The food and agro-allied company’s interim financial report for the nine months ended December 2022, shows that cost of finance has maintained three digit high speed growth for two quarters running at 197 percent quarter-on-quarter in the second quarter and 123 percent to N15 billion in the third.
While finance cost accounts for the company’s loss of profit, it is not the only revenue consuming expense line. All the other cost lines encroached on sales revenue and constricted margins from top to the bottom. With the massive increase in Q3, selling and distribution expenses also grew ahead of sales revenue at the end of Q3 at 38 percent year-on-year to close at over N13 billion for the period.
Also, net operating gain of over N4 billion in Q3 cut down net operating loss of almost N12 billion at half year to N7.7 billion at the end of the quarter.
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