The after-tax loss of Morison Industries, a medical supplies company in Nigeria, widened to N28.5 million in the first quarter of this year from N21.5 million in the same period of 2023, BusinessDay analysis shows.
The firm’s revenue grew marginally to N32.6 million from N31 million during the reviewed period.
Further analysis reveals that revenue from customers stood at N29.8 million while from others/contracts amounted to N2.8 million in the first quarter of 2024.
Morison Industries’ input cost during the period surged to N31.9 million from N25.9 million during the period reviewed.
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The firm’s distribution expenses surged to N5.9 million from N4.9 million and total operating expenses surged to N36.8 million from N32.6 million.
Finance expenses remained the same at N4.86 million year-on-year. Total assets increased to 1.56 billion in March 2024 from N1.53 billion in December 2023.
In the same vein, total liabilities increased to N714.6 million from N664.5 million. However, total equity dipped to N842 million from N870.5 million in the reviewed period.
Inventories grew to N63.7 million from N31.5 million. The inventories have N45.7 million worth of raw materials and N18.04 million worth of finished goods as of March 2024.
Trade and other receivables jumped to N53.5 million from N49.8 million. Prepayments dipped to N1.08 million from N1.36 million.
Borrowings surged to N158.9 million from N154.1 million. Other payables dipped to N264.3 million from N265.1 million.
Pension payable grew to N97.4 million from N97.2 million during the reviewed period.
Cash and cash equivalents declined to N10.6 million as of March 2024 from N18.4 million in December 2023.
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Movements in cash and cash equivalents at the end of the period showed that net cash flow from operating activities stood at a negative N15.8 million from a negative N27.3 million.
Net cash flow from investing activities stood at N8.1 million from N36.7 million. Morison Industries 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’s advanced wound management business offers a range of products from initial wound bed preparation to full wound closure.
