R.T Briscoe, a Lagos based motor dealer, saw revenue increase by almost a fifth in full year 2018, according to the numbers in its earnings report filed with the Nigerian Stock Exchange.
The company realized revenue worth N5.2 billion for the period ended December 31, 2018, 18 percent more than N4.4 billion generated in the preceding financial year.
Breakdown of revenue showed that sales of goods which accounted for 90 percent of top-line, appreciated 21 percent to N4.6 billion in the review year, even as rental income from investment properties almost quadrupled to N23.5 million. R.T. Briscoe saw declines in proceeds from
services segments (3%) and facility management (12%).
The company’s operating earnings rebounded to positive territory (N100m) after incurring operating losses worth N430 million in the preceding year, driven by 29 percent growth in other income and 6 percent decline in administrative expenses.
A closer look at the numbers showed that the reason the firm incurred losses in full year 2017 and 2018 was as a result of its huge finance costs in excess of N2 billion.
However finance costs was down by 16 percent in the review year to N2.3 billion, while finance income reduced nearly by half, trimming net finance costs by 16 percent.
Given the reduction in borrowing costs, the firm was able to cut net losses by 31 percent to N2.2 billion from N3.2 billion in the previous year.
R.T Briscoe sells and services motor vehicles and industrial equipment such as generators, compressors and forklifts. The company further provides property development, project management and real estate services through its affiliated company Briscoe Properties Limited.
In attempt to give back to the society, the group donated N550, 000 in 2018 to charitable institutions, almost three times more than N200, 000 given last year. Over 60 percent of the company’s shares are held by the investing public, with Mikeade Investment Limited and Classic Motors Limited having a combined 39 percent direct stake.
