SCOA Nigeria Plc, a company vast in the distribution, assembly, and servicing of motor vehicles, has reported a post-tax profit of ₦228.8 million for the 2024 financial year.
This marks a 124% increase from the ₦102 million recorded in 2023.
According to its audited 2024 financial statement, the company delivered mixed results. While it posted significant growth in profit after tax, its gross profit and total assets recorded declines.
Revenue rose by 30.2% to ₦13.5 billion, up from ₦10.4 billion in the previous year. Profit before tax jumped 150% to ₦374.4 million, compared to ₦149.9 million in 2023.
Operating profit rose by 45% to ₦377.3 million, up from ₦259.6 million, while earnings per share (EPS) appreciated to ₦0.35, from ₦0.16.
However, total assets declined by 22.7% to ₦12 billion, down from ₦15.5 billion, while total liabilities reduced by 28.7% to ₦9.6 billion, from ₦13.4 billion. The company’s gross profit also dropped by 5.4% to ₦1.96 billion, compared to ₦2.07 billion in 2023.
On the finance side, income rose slightly by 13.6% to ₦1.1 million, while finance cost plunged by 96% to ₦4 million, from ₦110.7 million. This contributed to the improved bottom line.
Beyond vehicle distribution and maintenance, SCOA Nigeria Plc supplies concrete, road construction, and mining equipment to major infrastructure firms, including Julius Berger and Lafarge Africa Plc.
