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Eunisell Interlinked rides on revenue growth to record first Q1 profit in 6years

Eunisell Interlinked plc, provider of engineering and technology solutions to among other sectors, the oil & gas and power, has reported its first Q1 profit in six years in the period ended September 30 2021.

The first quarter profit reported by Eunisell Interlinked was 1,521percent higher when compared to the loss of N1.49 million reported in the comparable period of 2015. The figure is the company’s highest Q1 profit in eight years.

Compared to the profit of N21.18 million reported in the first quarter of 2021, the company that is also into distribution, recorded an increase in its three-month profit by a 498 percent in the first quarter ended September of 2021, from a loss of N5.32million in 2020.

Analysis of Eunisell Interlinked’s financials result showed that the 2021 profit was the first Q1 profit the company has reported on record. Before 2021, the company successively recorded a loss from 2015 to 2020, its financial results on the website of the Nigeria Exchange Group (NGX) only covers the above period.

The commendable performance by Eunisell Interlinked plc in the period under review was on the back of increased revenue.

Read also: Nigeria and oil: Looking beyond price collapse towards post-recovery savings

The company recorded a 525 percent revenue increase to N89.14 million in the first quarter ended September 2021 from N14.3 million recorded in the same period of 2020. This was the major driver of the company’s profit in the review period.

The surge in the company’s revenue was driven by the distribution of power products and oil and gas and they stood at N40.8 million and N39.1 million respectively.

The company’s performance in the review period was despite the N17 million the company spent on operating expenses. In the same period of last year, the company reported operating expenses of N10.6 million.

They also incurred a finance cost of N13.8 million in the first quarter ended September 2021 compared to the N5.8 million reported in the same period last year.

The assets of the company increased by N4 million from N61.2 million in the same period of 2020 to N65.2 million in 2021. This is as a result of the increase in the non-current asset in the period under review.

The company whose name was initially Interlinked Technologies Plc prides itself as the foremost distributor of a wide range of engineering and technical products in Nigeria.

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