UPDC : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

Unaudited Financial Statements

for the period ended

30 September 2023

UPDC PLC RC.321582

UAC House, 1-5 Odunlami Street, Lagos. [e-mail] | www.updcplc.com

Directors: Mr. O. Oshin (Chairman), Mr O. Ojo (CEO), Ms. B. Fadayomi (DD), Mr. F. Aiyesimoju, Mr. K. Osilaja, Mr. A. Falade

TABLE OF CONTENT

PAGE

Financial Highlights	-	1
Consolidated Statement of Comprehensive Income	-	2
Consolidated Statement of Financial Position	-	3
Consolidated Statement of Changes in Equity	-	4
Consolidated Statement of Cash Flows	-	5
Notes to Unaudited Consolidated Financial Statements	-	6
Shareholding Structure/Free Float Status	-	15

UPDC Plc
Financial Statements
For the period ended 30 September 2023
Performance Highlights
		The Group		The Company
		30 Sep 23	30 Sep 22	%	30 Sep 23	30 Sep 22	%
		N'000	N'000	Change	N'000	N'000	Change
Revenue		3,778,192	2,089,985	81	1,212,427	660,451	84
Operating profit/(loss)		200,845	86,305	133	121,078	(42,339)	386
Net finance cost		(197,113)	(327,931)	40	(197,113)	(335,412)	41
Profit/(Loss) before taxation		3,732	(241,626)	102	(76,035)	(377,751)	80
Taxation		(109,012)	(48,998)	(122)	(7,915)	(3,999)	(98)
Loss after taxation		(105,280)	(290,624)	64	(83,950)	(381,750)	78
Total comprehensive profit/(loss) for the period		14,792	(470,732)	103	36,122	(561,858)	106
Total Equity		8,205,390	8,396,636	(2)	575,554	642,451	(10)
Total equity and liabilities		19,269,735	19,428,403	(1)	11,687,962	10,852,735	8
Cash and Cash equivalents		4,569,769	3,161,475	45	3,801,716	2,532,109	50
Basic Profit/(Loss) Per Share (Kobo)		(1)	(2)	64	(0)	(2)	78
NSE quotation as at September 30 (kobo)		120	97		120	97
Number of shares in issue ('000)		18,559,970	18,559,970		18,559,970	18,559,970
Market capitalisation as at September 30		22,271,964	18,003,171		22,271,964	18,003,171
(N'000)

1

UPDC Plc

Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Incom For the period ended 30 September 2023

		The Group
		Actual Result
		9 months	9 months
		ended	ended
		30 Sep 23	30 Sep 22
	Notes	N'000	N'000
Revenue	4 (i)	3,778,192	2,089,985
Cost of sales	6	(2,504,703)	(1,319,276)
Gross profit		1,273,489	770,710
Fair value gain/ (loss) on investm	12	-	-
Profit/(Loss) on disposal on inve	15	-	-
Selling and distribution expense	6	(52,912)	(44,204)
Administrative expenses	6	(1,182,530)	(835,948)
Other operating income	5	162,798	195,747
Credit Loss reversal
Operating profit/(loss)		200,845	86,305
Finance income	7	119,409	65,560
Finance cost	7	(316,522)	(393,491)
Net finance cost		(197,113)	(327,931)
Profit/(Loss) before taxation		3,732	(241,626)
Taxation	8	(109,012)	(48,998)
Loss after taxation		(105,280)	(290,624)
Other comprehensive income:
Items not to be subsequently recycled	to profit or loss:
Net changes in fair value of	14	120,072	(180,108)
financial assets
Total comprehensive profit/(loss) for th	14,792	(470,732)
Profit/ (loss) attributable to:
Equity holders of the parent		(137,072)	(323,514)
Non controlling interest		31,792	32,890
Total profit (loss)		(105,280)	(290,624)
Total comprehensive profit/(loss) attributable to:
Equity holders of the parent		(17,000)	(503,622)
Non controlling interests		31,792	32,890
Total comprehensive		14,792	(470,732)
profit/(loss)
Earnings per share for profit/(loss)
attributable to the equity holders of
the group:
Basic Profit/(Loss) Per Share
(Kobo)	10	(1)	(2)
From continuing operations
From discontinued operations	10	-	-
From profit/(loss) for the period		(1)	(2)
Diluted Profit/(Loss) Per Share
(Kobo)	10	(1)	(2)
From continuing operations
From discontinued operations	10	-	-
From profit/(loss) for the period		(1)	(2)

