Morison industries recorded a loss of N70.63 million in the nine months of 2022 as a result of huge operating expenses, analysis by BusinessDay has shown.
The firm recorded a loss of N70.63 million from N55.01 million loss in nine months of 2021
Operating expenses incurred by the firm jumped 8.7 percent to N102.2 million in the nine months of this year from N94 million in the same period of 2021.
The healthcare firm recorded revenue of N121.7 million, indicating 7 percent from N113.5 million in nine months of 2021.
LMP-Consumers revenue rose to N89.6 million in September 2022, up 6.6 percent from N84 million in September 2021.
Others/Contract revenue stood at N26.5 million in September 2022, indicating a 10 percent drop from N29.4 million in September 2021.
The cost of sales increased by 23 percent to N98.5 million in September 2022 from N80.2 million in September 2021.
Distribution expenses surged 14.05 percent to N21.1 million in September 2022 from N18.5 million in September 2021.
Other operating income grew by just 1 percent to N43.7 million in nine months of 2022 from N43.2 million.
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Net finance expenses reached a loss of N14.2 million from a loss of N10.05 million in nine months of 2021.
Total assets dropped 0.6 percent to N1.6 billion in September 2022 from N1.61 billion in December 2021.
Total equity dropped 6 percent to N996.1 million in September 2022 from N1.06 billion in December 2021.
Inventories dipped 23.6 percent to N36.1 million in September 2022 from N47.3 million in December 2021.
Raw materials in inventories dropped 25 percent to N28.6 million in September 2022 from N38.26 million in December 2021.
Also, finished goods in inventories dipped 8.3 percent to N17.6 million in September 2022 from N19.2 million in December 2021.
Borrowings increased to N131.07 million in September 2022, indicating a 9.4 percent increase from N119.8 million in December 2021.
Net cash flow from operating activities recorded N14.8 million loss from a gain of N16.5 million in September 2021.
Net cash flow from investing activities dipped to N14.5 million in September 2022, down 27.5 percent from N20 million in September 2021.
Loss per share stood at 0.07 kobo in the nine months of 2022 from 0.06 kobo in the nine months of 2021.
Cash and cash equivalent stood at N5.12 million in September 2022, dropped 87 percent from N39.6 million in September 2021.
Morison Industries Plc manufactures and markets a range of pharmaceutical and hygiene products in Nigeria as well as imports and distributes medical, surgical and hospital consumables. The company is a leader in the field of Woundcare solutions, trauma/arthroplasty and bone graft products in Nigeria.
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