Daar Communications posts first profit in nine years

Daar Communications Plc recorded a bounceback to profitability for the financial year 2021, its unaudited earnings report issued on Friday showed, having last reported a positive bottom-line in 2012.

The Abuja-based broadcast company, which had been stacking up losses on account of spiralling operational costs, said revenue for last year accelerated 35 per cent to N4.8 billion from N3.6 billion.

Television income contributed 91 per cent of turnover, while radio provided the rest. No income came from pay TV, according to the financials seen by PREMIUM TIMES.

Daar Communications share has not risen for once since it plunged into prolonged loss starting from the end of 2012, when it was priced at N0.50 per unit. It fell to, and remained at, N0.20 since April 12, 2021, the lowest level any stock is permitted to drop to by Nigeria’s stock market law.

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Both pre-tax and post-tax profit stood at N374.4 million, a departure from a loss position of -N599.6 million reported for 2020. That marked a 162.4 per cent improvement over the previous year’s figure.

Earnings per share climbed to N0.05 up from –N0.07.

Total assets rose marginally by 0.2 per cent from N14.9 billion to N15 billion.