BricKlinks Africa, a telecommunication company, recorded revenue growth of 12 percent in the first quarter of 2022, according to its financial report on the Nigerian Exchange (NGX).
From the inception of the year till March, the company saw its revenue surge to N30.2 million from N26.9 million in the corresponding period last year, thanks to its sales of bandwidths.
The telecommunication company’s profit after tax surged by 524.4 percent to N2.1 million in the first quarter from N342 thousand in the comparable periods.
Further analysis showed the company’s cost of sales grew to N19 million in the period under review, a 4.7 percent increase from N18.2 billion. 85 percent of the cost of sale in this period was from bandwidth charges, which totalled N16.3 million.
Their operating expenses increased to N9 million in the first quarter of 2022 from N8.5 million in the same period last year.
Earnings per share increased to N21.27 in the first three months of 2022 from N3.42 in the same period last year.
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Assets, however, declined to N776.8 million in the period under review from N799.6 million, while liabilities declined to N756.5 million from N795.5 million in the comparable periods.
At the inception of the year, the company had cash of N1.3 million, an increase from N1 million last year. However, there was cash movement of N958 thousand at the end of the quarter, over a two-fold increase from N363 thousand in the same period last year, reducing this quarter’s cash flow to N357 thousand, a reduction from N656 thousand last year.
Briclinks Africa Plc commenced its business operations as a telecommunications/general contract company in July 2018 after it was issued an Internet Service Provider (ISP) license by the Nigerian Communications Commission (NCC).
It was listed on the NGX on February 5, 2021, with the ticker name “BAPLC”.
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