SCOA Nigeria Plc has reported a pre-tax profit of N374.3 million for the year ended 31 December 2024, according to its latest audited financial statement on the NGX.
This represents a substantial increase of 149.82% compared to the N149.8 million reported the previous year, driven by increased revenue.
Total revenue for the year reached N13.5 billion, a 30.21% increase from N10.3 billion in the prior year.
- Equipment sales contributed the majority at N10.4 billion, while auto sales accounted for N3.1 billion.
However, the cost of sales rose sharply to N12.3 billion, marking a 35.14% increase from N9.1 billion the previous year.
Hence, the group reported a gross profit of N1.1 billion, down 5.36% from N1.2 billion recorded in 2023.
- Other income also decreased to N643.8 million from N757.8 million in the prior year.
- More favourably, administrative expenses were reduced from N1.7 billion in 2023 to N1.4 billion in 2024.
- As a result, income from core operations increased to N377.2 million, reflecting a 45.34% rise from N259.5 million.
Additionally, SCOA significantly lowered finance costs from N110.7 million to just N4 million in 2024.
Key highlights (2024 vs 2023)
- Revenue: N13.5 billion, +30.21% YoY
- Cost of sales: N12.3 billion, +35.14% YoY
- Gross profit: N1.1 billion, -5.36% YoY
- Other income: N643.8 million, -15.05% YoY
- Administrative expenses: N1.4 billion, -16.65% YoY
- Operating profit: N377.2 million, +45.34% YoY
- Pre-tax profit: N374.3 million, +149.82%
As of the trading day on 8th April 2025, SCOA is priced at N4.47, with a year-to-date performance of 116.99%.
In 2024, the stock recorded a year-to-date performance of 4.04%.
