Eunisell grows profit by 282%, highest in 7 years

Eunisell Interlinked Plc., a provider of electrical and electronic solutions, has reported a 282 percent growth in its after-tax profit for the fiscal year ending September 30, 2024, from a loss in the previous year.

In its recently filed audited financial statement with the Nigeria Exchange Limited, the company revealed that its after-tax profit surged to N122.4 million from a loss of N4.5 million in nine months in 2023.

Revenue increased by 156.8 percent to N360.5 million from N43.6 million while gross earnings rose to N168.7 million from N21.4 million year-on-year.

Revenue generated from power products surged to N320.9 million from N32.9 million, while sales from electrical panels and accessories grew to N12.5 million. Also, revenue from construction/manufacturing stood at N27 million.

The company’s cost of sales grew by 158.8 percent to N191.9 million from N22.2 million in the third quarter (Q3) of 2023. Its operating expenses rose to N38.3 million from N20.6 million year-on-year.

Read also: Eunisell reports 161% revenue surge

Eunisell’s profit from operations surged to N130.4 million from N819,000, with finance costs increasing to N7.9 million from N5.4 million. Administrative expenses stood at N38.4 million.

However, the company recorded a loss from cash generated from operations from N6.4 million to a loss of N156.7 million in nine months of 2023 while cash and cash equivalent rose to N2.9 million from N879,000.

The company’s liquidity position remained robust, with current assets approximately double the current liabilities.

The company’s total assets rose to N694.4 million from N511 million while total shareholders’ funds grew to N702.9 million from N527.7 million.

Eunisell Interlinked Plc, formerly known as Interlinked Technologies Plc., provides engineering solutions for the power value chain, oil and gas, industrial, and infrastructure.