The Company

Actual Result

9 months	9 months
ended	ended
30 Sep 23	30 Sep 22
N'000	N'000
1,212,427	660,451
(945,848)	(384,141)
266,579	276,310
-	-
-	-
(43,576)	(36,153)
(472,532)	(421,780)
370,607	139,284
121,078	(42,339)
119,409	58,079
(316,522)	(393,491)
(197,113)	(335,412)
(76,035)	(377,751)
(7,915)	(3,999)
(83,950)	(381,750)

120,072	(180,108)
36,122	(561,858)
(83,950)	(381,750)
-	-
(83,950)	(381,750)
36,122	(561,858)
-	-
36,122	(561,858)

1. (2)

--

1. (2)

1. (2)
   --

1. (2)

The notes on pages 6 to 15 are an integral part of these consolidated financial statements.

2

UPDC Plc

Consolidated and Separate Statement of Financial Position

At 30 September 2023

		The Group
		30 Sep 23	31 Dec 22
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	11	8,439,880	8,390,160
Intangible assets	12	55,951	45,442
Investments in joint ventures	13	125,647	125,647
Equity instrument at fair value	14	520,313	400,240
Investments in subsidiaries	15	-	-
		9,141,791	8,961,489
Current assets
Inventories	16	3,515,755	5,265,759
Trade and other receivables	17	1,892,278	1,911,918
Current tax assets	9	150,143	127,762
Cash at bank and in hand	18	4,569,769	3,161,475
		10,127,944	10,466,914
Total assets		19,269,735	19,428,403

The Company

30 Sep 23	31 Dec 22
N'000	N'000

30,169 28,744

8,611 10,970

124,843 124,843

520,313 400,240

1,616,697 1,719,716

2,300,633 2,284,513

3,454,535 3,927,220

1,983,879 1,981,131

147,201 127,762

3,801,716 2,532,109

9,387,330 8,568,222

11,687,962 10,852,735

Equity
Share capital	9,279,985	9,279,985	9,279,985	9,279,985
Share premium	8,971,551	8,971,551	8,971,551	8,971,551
Fair value reserve of financial assets at FVOCI	(46,695)	(166,767)	(46,695)	(166,767)
Revenue reserve	(9,971,660)	(9,731,569)	(17,629,287)	(17,442,318)
Equity attributable to equity holders of the Company	8,233,181	8,353,200	575,554	642,451
Non controlling interest	(27,791)	43,436	-	-
Total equity	8,205,390	8,396,636		575,554	642,451

Liabilities
Non-current liabilities
Interest bearing Loans and Borrowings	19	4,702,096	4,702,096
Deferred taxation liabilities		73,016	73,016
		4,775,112	4,775,112
Current liabilities
Trade and other payables	20	5,994,255	6,041,882
Current income tax liabilities		117,587	144,048
Interest bearing Loans and Borrowings	19	177,391	70,725
		6,289,233	6,256,655
Total liabilities		11,064,345	11,031,767
Total equity and liabilities		19,269,735	19,428,403

4,702,096 4,702,096

72,537 72,537

4,774,633 4,774,633

6,145,352 5,327,596

15,031 37,330

177,391 70,725

6,337,774 5,435,651

11,112,408 10,210,284

11,687,962 10,852,735

The unaudited financial statements were approved by the board of directors on 19 October 2023 and signed on its behalf by:

Wole Oshin	Odunayo Ojo	Grant Akata
Chairman	Chief Executive Officer	Chief Financial Officer
FRC/2013/CIIN/00000003054	FRC/2016/NIESV/00000014322	FRC/2023/PRO/ICAN/001/146924

The notes on pages 6 to 15 are an integral part of these consolidated financial statements.

