ABC Transport Plc reported a foreign exchange loss of N116.4m in the first quarter ended March 31, 2025, despite returning to profitability during the period under review.
According to the company’s unaudited financial statement filed with the Nigerian Exchange Limited, the group posted a profit after tax of N223.2m, a strong rebound from the loss of N79.1m recorded in the same period of 2024.
The group’s revenue grew to N3.63bn in the first quarter of 2025, representing a 57.4 per cent increase from N2.31bn in the corresponding quarter of the previous year. The rise in revenue was driven by increased passenger transport services and improved logistics performance.
However, the company also recorded a sharp increase in direct costs, which surged by 62.1 per cent to N2.87bn from N1.77bn in Q1 2024. Despite the higher cost of operations, ABC Transport posted a gross profit of N760m, compared to N536.2m in the same period last year.
Administrative expenses rose by 30.4 per cent to N475.2m in Q1 2025 from N364.7m in the previous year, reflecting higher overheads, including personnel and facility costs. Nevertheless, operating profit rose to N284.8m, up from N171.5m in the prior-year period.
Further boosting its performance, the group recorded N116.6m in other operating income, a 95 per cent jump from N59.8m in Q1 2024. ABC Transport also reported other gains amounting to N51.1m in contrast to a loss of N126m in the previous year. Finance costs declined slightly to N101.5m from N125.9m, contributing to a stronger bottom line.
Profit before tax stood at N352.1m, compared to a pre-tax loss of N20.1m in the same period last year. After accounting for an income tax expense of N128.9m, the group ended the quarter with a net profit of N223.2m.
Despite the improved earnings, the company incurred a foreign exchange loss of N116.4m due to currency devaluation and its exposure to foreign operations. This loss dragged total comprehensive income to N106.8m, though this marked a significant improvement from the comprehensive loss of N235.8m reported in Q1 2024.
The earnings attributable to equity shareholders stood at N194.7m, while non-controlling interests contributed N28.4m. Basic and diluted earnings per share were 3.93 kobo, compared to a loss per share of 3 kobo in the previous year.
On the balance sheet side, ABC Transport reported total assets of N14.3bn at the end of March 2025, a significant increase from N7.39bn in the same period of 2024. The growth was driven by a sharp rise in property, plant and equipment, which rose to N10.6bn from N4.31bn year-on-year.
Total liabilities also increased to N12.92bn from N6.39bn, while shareholders’ funds rose to N1.12bn from N592.3m. The group’s total equity, including non-controlling interests, stood at N1.38bn, indicating a stronger capital base compared to N996m in Q1 2024.
