AMINA HUSSAINI
DAAR Communications Plc, owners of African Independent Television (AIT) and RayPower FM 100.5, has narrowed its loss after tax by 36.8 percent.
The company recorded a loss after tax of ₦1.37 billion in 2019, compared with ₦2.17 billion loss reported in 2018.
The Chairman of the DAAR Group, Raymond Dokpesi Jnr., made this disclosure at the its 12th annual meeting held virtually.
Dokpesi announced that DAAR posted a gross earning of ₦5.15 billion in 2019, representing an increase of 11 percent over the 2018’s earnings of ₦4.63 billion.
He apologised to the shareholders for the inability to return the company to profitability as promised last year.
Dokpesi attributed the loss to the impact of the harsh economic condition and the global impact of COVID-19 pandemic which ravaged the world from the last quarter of 2019 till date with its negative impact on businesses.
He, however assured shareholders of “a brighter future going forward”, adding that “mechanisms are in place to actualize the return to profitability project”.
Meanwhile, DAAR Communication has reviewed its earlier approved restructuring plan of the company in line with the current realities in the global broadcast system environment and a new strategy of blueprint was fashioned out of it for implementation.
“The implementation of the strategy, which is in progress, has been tailored towards repositioning the company to operate as autonomous business segment taking into consideration the current development in the new media and with new income streams so as to operate profitably,” he said.
Addressing the shareholders on the company’s future plans, Managing Director of DAAR Communication, Tony Akiotu said the company will continue to close the loss gap in order to return it to full profitability through strict implementation of the planned re-engineering agenda.
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