Morison Industries Plc has recorded a loss of N18.55bn for the first quarter ended March 31, 2025, marking an improvement from the N28.46bn loss posted in the same period last year.

The company’s unaudited financial report showed that revenue for the period rose significantly to N91.5m from N32.6m in the first quarter of 2024.

Despite this growth in revenue, Morison Industries continued to report losses due to high operating expenses.

Cost of sales increased to N64.8m from N31.9m year-on-year, resulting in a gross profit of N26.7m compared to just N728,000 in the previous year.

However, the company’s distribution and operating expenses rose sharply, with distribution expenses increasing to N7.8m from N6m and operating expenses climbing to N48.3m from N36.8m.

Other operating income dropped slightly to N15.8m from N18.4m, further impacting the company’s operating performance. As a result, Morison Industries posted a loss from operations of N13.7bn, although this was an improvement over the N23.6bn loss recorded in the first quarter of 2024.

Finance expenses remained unchanged at N4.9bn, with no finance income recorded during the period. Consequently, the company’s loss before taxation stood at N18.55bn, a 35 per cent reduction compared to the loss before tax of N28.46bn in Q1 2024.

Morison Industries did not record any tax expenses for the period, leaving the loss for the quarter at N18.55bn. Loss per share remained flat at 2 kobo.

On the balance sheet, total assets increased to N1.61 tn as of March 31, 2025, from N1.57 tn at the end of December 2024. Non-current assets stood at N1.4 tn, while current assets rose to N208.8 bn, supported by increases in inventories, trade receivables, and cash equivalents.

Total liabilities increased to N813.6bn from N759.4bn in December 2024, with current liabilities rising to N629bn primarily due to borrowings and trade payables.

Shareholders’ equity declined slightly to N795.2bn from N813.7bn, reflecting the continued losses incurred during the period.