Ekocorp’s 9-month loss jumps threefold on revenue decline

Ekocorp Plc, providers of hospital and medical care services in Nigeria has reported a nine-month loss that is more than triple the performance of 2020, according to its unaudited financial statements.

The company, which provides its services through direct health and medical insurance carriers, grew its loss by 207.19 percent to N148.3 million in the nine months through September 2021 from N48.84 million reported in the same period of 2020.

The performance by Ekocorp Plc was largely due to the 13.22 percent decline in its revenue to N643.46 million in the review period from N741.48 million in the corresponding period of last year.

The 8.09 percent increase in its cost of sales also contributed to the performance reported in the review period. The cost of sales reported in the review period was up by N41.07 million to N548.85 in 2021 from N507.78 million in 2020.

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A breakdown of the company’s financial result in the period under review showed that its gross profit, a measure of a company’s efficiency rate, declined by 59.52 percent to N94.61 million in 2021 from N233.71 million in the corresponding period of 2020.

The company’s earnings per share (EPS) was down by 230 percent from 9.7 kobo in 2020 to 29.7 kobo in 2021.

Ekocorp Plc provides services like medical practitioners, dieticians, diabetic nurse educators, foot care specialists and ophthalmologists.

Consultant services by the company include general surgery, orthopaedic surgery, grammatology, otorhinolaryngology audiology and speech therapy, dental surgery, radiology, Physiotherapy, endoscopy, anaesthesia, obstetrics and gynaecology, radiotherapy and oncology.

The company also offers immunological screening on thyroid antibodies, thyroid adrenal anti-nuclear antibodies and pediatric endocrinology services. It also offers equipment and facilities such as CG, EMG, EEG, ENT, dental, eye clinic, stress testing unit and others.

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