3

UPDC Plc

Consolidated and Separate Statement of Changes in Equity

For the period ended 30 September 2023

The Group

Attributable to owners of the Company

				Fair value
Share	Share	Revenue		reserve of
Other	financial assets
Capital	Premium	Reserve	Reserves	at FVOCI	Total
N'000	N'000	N'000	N'000	N'000	N'000

Balance at 1 January 2023

UPDC FM Share Premium

Profit for the period

Net changes in fair value of financial assets through other comprehensive income

9,279,985	8,971,551	(9,731,569)	-	(166,767)	8,353,200
-	-	(103,019)	-	-	(103,019)
-	-	(137,072)	-	-	(137,072)
-	-	-	-	120,072	120,072

Balance at 30 September 2023	9,279,985	8,971,551	(9,971,660)	-	(46,695)	8,233,181

Balance at 1 January 2022

Loss for the period

Net changes in fair value of financial assets

through other comprehensive income Gain on reclassification of asset of disposal

group held for sale Statute barred dividend Acquisition of subsidiary Right Issue

Unbundling of UPDC REIT units Dividends

9,279,985	8,971,551	(10,654,133)	391,420	26,683	8,015,506
-	-	(323,514)	-	-	(323,514)
-	-	-	-	(180,108)	(180,108)
		712,998
		1,940
-	-	-	-	-	-

Balance at 30 September 2022	9,279,985	8,971,551	(10,262,709)	391,420	(153,425)	7,511,884
Effect of IFRS 9 on retained earnings		-	-	-	-	-	-
	T		The Company
			Attributable to owners of the Company
						Fair value
						reserve of
		Share	Share	Revenue	Other	financial assets
		Capital	Premium	Reserve	Reserves	at FVOCI	Total
		N'000	N'000	N'000	N'000	N'000	N'000

Balance at 1 January 2023

UPDC FM Share Premium Profit for the period

Net changes in fair value of financial assets through other comprehensive income

9,279,985	8,971,551	(17,442,318)	-	(166,767)	642,451
		(103,019)		-	(103,019)
-	-	(83,950)	-	-	(83,950)
-	-	-	-	120,072	120,072

Balance at 30 September 2023	9,279,985	8,971,551	(17,629,287)	-	(46,695)	575,554
Balance at 1 January 2022	9,279,985	8,971,551	(17,815,137)	391,420	26,683	854,502
Right Issue			-	-	-	-
Loss for the period	-	-	(381,750)	-	-	(381,750)
Net changes in fair value of financial assets	-	-	-	-	(180,108)	(180,108)
through other comprehensive income
					-
Gain on disposal of investment in subsidary*
Lapse unclaimed dividend						-
Statute barred dividend refund			1,940			1,940
Right Issue						-
Unbundling of UPDC REIT units						-

Balance at 30 September 2022	9,279,985	8,971,551	(18,194,947)	391,420	(153,425)	294,584
Effect of IFRS 9 on retained earnings				-	-	-

The summary of significant accounting policies and notes on pages 6 to 15 are an integral part of these financial statements.

4

UPDC Plc

Consolidated Statement of Cash Flows

For the period ended 30 September 2023

		The Group		The Company
		2023	2022		2023	2022
		September	September		September	September
	Notes	N'000	N'000		N'000	N'000
Profit (Loss) before tax		3,732	(241,626)		(76,035)	(377,751)
Adjustment for non cash items:		84,814	17,239		8,710	7,349
Depreciation	11
Amortization of intangible asset	12	2,976	3,690		2,359	2,560
Other income	5	-	-		-	-
Profit on disposal of property, plant and equipment	5	-	-		-	-
Finance cost	7	316,522	393,491		316,522	393,491
Finance income	7	(119,409)	(65,560)		(119,409)	(58,079)
Exchange (gain)/loss	5	(8,986)	(188)		(8,986)	(188)
Dividend received		(23,210)	-		(30,935)	-
		256,440	107,047		92,227	(32,618)
Changes in working capital:
(Increase)/decrease in inventories		1,750,004	1,039,175		472,685	329,804
Decrease/(increase) in receivables		(2,741)	430,461	(22,190)	558,659
Increase/(decrease) in payables		(229,366)	(140,869)	823,694	412,851
Cash flow (used in)/from operating activities		1,774,337	1,435,815		1,366,415	1,268,696

