Royal Exchange Plc
(RC: 6752)
Consolidated Unaudited Financial Statements
30 June 2023
ROYAL EXCHANGE PLC RC: 6252 | |
New Africa House | T. 01-4606690 - 01-4606699 |
31 Marina | E. info@royalexchangeplc.com |
P.O. Box 112, Lagos | W. www.royalexchangeplc.com |
Directors:
Mr. Kenneth Ezenwani Odogwu (Chairman), Chief Anthony Ikemefuna Idigbe (SAN), Alhaji Ahmed Rufa'i Mohammed, Mr. Adeyinka Adekunle Ojora, Mr. Hewett
Royal Exchange Plc Annual Report and Consolidated Financial Statements
2
Table of Contents | |
Corporate information | 3 |
Directors Report | 4 |
Report of Corporate Governance | 9 |
Share Dealing Policy | 13 |
Free Float Report | 17 |
Statement of Directors' Responsibilities in Relation to the Financial Statements | 18 |
Report of the Audit Committee | 19 |
Independent Auditors report | |
Result at a glance | 20 |
Consolidated Statements of Financial Position | 21 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 22 |
Statement of Changes in Equity | 23 |
Consolidated Statements of Cashflows | 26 |
Notes to the financial statements | 28-125 |
Other financial information | |
Value added statement | 127 |
Five Year Financial summary | 128 |
ROYAL EXCHANGE PLC | |||
RESULTS AT A GLANCE | |||
FOR YEAR ENDED 30 JUNE 2023 | |||
30-Jun-23 | 31-Dec-22 | % | |
EARNED INCOME | 344,691 | 249,612 | 38 |
PROFIT/(LOSS) BEFORE TAX | 210,015 | (148,333) | (242) |
PROFIT/(LOSS) AFTER TAX | 196,835 | (150,474) | 231 |
SHARE CAPITAL | 2,572,685 | 2,572,685 | - |
SHAREHOLDERS' FUND | 2,311,826 | 2,104,781 | 10 |
PROFIT/(LOSS) PER SHARE (NAIRA) - BASIC | 4 | (6) | 168 |
STOCK EXCHANGE QUOTATION (NAIRA) | 0.61 | 0.88 | (31) |
Consolidated Statements of Financial Position | - | (0) | 0 | (3) |
At 30 June 2023 |
Unaudited | Audited | Unaudited | Audited | |||
Group | Group | Company | Company | |||
In thousands of Naira | Note | 30-Jun-23 | 31-Dec-22 | 30-Jun-23 | 31-Dec-22 | |
ASSETS | 783,663 | 608,573 | 126,615 | 127,890 | ||
Cash and cash equivalents | 5 | |||||
Loans and advances to customers | 6 | 1,021,278 | 1,140,139 | - | - | |
Advances under finance lease | 87,913 | 68,431 | - | - | ||
Investment securities: | 47,132 | 30,820 | ||||
Measured at Fair Value Through Profit or Loss (FVPL) | 8(a) | 26,589 | 17,440 | |||
Measured at Fair Value Through Profit or Loss (FVOCI) | 8(b) | - | - | - | - | |
Amortized Cost | 8(c) | - | - | - | - | |
Investment in subsidiaries | 9 | - | - | 509,389 | 509,389 | |
Assets classified as held for sale | 9(b) | - | - | - | - | |
Trade receivables | 10 | - | - | - | - | |
Reinsurance assets | 11 | - | - | - | - | |
Deferred acqusition cost | 12 | - | - | - | - | |
Other receivables and prepayments | 13 | 130,714 | 163,342 | 97,818 | 105,361 | |
Investment in associates | 14 | 5,334,258 | 5,080,554 | 5,334,257 | 5,080,554 | |
Investment properties | 15 | - | - | - | - | |
Property and equipment | 17 | 14,923 | 17,440 | 1,778 | 1,493 | |
Right of Use Asset | 17(b) | - | 942 | 0 | 942 | |
Intangible assets | 18 | - | - | - | - | |
Employees retirement benefit asset (Net) | 19 | - | - | - | - | |
Statutory deposits | 20 | - | - | - | - | |
Deferred tax assets | 21 | - | - | - | - | |
Investment Properties classified as held for sale | 16 | - | - | - | - | |
Deposit for shares | 14(c ) | 39,000 | 39,000 | 39,000 | 39,000 | |
Total assets | 7,458,880 | 7,149,241 | 6,135,446 | 5,882,069 | ||
LIABILITIES | 1,950,288 | 544,777 | 665,457 | 544,777 | ||
Borrowings | 29 | |||||
Deferred Income | 22 | - | - | - | - | |
Trade payables | 23 | - | - | - | - | |
Other liabilities | 24 | 2,940,757 | 3,037,411 | 2,946,300 | 2,996,833 | |
Depositors' funds | 25 | - | 1,226,428 | - | - | |
Insurance contract Liabilities | 26 | - | - | - | - | |
Investment contract Liabilities | 27 | - | - | - | - | |
Finance Lease Obligation | 29 | 168 | 168 | 14,436 | 13,699 | |
Current income tax liabilities | 28(b) | 249,339 | 234,702 | 245,775 | 232,594 | |
Employees benefit liability | 19(a) | 4,515 | 974 | 974 | 974 | |
Deferred tax liabilities | 21 | - | - | - | - | |
Deposit for Shares | 1,985 | - | - | - | ||
Total liabilities | 5,147,052 | 5,044,460 | 3,872,942 | 3,788,877 | ||
EQUITY | 2,572,685 | 2,572,685 | 2,572,685 | 2,572,685 | ||
Share capital | 30 | |||||
Share premium | 31 | 2,690,936 | 2,690,936 | 2,690,936 | 2,690,936 | |
Contingency reserve | 32 | - | - | - | - | |
Treasury shares | 33 | - | - | - | - | |
Retained earnings | 34 | (3,404,968) | (3,612,013) | (2,955,595) | (3,124,904) | |
Other component of equity | 35( c ) | 453,173 | 453,173 | (45,524) | (45,524) | |
Capital and reserves attributable to owners | 2,311,826 | 2,104,781 | 2,262,503 | 2,093,193 | ||
Non-controlling interests | 35( d ) | - | - | - | - | |
Total Equity | 2,311,826 | 2,104,781 | 2,262,503 | 2,093,193 | ||
Total equity & liabilities | 7,458,880 | 7,149,241 | 6,135,445 | 5,882,071 |
The Financial Statements was approved by the board of directors on 4th September, 2023 and signed on its behalf by:
Kenneth Odogwu | Anthony Ogunade | |
Chairman | for: Ag. Chief Financial Officer | |
(FRC/2013/NBA/00000004195) | (FRC/2023/PRO/ICAN/001/580489) |
The statement of significant accounting policies and the accompanying notes form an integral part of these financial statements.
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Royal Exchange plc published this content on 12 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2023 07:51:04 UTC.