ABC TRANSPORT : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

ABC TRANSPORT PLC

RC No 219970

Km 5 MCC Road, Umuoba, Uratta

P.O. Box 2575, Owerri, Imo State, Nigeria

Tel:[phone]

0805-3002000,083-9600958

[e-mail]

Directors:Prince Olumide Obayomi(Chairman);Kabiru Yusuf;Mr Bamidele Asije;

John Okoro; Jude Nneji; Frank Nneji(MD/CEO)

TABLE OF CONTENTS

CONSOLIDATED AND SEPARATE STATEMENT OF	COMPREHENSIVE INCOME	1-2
CONSOLIDATED AND SEPARATE STATEMENT OF	FINANCIAL POSITION	3
CONSOLIDATED AND SEPARATE STATEMENT OF CASHFLOW	4
CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY	5
CONSOLIDATED AND SEPARATENOTE 1		6-7
CONSOLIDATED AND SEPARATE NOTE 2-6		8
CONSOLIDATED AND SEPARATE NOTE 7-10		9
CONSOLIDATED AND SEPARATE NOTE 11-13		10
CONSOLIDATED AND SEPARATE NOTE 14-16		11
CONSOLIDATED AND SEPARATE NOTE 17		12
CONSOLIDATED AND SEPARATE NOTE 18-21		13

SEGMENT REPORT	14-15
DISCLOSURES 1-16	16-20

ABC TRANSPORT PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED JUNE 30, 2023
			Group	Company
			2023	2022	2023	2022
Continuing operations	Notes	=N=000	=N=000	=N=000	=N=000
Revenue	14	3,150,592	3,672,996	1,436,162	2,486,808
Direct costs	16	(2,485,549)	(2,947,905)	(1,138,685)	(1,997,662)
Gross profit		665,043	725,091	297,477	489,146
Administrative expenses	17	(530,120)	(734,975)	(272,487)	(567,506)
			134,923	(9,883)	24,990	(78,359)
Other operating income	15	83,448	48,800	60,600	30,644
Interest income	18	0	85	0	0
Investment income
Net fair value gains on financial assets
through profit or loss	18	918	393	918	393
Impairment losses
Other gains and losses	19	(26,768)	75,897	174,106	58,331
Finance costs		20	(199,055)	(109,867)	(176,000)	(71,310)
Profit/(loss) before income tax		(6,534)	5,425	84,614	(60,301)
Income tax expense		11.	(70,842)	(64,648)	(33,937)	(31,770)
(Loss)/profit from continuing operations		(77,376)	(59,223)	50,677	(92,071)
Attributable to:
Equity shareholders		(9,245)	(86,126)	50,677	(92,071)
Non-controlling interests		(68,131)	26,902
			(77,376)	(59,224)	50,677	(92,071)
Other Comprehensive income:

Items that will not be reclassified subsequently to profit or loss:

Remeasurement of defined benefit obligation

Items that may be reclassified subsequently to profit or loss

Net exchange differences on translating foreign operations

Other comprehensive income

(29,601) 27,648

(29,601) 27,648

Total comprehensive (loss)/income for the year	(106,977)	(31,576)	50,677	(92,071)
Attributable to:
Equity shareholders	(38,550)	(58,754)	50,677	(92,071)
Non-controlling interests	(68,427)	27,178
	(106,977)	(31,576)	50,677	(92,071)
Basic earnings per share(kobo)	(3.23)	(3.57)	2.12	(5.55)
Diluted earnings per share(kobo)	(3.23)	(3.57)	2.12	(5.55)

The accompanying notes and statement of material accounting policy information form an integral part of these consolidated financial statements.

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ABC TRANSPORT PLC CONSOLIDATED INCOME STATEMENT FOR APRIL TO JUNE 30, 2023

