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Smart Product Nigeria’s liquid assets rise to 12-year high

Smart Product Nigeria’s liquid assets rise to 12-year high

The liquid assets of Smart Product Nigeria Plc, a construction and real estate company, rose to the highest in at least 12 years, according to data compiled by BusinessDay.

The company’s latest financial statement shows that its cash and cash equivalents increased to N44.9 million last year from N35.1 million in 2022.

Cash equivalents are investment securities that are meant for short-term investing. They have high credit quality and are highly liquid.

Further analysis of the earnings report revealed that the growth in cash and cash equivalents was driven by bank balance worth N2.89 million, placement with bank worth N42 million, and petty cash worth N32,891.

Movement in cash and cash equivalents shows that net cash from operating activities stood at a positive of N28.4 million from N23.2 million while net cash from investing activities stood at a negative of N14.9 million from a negative of N16.3 million.

Net cash from financing activities fell to a negative of N3.59 million from a negative of N4.49 million during the period reviewed.

Smart Product Nigeria, a company that caters to the real estate facility needs of businesses and organisations in Nigeria recorded a 33.8 percent decline in its income generated from other sources ranging from service charge reimbursement, gain on equity investment valuation, and Interest on commercial paper.

The firm’s revenue was N51.8 billion, up 14.6 percent from N45.2 billion on the back of rental income generated within the period.

Operating expenses increased to N33.2 million from N25.2 million. Personal expenses increased to N9.97 million from N7.54 million.

Smart Product’s basic earnings per share during the period rose to 14kobo from 13kobo.

The firm after-tax profit rose to N6.58 million from N6.08 million. Total assets fell to N207 million from N212 million.

Smart’s total liabilities increased to N83.2 million from N91.3 million during the period reviewed. Retained earnings increased to N19.2 million from N16.2 million.

Short-term loans and receivables fell to N15.3 million from N40 million, driven by a 56.6 percent decline to N13.6 million from N31.4 million in rent receivables and an 80.1 percent decline to N1.7 million from N8.58 million.