Tax paid		(110,121)	(63,869)
Capital Gains Tax Paid			(65,145)
VAT paid		(49,649)	(47,421)
Net Cash inflow from operating activities		1,614,567	1,259,380
Cash flow from investing activities
Proceeds from sale of investment property		-	-
Purchase of property, plant & equipment	11	(134,536)	(9,097)
Purchase of intangible asset	12	(13,485)	-
Proceeds from sale of property, plant and equipment		-	-
Additions of investment properties		-	-
Investment in subsidiary		-	-
Net changes in fair value of loan from equity holders		-	-
Proceed from sales of investment		-	-
Dividend received		23,210	-
Interest received	7	119,409	65,560
Net cash flow from investing activities		(5,402)	56,463
Cash flow from financing activities
Proceeds from borrowings	19	-	-
Repayment of borrowings	19	-	-
Unclaimed dividend fund paid	19	-	-
Statute barred dividend refund		-	1,940
Interest paid	19	(209,855)	(172,701)
Net cash flow from financing activities		(209,855)	(170,761)
Net increase/(decrease) in cash and cash equivalents		1,399,311	1,145,080
Net foreign exchange difference		8,986	188
Cash and cash equivalents at the beginning of the period		3,161,475	1,878,320
Cash and cash equivalents at the end of the period	18	4,569,769	3,023,587

(4,811)	(65,145)
(31,335)	(25,794)
1,330,269	1,177,758
-	-
(10,135)	(7,302)
-	-
-	-
-	-
-	-
-	-
-	-
30,935	-
119,409	58,079
140,209	50,777
-	-
-	-
-	-

• 1,940
  (209,855) (172,701)
  (209,855) (170,761)

1,260,623 1,057,775

8,986 188

2,532,109 1,329,891

3,801,716 2,387,854

The summary of significant accounting policies and notes on pages 6 to 15 are an integral part of these financial statements.

5

UPDC Plc

Notes to the Consolidated and Separate Financial Statements

For the period ended 30 September 2023

1. General information
   UPDC Plc ('the Company') and its subsidiaries (together 'the Group') is a company incorporated in Nigeria. The Group has businesses with activities in real estate and hotel management. The registered office address is 1-5 Odunlami Street, Lagos.
   The Company is a public limited company and is listed on the Nigerian Exchange Group.
2. Securities Trading Policy
   In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) UPDC Plc maintains effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy is regularly reviewed and updated by the Board. The Company has made specific inquiries of all the directors and other insiders and is not aware of any infringement.
3. Management's Assessment of Internal Controls
   The management of UPDC Plc is responsible for establishing and maintaining adequate internal control over financial reporting. UPDC's internal control system was designed to provide reasonable assurance to the Company's management and board of directors regarding the preparation and fair representation of published financial statements.

UPDC's management assessed the effectiveness of the Company's internal controls within the reporting period. Based on our assessment, we believe that as of 30 September 2023, the Company's internal controls are effective. We will continue to work on further strengthening this position.

2. Summary of significant accounting policies

1. Basis of preparation
   The financial statements have been prepared in accordance with IAS 34. The financial statements have been prepared on a historical cost basis except for Investment Properties, held for trading and available for sale financial instruments which are carried at fair value.
2. Accounting Policies
   The accounting policies adopted are consistent with those for the year ended 31 December, 2022.
3. Estimates
   The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
   In preparing these condensed interim financial statements, the significant judgements made by management in applying the group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2022.

3 Financial Risk Management

The group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group's financial performance.

This interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Company's annual financial statements as at 31 December 2022. There have been no changes in the risk management structure since year end or in any risk management policy.

6

UPDC Plc

Notes to the Consolidated and Separate Financial Statements - Continued

For the period ended 30 September 2023

4. Segment Analysis

The chief operating decision-maker has been identified as the Executive Committee (Exco). The Exco reviews the Company's internal reporting in order to assess performance and allocate resources.

Nigeria is the Company's primary geographical segment as the operations of the Company are entirely carried out in Nigeria. As at 30 September 2023, UPDC Plc's operations comprised two main business segments which are Property Development, Sales & Management and Hospitality Services.

Property Development, Sales & Management - UPDC Plc's main business is the acquisition, development, sales and management of high quality serviced commercial and residential properties in the Highbrow and Middle Income segments of the real estate market in Nigeria. The Company approaches property planning from the customers' perspective to create comfortable living/working environments. UPDC Facility Management Limited is a subsidiary of UPDC Plc. The Company provides facilities management services to residential and commercial properties in Nigeria.

Hospitality Services - UPDC Hotels Limited, the company's subsidiary is in the hospitality industry and leverages significantly on the success of its principal promoter UPDC Plc. The hotel provides services such as sale of rooms, conference halls as well as food & beverages.

