Morison Industries Plc records 34.32% increase in 2020 9M revenues

Morison Industries Plc – medical equipment and consumables supplies company, reported revenues of N98.23 million in 2020 9M compared to N73.13 million in the same period in 2019 – 34.32% increase.

Key highlights for 2020 9M

• Revenues increased to N98.23 million, +34.32% YoY.
• Revenues from Pharmaceuticals declined to N5.11 million, -58.88% YoY.
• Revenues from LMP-consumers increased to N83.69 million, +40.34% YoY.
• Revenues from Others/contracts increased to N9.43 million, +787.11% YoY.
• Other operating income increased to N25.97 million, +188.82% YoY.
• Operating expenses increased to N89.59 million, +3.59% YoY.
• Distribution expenses increased to N16.80 million, +5.04% YoY.
• Pre-tax loss decreased to N46.51 million, -42.10% YoY.
• Loss Per Share decreased to 0.05 Kobo, -37.50% YoY.

Bottom Line

Morison Industries Plc recorded a boost in two of its revenue-generating units, as total revenues increased. Revenues from its LMP – Consumers and Others/Contracts revenue-generating units increased in the period under consideration.

Morison Industries Plc’s losses also decreased, despite rising expenses. This was partly aided by the rise in other operating income.