Morison Plc drops deeper into losses after moving from a loss after tax of 4.33 million in H1 2025 to a loss after tax of 10.28 million in H1 2026, according to its released half-year financial statement ended June 30th, 2026.
The pharmaceutical company recorded a turnover of N274 million in the first half of 2026, a 21.42 percent increase year on year, up from N225.73 million in half-year 2025.
Cost of sales took a huge share of the turnover; the firm recorded N177.79 million in cost of sales, drawing its margin to 64 percent in half-year 2026, from 62 percent in half-year 2025, when it recorded a cost of sales of N141.72 million.
The increase further dragged down the Gross Profit margin from 37 percent in half-year 2025 to 35 percent in half-year 2026.
Further down the income statement, the firm doubled its distribution expenses in 2026, resulting in an operating loss of 3.52 million, compared to an operating profit of N5.42 million in the same period last year.
Read also: Morison Industries’ loss widens to N28.5m in Q1
Despite the finance gain, it wasn’t enough to offset the losses in the upper part of the statement, leading to a loss before taxes of N10.28 million in the half-year 2026.
The company recorded a growth in assets year on year, increasing from N1.58 billion to N1.91 billion, on the back of higher receivables and inventories. Total liabilities dropped year-on-year from N812 million in half-year 2025 to N690 million in half-year 2026. Shareholders’ equity increased in value, jumping from N772.27 million in…
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Read Full Article by Muhammed Lawal at businessday.ng
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