The following measures of performance are reviewed by the Exco:

• Revenue to third parties
• Earnings before interest and tax
• Profit before tax
• Net current assets
• Property, plant and equipment

30 September 2023

The Group

Property		Classified as
Development		Discontinued
Sales &	Hospitality	Operation/ Held for
Management	Services	Sale	Total

	N'000	N'000	N'000	N'000
Total Revenue	3,284,517		493,675	-		3,778,192
Intergroup revenue	-		-	-		-
Revenue to third parties	3,284,517		493,675	-		3,778,192
Earnings before interest and tax	461,010		(260,165)	-		200,845
Loss before tax	263,897		(260,165)	-		3,732
Net current assets	4,899,947		(1,061,235)	-		3,838,711
Property, plant and equipment	37,367		8,402,513	-		8,439,880
	Property		Classified as
	Development		Discontinued
	Sales &	Hospitality	Operation/ Held for
30 September 2022	Management	Services	Sale	Total
	N'000	N'000	N'000	N'000
Total Revenue	1,963,375		126,610	-		2,089,986
Intergroup revenue	-		-	-		-
Revenue to third parties	1,963,375		126,610	-		2,089,986
Earnings before interest and tax	315,823		(229,518)	-		86,305
Loss before tax	(12,109)		(229,517)	-		(241,626)
Net current assets	5,743,660		(726,179)	-		5,017,480
Property, plant and equipment	35,166		8,235,545	-		8,270,711
	The Company		The Company
	Property		Property
	development
	Total	development sales &	Total
	sales &
30 September 2023		management
management
	N'000	N'000	N'000	N'000
Total revenue	1,212,427		1,212,427	660,451		660,451
Intergroup revenue	-		-	-		-
Revenue from third parties	1,212,427		1,212,427	660,451		660,451
Profit before interest and tax	240,487		240,487	15,740		15,740
Profit before tax	(76,035)		(76,035)	(377,751)		(377,751)
Net current assets	3,049,556		3,049,556	3,132,571		3,132,571
Property, plant and equipment	30,169		30,169	28,744		28,744
4 (i). Revenue from contracts with customers
Entity wide information
The Group		The Company
	30 Sep 23		30 Sep 22	30 Sep 23		30 Sep 22
Analysis of revenue by category:	N'000		N'000	N'000		N'000
UPDC Sale of Property Stock	1,100,261		423,850	1,100,261		423,850
Share of James Pinnock Sale of Property Stock	-		-	-		-
Rental income	-		-	-		-
Project/ Asset Management Fee	112,167		236,601	112,167		236,601
UPDC Plc	1,212,427		660,451	1,212,427		660,451
UPDC Hotel Ltd. Revenue	493,675		126,610	-		-
Deep Horizon Inv. Ltd Sale of Property Stock	1,731,092		1,076,340	-		-
UPDC Facility Mgt Ltd. Management Surcharge Income	340,997		226,584	-		-
Group	3,778,192		2,089,985	1,212,427		660,451
	30 Sep 23		30 Sep 22	30 Sep 23		30 Sep 22
Analysis of revenue by geographical location:	N'000		N'000	N'000		N'000
Nigeria	3,778,192		2,089,985	1,212,427		660,451

7

UPDC Plc

Notes to the Consolidated and Separate Financial Statements - Continued

For the period ended 30 September 2023

5. Other Operating Income	The Group		The Company
	30 Sep 23	30 Sep 22		30 Sep 23	30 Sep 22
	N'000	N'000		N'000	N'000
Investment income	23,210	33,104		30,935	33,104
Exchange gain	7,902	188		8,986	188
Recovery on facility management	-	56,463		-	-
Others	131,685	105,993		330,687	105,993
Total other income	162,798	195,747		370,607	139,284
6. Expenses by nature	The Group		The Company
	30 Sep 23	30 Sep 22		30 Sep 23	30 Sep 22
	N'000	N'000		N'000	N'000
Change in inventories of finished goods & other direct costs of inventorie	2,287,406	1,171,815		876,337	329,804
Property Maintenance expenses	17,747	30,264		17,747	28,616
Personnel expenses	578,712	358,524		292,896	230,034
Depreciation of Property, Plant & Equipment	84,814	172,269		8,710	7,349
Amortization of intangible asset	2,977	2,997		2,359	2,560
Unrealised exchange loss	-	505		-	505
Rent and rates*	9,966	10,603		9,966	9,736
Vehicles repairs, maintenance & fueling	10,525	2,206		4,398	1,735
Other repairs & maintenance	57,557	19,033		7,522	2,974
Legal expenses	28,695	19,010		28,427	18,504
Auditors' remuneration	15,206	11,063		12,094	8,063
Directors' emoluments	11,850	15,750		11,850	15,750
Information Technology	32,208	45,111		27,925	41,286
Insurance	29,313	21,867		10,875	9,288
Marketing, advertising & communication	31,323	22,351		22,884	17,117
Professional fees	48,264	93,072		31,000	56,834
Agency Fees	43,356	30,504		8,681	5,830
Printing and stationery	9,511	2,979		3,854	2,927
Energy Cost - UPDC Hotel Ltd.	244,816	42,387		-	-
Other expenses**	186,915	127,117		84,432	53,160
	3,740,145	2,199,428		1,461,956	842,074
Cost of sales	2,504,703	1,319,276		945,848	384,141
Selling and distribution expenses	52,912	44,204		43,576	36,153
Admininstrative expenses	1,182,530	835,948		472,532	421,780
	3,740,145	2,199,428		1,461,956	842,074

