Morison Industries Plc, a manufacturing company that produces disinfectants, antiseptics and multipurpose washing liquid which is among the listed companies on the Nigerian Exchange Group, has released its unaudited financial statement for the half year ended 30 June 2023.
As gathered by the Nigerian Observer, the company’s revenue declined by 35.2 percent to N56.2 million in 2023 compared to N86.9 million recorded at the half year period in 2022.
Consequently, the gross profit for the half year period decreased by 55.3 percent to N8.7 million as against the N19.6 million in 2022.
The cost of sales for the half year decreased by 29.3 percent to N47.5 million in comparison to the N67.2 million incurred in the previous year while the operating expenses for the half year fell by 4.8 percent to N63.9 million as against N67.2 million in similar period in 2022.
The loss before taxation fell to N44 million when compared to N45 million recorded in the same period in the previous year.
