Afromedia Plc’s outing was not impressive in the financial year that ended in 2022 just as it was in the previous year due to its inability to reverse the huge losses it recorded in 2021 and 2022. However, the company was able to cut down the losses last year compared to 2021.
This was as a result of proper management in the year 2022 of huge revenue, cost of sales, other sales, operating expenses, depreciation and amortization, as well as finance cost.
The total income as of 2022 was N345.9 million compared to that of 2021 which was N322.9 million.
Cost of sales for the period was N199.24 million as against N228.86 million in 2021. That left it with a gross profit of N146.75 million, a better performance than N94.12 million of 2021.
But with a lower other income of N12.75 million, coupled with operating expenses of N252.62 million in 2022, resulted in lower EBTIDA of N93.12 million in the financial year that ended in 2022 which was far below N166.68 million recorded in the previous year.
Consequently, Afromedia recorded a loss after tax of N118.11 million in 2022 compared to N216.92 million in 2021.
The principal activity of the group is outdoor advertising in airports, streets, billboards and furniture. There was no change in the nature of business during the They managed the agency
Afromedia Plc, was incorporated on 28 October 1959 as a private Limited Liability Company in accordance with the provisions of the Companies Act. The company was converted to a public Limited Liability Company on 2 July 2008 in accordance with the provisions of the Companies and Allied Matters Act, CAPC 20, Laws of the Federation of Nigeria 2004.The registered office of the Company is located at Kilometre 21, Badagry Expressway, Araromi, Ajangbadi, Lagos.
