NCR (Nigeria) Plc Profit After Tax Declines by 16.16 Percent in H1 2021

NCR (Nigeria) Plc, a technology company that provides integrated technology solutions and after-sales support to businesses, reported a 16.16 percent decline in profit after tax to N17.436 million in the first half (H1) of 2021, down from N20.797 million recorded in the first half of 2020 when COVID-19 was at its peak.

In the unaudited financial statement released on Tuesday, NCR (Nigeria) revenue from contracts with customers dipped by 51.77 percent from N2.927 billion filed in the corresponding period of 2020 to N1.412 billion in the period under review.

The decrease recorded in cost of sales due to the drop in revenue help bolstered gross profit by 47.97 percent to N311.152 million, up from N210.286 million recorded in the same period of 2020.

As expected, distribution expenses declined by 44.06 percent from N138.042 million in H1 2020 to N77.220 million in H1 2021. However, administrative expenses rose by 8.28 percent to N54.405 million in the period under review, up from N50.246 million filed in the corresponding period of 2020.

Profit before tax moderated by 16.16 percent from N20.797 million in H1 2020 to N17.436 in H1 2021.

Because NCR (Nigeria) did not pay income tax during the period under review, the same amount was recorded as profit after tax.

The company’s total assets decline to N5.907 billion in H1 2021, down from N6.391 billion in H1 2020.

Total equity of the NCR (Nigeria) remains negative at N826.721 million while total equities and liabilities stood at N5.907 billion.

Earnings per share drop from N0.19 in H1 2020 to N0.16 in H1 2021.