Arbico Plc, a full-service building and civil engineering construction company, has recorded a loss after tax of about N430.15 million and a decline in revenue to N3.92 billion for the period ended September 30, 2020.
In the recently released unaudited financial result sent to the Nigerian Stock Exchange and verified by Nairametrics, the firm recorded a whopping 402.6% loss after tax in the period under review.
What you should know
The following are key highlights of the result:
- Revenue declined by 3.8% from N4.07 billion in September 2019 to N3.92 billion in September 2020.
- Profit after tax declined by 402.6% Year-on-Year, from a profit of N1.4 million in September 2019 to a loss of N4.4 million in the corresponding period this year.
- Earnings per share also recorded a loss of N2.90k for September 2020, down by 402.1% from a gain of N0.96 recorded in the corresponding period last year.
- Staff cost and employee benefits increased by approximately 18.2% Year-on-Year.
The downturn in economic activities due to the pandemic affected virtually all sectors, with the construction and transportation industries massively bearing the brunt.
Recall that in the recently released Consumer Expectation Survey Report for Q3 2020, buying intention indices for durables like house were below 50 points – indicating that respondents had no intention to purchase these commodities in the last nine months.