GLOBAL SPECTRUM ENERGY SERVICES : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

GLOBAL SPECTRUM ENERGY SERVICES PLC.

UNAUDITED FINANCIAL STATEMENT

&

4TH QUARTER REPORT

FOR

THE PERIOD ENDED 31ST DECEMBER, 2021

GLOBAL SPECTRUM ENERGY SERVICES PLC

TABLE OF CONTENT

PAGE

STATEMENT OF FINANCIAL POSITION	3
STATEMENT OF PROFIT / LOSS AND OTHER	4
COMPREHENSIVE INCOME
STATEMENT OF CHANGES IN EQUITY	5
STATEMENT OF CASH FLOW	6
NOTES TO THE ACCOUNTS	7- 11

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GLOBAL SPECTRUM ENERGY SERVICES PLC

STATEMENT OF FINANCIAL POSITION

PERIOD ENDED 31ST

	NOTES	Jan-Dec 2021	Jan-Dec 2020
Assets		N	N
NON CURRENT ASSETS
Property, Plant and Equipment	1	1,296,774,155	1,362,529,946
Investment Property	23	2,514,155,000	2,514,155,000
CURRENT ASSETS
Bank and cash balances	7	591,519,810	325,227,218
Intangible Assets	2
Inventory	3	0	53,841,640
Trade Receivables	4	825,859,582	1,047,910,755
Other Receivables	5	371,976,258	213,462,326
Prepayments	6	3,416,667	2,750,000
Other Assets	8	250,133,753	241,565,084
Total Assets (A)		5,853,835,225	5,761,441,970
LONG-TERM LIABILITIES
Borrowings	9	0	0
Trade payables	10	550,016,653	598,989,346
Other Payables	11	19,137,717	32,930,473
Tax payable	12	40,578,746	95,984,644
Deferred Tax	13	98,323,000	98,323,000
Total Liabilites (B)		708,056,116	826,227,463
Net Assets (A-B)		5,145,779,109	4,935,214,506
Equity
Share Capital	15	400,000,000	400,000,000
Deposit for Shares	14	2,486,440,000	2,486,440,000
Retained earnings	16	1,845,184,109	1,634,615,506
Revaluation Reserves	17	414,155,000	414,155,000
Total Equity		5,145,779,109	4,935,210,506

AKINDELE WASIU FRC/2018/ICAN/00000018056

Managing Director

CLEMENT AKANIBO FRC/2014/ICAN/00000008266

Director

IWUJI AUGUSTINE FRC/2021/001/00000024230

Chief Financial Officer

BOARD APPROVAL DATED 28TH JAN, 2022

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GLOBAL SPECTRUM ENERGY SERVICES PLC
STATEMENT OF COMPREHENSIVE INCOME
PERIOD ENDED 31ST		Oct-Dec 2021	Oct - Dec 2020	Jan-Dec 2021	Jan-Dec 2020
	NOTES	N	N	N	N
Revenue	18	661,967,834	426,388,636	1,954,295,775	2,226,756,773
Direct cost	19	484,353,804	289,789,367	1,419,011,221	1,663,696,118
Gross profit		177,614,030	136,599,268	535,284,555	563,060,655
Other Income		4,460,983	0	14,484,876	0
Administrative expenses	20	79,352,547	112,857,839	288,903,834	326,880,403
Other operating expenses	21	-	0		0
Operating profit		102,722,466	23,741,430	260,865,596	236,180,252
Finance costs	22	1,190,453	751,027	5,650,375	6,074,934
Profit before taxation		101,532,013	22,990,403	255,215,222	230,105,318

Taxation	12	15,229,802	3,448,560
Other comprehensive income		-	-
Exchange differences on translation of foreign oper	-	-
Income tax effect		-	-
Other comprehensive income for the quarter,net of	-	-

40,578,746	34,515,798
-	-
-	-
-	-
-	-

Total comprehensive income for the quarter

86,302,211

19,541,842

214,636,476

195,589,520

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GLOBAL SPECTRUM ENERGY SERVICES PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE QUARTER ENDED 31 DECEMBER 2021

	Issued Share		Retained		Deposit for		Total
	Capital		Earnings		Shares		Equity
	N'000		N'000				N'000
As at 1 January 2020	400,000	1,842,399	2,486,440	2,242,399
Changes in 2020
Adjustment in Retained Earning	0			0
Profit for the Quarter	0		206,372		-		206,372
As at 31 December, 2020	400,000	2,048,771	2,486,440	2,448,771
Changes in 2020
As at 1 January 2021	400,000	2,048,771	2,486,440	2,448,771
Adjustment in Retained Earning		-4,068
Profit for the period	0	214,636	0	214,636
As at 31 December, 2021	400,000	2,259,339	2,486,440	5,145,779

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