TRANS NATIONWIDE EXPRESS : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

TRANS-NATIONWIDE EXPRESS PLC

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2022

CONTENTS	PAGE
Corporate Information	1
Financial highlights	2
Report of the directors	3
Report of the audit committee	17
Report of the auditors	18
Statement of profit or loss and comprehensive income	21
Statement of financial position	22
Statement of changes in equity	23
Statement of cash flows	24
Notes to the financial statements	25
Statement of value added	53
Five-year financial summary	54

CORPORATE INFORMATIONDirectors:

Mr. Sulaiman Adedokun Mr. Eric C. Emecheta Mr. Kayode O. Ajakaiye Mr. Adebayo A. Adeleke Mrs. Daniella F. Suleman Mr. Adegoke J. Olasoko Mr. Oluwasegun I. Adeoye

-Chairman

-Managing Director/CEO (appointed w.e.f. 02/05/2022)

Registered office:Secretaries:Registrars:Registered number:

Plot 28, Oshodi Apapa Expressway. Oshodi,

Lagos, Nigeria.

Tel: [phone]

Email:[e-mail]

Cautious Services Limited, Cautious House, 4

23 Road, G. Close, Festac Town, Lagos.

Tel: [phone]

Email:[e-mail]

CardinalStone (Registrars) Limited

358, Herbert Macaulay Way,

Besides St. Dominic Catholic Church, Yaba,

P. O. Box 9117, Lagos.

RC. 61750

Independent Auditors:

Bakertilly Nigeria,(CharteredAccountants), Kresta Laurel Complex (4th Floor),

376, Ikorodu Road, Maryland,Lagos

Email:[e-mail]

Bankers:

Access Bank PLC, Fidelity Bank PLC,

First Bank of Nigeria PLC,

First City Monument Bank PLC, Keystone Bank Ltd

Zenith Bank PLC and others.

FINANCIAL HIGHLIGHTS

2022	2021	Change
N'000	N'000	%
Gross Earnings	761,878	796,962	(4)
======	=======	=====
Gross profit	190,280	74,885	154
Profit/(loss) before taxation	43,332	(34,273)	226
Profit/(loss) after taxation	25,216	(39,711)	163
======	=======	======
At year end:
Capital expenditure	20,901	55,788	(71)
Paid up share capital	249,075	234,424	106
Shareholders' fund	385,843	360,627	107
=======	========	=====
Per share data (kobo
Earnings per share	5	(9)	155
Net assets per share	75	77	-
Share price at year end	81	81	-
Proposed Dividend	2	-	100
======	=====
Number of employees	140	143	(2)
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2

REPORT OF THE DIRECTORS

The Directors have pleasure in submitting their report and the audited financial statements of the Company for the year ended 31st December, 2022.

• 1. Results

  The results for the year are summarized as follows:

  2022	2021
  N'000	N'000
  Profit/(Loss) before taxation	43,332	(34,273)
  Taxation (expense)/credit	(18,116)	(5,438)
  Profit/(Loss) before taxation	25,216	(39,711)
  =======	======

  Statements were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and the requirements of the Companies and

• Allied Matters Act, 2020 and The Financial Reporting Council of Nigeria Act, 2011.

• 2. Legal form

  The Company was incorporated as TNT SKYPAK NIGERIA LIMITED on 28th March, 1984 as a private limited liability company and on 6th September, 1992, the Company's name was changed to Trans-Nationwide Express PLC as a public limited liability company. The Company's shares are listed on the Nigerian Exchange Limited.

• 3. Principal business activities

  The Company provides courier services, freight services, logistics, mail room management, haulage and e-commerce from its headquarters in Lagos and thirty-eight branches nationwide.

• 4. Dividend

  The Directors hereby recommend a dividend of N0.02k per ordinary shares of N0.50k each, amounting to N9,963,001.54, subject to appropriate withholding tax deduction and approval at the Company's Annual General Meeting.

• 5. Directors and their interests

  The names of the Directors at the date of this report and of those who have held office during the year are as stated on page 1 of the financial statements.

  In accordance with Section 285 of the Companies and Allied Matters Act, 2020 and in line with Article 81 of the Company's Articles of Association, one third of the Directors shall retire from office.

  Mr. Sulaiman Adedokun and Mr. Adebayo Adeleke are retiring by rotation at the forthcoming Annual General Meeting and being eligible, offer themselves for re-election.

  The profiles of the Directors to be re-elected are included in the Annual Report.