities stood at a negative of N15.7 million from a positive of N27.1 billion. Cash and cash equivalents dropped to N12.7 million from N28.5 million.
Amortisation cost increased to N103.8 million from N83 million. Earnings per share declined to 41 kobo per share from 59 kobo per share.
Mohammed Buhari, managing director/CEO of Bricklinks Africa, unveiled in August new investment plans that would boost its capital base to N500 million, and raise revenue to N78.12 billion from one million subscribers in the next three years.
He said the company was targeting to become a regional leader in bridging the gap between the diaspora and home country through affordable and quality communications solutions.