• Rent and rates are short term leases of office building that are below one year.
• Other expenses include, registrars expenses, training cost, transport & travels, security expenses, NSE listing fees, service charge, stautory payments.

7. Net Finance Income/(Cost)	The Group		The Company
	30 Sep 23	30 Sep 22		30 Sep 23	30 Sep 22
	N'000	N'000		N'000	N'000
Finance Income	119,409	65,560		119,409	58,079
Interest on borrowings	(316,522)	(393,491)		(316,522)	(393,491)
Finance Costs	(316,522)	(393,491)		(316,522)	(393,491)
Net Finance Cost	(197,113)	(327,931)		(197,113)	(335,412)
Finance income relate to interest on short term deposits.

8. Taxation	The Group
	30 Sep 23	30 Sep 22
	N'000	N'000
Current tax
Minimum tax charge for the year	-	-
Current income tax	109,012	48,998
Capital Gain tax	-	-
Total current tax charge	109,012	48,998
*Deferred tax reversal on financial instrument - Note 2.1.2	-	-
Reversal of prior years over provision	-	-
Total deferred tax (note 26)	-	-
Total deferred tax (note 26)	-	-
Income tax charge	109,012	48,998

The Company

30 Sep 23	30 Sep 22
N'000	N'000
	-
7,915	3,999
-	-
7,915	3,999
-	-
-	-
-	-
-	-
7,915	3,999

Nigeria corporation tax is calculated at 30% (2022: 30%) of the estimated assessable profit for the year.

The income tax charge for the year can be reconciled to the profit per the consolidated and separate statement of profit or loss as

	The Group		The Company
	30 Sep 23	30 Sep 22		30 Sep 23	30 Sep 22
	N'000	N'000		N'000	N'000
Profit/(loss) before taxation	3,732	(241,626)		(76,035)	(377,751)
Tax at the Nigeria corporation tax rate of 30% (2021: 30%)	1,120	(72,488)		(22,811)	(113,325)
Education tax	-	-		-	-
Capital gains tax	-	-		-	-
Effect of income that is exempt from taxation	-	-		-	-
Effect of expenses that are not deductible in determining taxable profit	107,892	551,992		30,726	2,550,658
Minimum tax adjustments (Excluding PTF)	-	-		-	-
Tax for the year	109,012	479,505		7,915	2,437,333

	The Group
Per statement of financial position	30 Sep 23	30 Sep 22
	N'000	N'000
At 1 January	48,998	-
Charge for the year	109,012	48,998
Payments during the year	(40,423)	-
Withholding tax utilized	-	-
At 31 December	117,587	48,998

The Company

30 Sep 23 30 Sep 22

N'000 N'000

3,999

7,915 3,999

3,117

--

15,031 3,999

9. Current tax assets	The Group		The Company
	30 Sep 23	30 Sep 22		30 Sep 23	30 Sep 22
	N'000	N'000		N'000	N'000
Unutilised withholding tax credit notes as at January 1	127,762	127,762		127,762	127,762
Additional during the period	47,783	-		44,842	-
Utilization during the period	(25,403)	-		(25,403)	-
Unutilised withholding tax credit notes as at period end	150,143	127,762		147,201	127,762

These relate to WHT credit notes yet to be utilized. The notes will be utilized against future income tax liabilities when filing tax returns to the FIRS.

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