An Internet Service Provider, Briclinks Africa Plc, recorded a profit after tax of N22.36m for the financial year ended December 31, 2024, representing a 443.1 per cent increase from the N4.12m reported in the previous year.
The company’s financial statement showed that turnover surged by 359.7 per cent to N444.92m in 2024, compared to N96.77m recorded in 2023.
Despite a rise in the cost of sales from N58.14m to N286.70m, gross profit stood at N158.22m, reflecting a 309.5 per cent increase from N38.63m in the previous year.
Administrative expenses rose significantly to N129.84m from N32.43m, while interest payable and similar charges amounted to N612,063, compared to N79,502 in 2023.
However, profit before tax grew by 354 per cent, reaching N27.76m from N6.12m in the previous year.
The company made a tax provision of N5.40m in 2024, higher than the N2m recorded in 2023, leaving a profit after tax of N22.36m.
Briclinks Africa also reported a financial position, with cash and cash equivalents rising by 424.7 per cent to N66.80m from N12.73m in 2023. Total assets grew due to the addition of N6.02bn in intangible assets and N1.39bn in fixed assets.
On financing activities, the company secured an N7.38bn long-term loan and an N11.88m short-term loan while repaying N22.53m on the director’s current account.
Profit carried forward increased to N40.08m from N17.72m, reflecting a 126.2 per cent growth in retained earnings.
The PUNCH reported that Briclinks Africa reported a gross profit of N46.28m for the fourth quarter of 2024, reflecting a 3.72 per cent increase compared to the N44.62m recorded in the third quarter.
