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Market Digest Nigeria

Business

DAAR (Owners of AIT) Reports N1.5 billion Loss In 2015 Election Year

Daar Communications Ltd, owners of AIT, released its 2015 Full Year results on Monday January 23rd 2017 showing revenues grew 1.4% to N7 billion (2014: N6.9 billion). The media company also reported a loss after tax of about N1.5 billion compared to a loss after tax N107 million. Here are highlights of this results;

Revenue for the year was N7 billion compared to N6.9 billion in 2016
The modest growth in revenue was surprising considering that 2015 was an election year which should suggests higher advertising revenue for the company
However, our analysts opine that the election was basically over in the first quarter of the year.
Revenue lines were broken into Television, N6.2 billion (2014: N6.4 billion), Radio was N668 million (2014: N686 million), DAAR News N169 million (2014: N0), UK operations N47 million (2014: N42 million.)
Each of its segment posted a positive gross profit. Gross profit margin was 32% for the Television segment.
The company also reported that it had about 1,125 employees down from 1,211 in 2014. The company also claims to have a contingent liability of about N7 billion, mostly made up of litigation against the company for that year.

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