By UMORU ABDULKADIR
R.T Briscoe motor dealer has recorded an increase of 18 per cent in its full year 2018 revenue.
According to it’s latest report filed with the Nigerian Stock Exchange on Tuesday the company realized revenue worth N5.2 billion for the period ended December 31, 2018, an 18 percent more than N4.4 billion generated in the corresponding period of 2017 financial year
A further breakdown of the revenue showed that sales of goods which accounted for 90 percent of top-line, appreciated by 21 percent to N4.6 billion in the year under review, as rental income from investment properties almost quadrupled to N23.5 million.
R.T. Briscoe saw declines in proceeds from services segments (3%) and facility management (12%).
The company’s operating earnings returned to positive territory (N100m) after incurring operating losses worth N430 million in the preceding year, driven by 29 percent growth in other income and 6 percent decline in administrative expenses.
However finance costs was down by 16 percent in the review year to N2.3 billion, while finance income reduced nearly by half,
The firm was able to cut net losses by 31 percent to N2.2 billion from N3.2 billion in the previous year due to a decrease in borrowing costs.
R.T Briscoe sells and services motor vehicles and industrial equipment such as generators, compressors and forklifts. The company further provides property development, project management and real estate services through its affiliated company Briscoe Properties Limited.
As a way of giving back to the society, the group donated N550, 000 in 2018 to charitable institutions, almost three times more than N200, 000 given last year.
Over 60 percent of the comp
any’s shares are held by the investing public, with Mikeade Investment Limited and Classic Motors Limited having a combined 39 percent direct stake
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