	APR-JUNE 2023	APR-JUNE 2022
	Note	Group		Group
		=N='000	=N='000
CONTINUING OPERATIONS
Revenue	14	1,705,226		1,804,230
Cost of sales	16	(1,268,913)		(1,384,773)
Gross profit		436,313		419,457
Admistrative expenses	17	(265,051)		(373,054)
Other operating income	15	45,965		32,423
Interest income	18	0		19
Net fair value gains/(losses) on financial assets at fair valuethrough profit or l	447		162
Impairment lossesOther gains and losses	19-	0
Other gains and losses		(45,138)		(2,536)
Financing costs	20	(98,392)		(64,935)
Profit before taxation		74,144		11,535
Income tax expenses(provision	11	(54,368)		(18,890)
Profit from continuing operations		19,776		(7,355)
Attributable to: Equity shareholders		69,919		(17,447)
Non-controlling interests		(50,143)		10,092
		19,776		(7,355)
Gains/(losses on revaluation of PPE
Foreign exchange translation reserve, net of tax	(72,391)		7,568
Net actuarial gains/(losses) on defined benefit plans
foreign exchange gains/(losses) transferred to the income statement
others
Total comprehensive income/(loss) for the period	(52,615)		213
Attributable to: Equity shareholders	Equity shareholders	(1,748)		(9,955)
Non-contolling interests		(50,867)		10,168
		(52,615)		213
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ABC TRANSPORT PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE HALF YEAR ENDED JUNE 30, 2023				31/12/2022
		Group	GROUP	Company
		2023	2022	2022	2023		2022
	Note	N'000	N'000	N'000	N'000	N'000
Non-current assets
Property, plant and equipment	1	3,715,604	2,956,834	3,978,080	2,719,234		2,021,994
Intangible assets	12	26,239	27,852	29,071	26,096		27,622
Right of use assets		33,575	46,200	39,776
Investment in subsidiaries					141,470		41,470
Financial assets - FVOCI		1,845	1,845	1,845	1,845		1,845
Financial assets - FVPL		18,492	16,755	17,574	18,492		16,755
Deferred tax asset		59,864	59,864	59,864	59,864		59,864
Total non-current assets		3,855,619	3,109,350	4,126,211	2,967,002		2,169,549
Current assets

Inventories	2
Trade and other receivables	4
Other assets	5
Cash and bank balances	6
Current Tax asset
Total current assets
Total assets
Equity and reserves
Issued share capital
Share premium
Retained earnings
Other comprehensive income reserve
Shareholder's fund
Non-controlling interests
Total equity and reserves
Non-current liabilities
Loans and borrowings	10a
Post employment benefits - defined benefits	13
Provisions	9
Deferred tax liabilities
Total non-current liabilities
Current liabilities
Loans and borrowings	10b
Post employment benefits - defined contribution
Current tax liabilities	11
Trade and other payables	7
Deferred income	8

Overdraft

Total current liabilities

Total Liabilities

Total equity and liabilities

973,697	855,364	1,269,522	247,685	256,036
314,436	272,416	285,002	526,978	68,673
960,070	1,330,988	863,269	396,366	338,173
447,448	123,840	97,279	2,242	54,254
3,815	1,776	1,618
2,699,465	2,584,383	2,516,690	1,173,271	717,135
6,555,084	5,693,733	6,642,901	4,140,272	2,886,684
1,196,311	828,850	1,196,311	1,196,311	828,850
434,607	558,916	434,607	434,607	558,916
(843,846)	(856,604)	(834,601)	(720,613)	(893,851)
(27,257)	54,634	2,048	18,188	18,188
759,815	585,796	798,365	928,493	512,103
390,276	441,653	458,703
1,150,092	1,027,449	1,257,069	928,493	512,103
1,326,456	1,029,570	1,412,393	1,063,259	765,639
138,248	151,100	148,620	136,379	149,261
71,537	67,778	71,538	71,537	67,778
27,695	27,695	27,695
1,563,936	1,276,143	1,660,246	1,271,175	982,678
516,389	222,375	706,078	459,831	119,041
335,128	313,157	311,289	335,128	313,157
531,582	407,630	461,244	200,438	175,511
2,189,411	2,268,012	2,055,162	845,267	684,080
162,841	128,568	191,815	99,940	100,115
105,705	50,399	0	0	0
3,841,056	3,390,141	3,725,587	1,940,605	1,391,904
3,841,056	3,390,141	3,725,587	1,940,605	1,391,904
6,555,084	5,693,733	6,642,901	4,140,272	2,886,684
0

The consolidated financial statements were approved by the Board of Directors on 25th July 2023 and signed on its behalf by:

Managing Director/CEO FRC/2015/00000011771

Chief Financial Officer FRC/2014/ICAN/00000007350

The accompanying notes and statement of material accounting policy information form an integral part of these consolidated financial statements.

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