ROYAL Exchange Plc Shareholders’ fund, has gone down by 8 per cent from N3.98 billion to N3.66 billion in the financial year ended December 31, 2020.
According to the audited financial report made available on the platform of the Nigerian Exchange Group (NGX) Limited, the group recorded a loss of N77.12 million in the review financial year.
This means that shareholders of the company would not get a dividend on their investment in the financial year ended December 31, 2020 due to a poor financial performance it recorded for two consecutive years. Shareholders were also denied return on investment in the 2019 financial year as a result of a N1. 31billion loss of after tax.
However, for the year under review, Loss after Tax recorded a significant improvement from –N1.31billion in the financial year ended 2019 to -N 77.12million in the review period. The company, however, recorded a profit before tax of N130million compared with a loss of about N1. 01billion posted in the preceding financial year.
Total assets grew marginally by 0.81 percent from N32.11billion as at December 31, 2020 to N32.37billion in the financial year ended December 31, 2019. Information contained in the company’s audited financial report for the period ended December 31, 2020, showed that the Group Managing Director, Wale Banmore threw in the towel as he resigned his appointment with effect from the end of the financial year ended 2020.
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