ABC TRANSPORT : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

ABC TRANSPORT PLC

RC No 219970

Km 5 MCC Road, Umuoba, Uratta

P.O. Box 2575, Owerri, Imo State, Nigeria Tel:[phone],[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
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND STATEMENT OF COMPREHENSIVE INCOME
FOR OCT TO DECEMBER 2022	2
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION	3
CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOW	4
CONSOLIDATED AND SEPARATE CHANGES IN EQUITY	5
CONSOLIDATED AND SEPARATE NOTE 1	6-7
CONSOLIDATED AND SEPARATE NOTES 2-21	8-13
SEGMENT REPORT	14-15
DISCLOSURES	16-20

ABC TRANSPORT PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

FOR THE FOURTH QUATER ENDED 31 DECEMBER 2022

			Group	Company
			20212	2021	2022	2021
Continuing operations	Note	=N=000	=N=000	=N=000	=N=000
Revenue	14	7,602,072	6,811,559	5,478,214	4,457,505
Direct costs	16	(6,236,675)	(5,607,057)	(4,449,089)	(3,768,271)
Gross profit			1,365,397	1,204,502	1,029,125	689,234
Administrative expenses	17	(1,269,102)	(1,516,462)	(988,347)	(1,137,275)
			96,295	(311,959)	40,778	(448,040)
Other operating income	15	81,508	52,424	81,508	43,761
Interest income	18	809	2,859	724	1
Investment income
Net fair value gains on financial assets through
profit or loss			711	853	711	853
Impairment losses
Other gains and losses	19	173,518	478,581	133,298	410,982
Finance costs	20	(268,107)	(186,559)	(193,672)	(152,002)
Profit/(loss) before income tax			84,734	36,199	63,347	(144,445)
Income tax expense	11.	(132,538)	(217,608)	(107,898)	(128,464)
(Loss)/profit from continuing operations			(47,804)	(181,409)	(44,550)	(272,909)
Attributable to:
Equity shareholders			(55,445)	(256,041)	(44,550)	(272,909)
Non-controlling interests			7,641	74,633
			(47,804)	(181,408)	(44,550)	(272,909)
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			47,255	(9,184)
Other comprehensive income			47,255	(9,184)
Total comprehensive (loss)/income for the year	(549)	(190,592)	(44,550)	(272,909)
Attributable to:
Equity shareholders			(8,663)	(265,133)	(44,550)	(272,909)
Non-controlling interests			8,113	74,541
			(549)	(190,592)	(44,550)	(272,909)
Basic and diluted (loss)/earnings per share (Kobo)	(2.00)	(10.94)	(1.86)	(16.46)
significant accounting policies form an integral
part of these consolidated financial statements.

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ABC TRANSPORT PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR OCTOBER TO DECEMBER 2022
			Group	Group		Company	Company
			OCT-DEC	OCT-DEC		OCT-DEC	OCT-DEC
			2022	2021		2022	2021
			2022	2021		2022	2021
Continuing operations	Note	=N=000	=N=000		=N=000	=N=000
Revenue	14	1,834,707	2,353,374		1,533,954	1,208,692
Direct costs	16	(1,574,869)	(2,009,192)		(1,355,454)	(992,118)
Gross profit			259,837	344,182		178,499	216,574
Administrative expenses	17	(171,059)	(530,325)		(140,041)	(292,841)
Other operating income	15	(75,937)	(11,080)		(59,552)	(9,859)
Interest income	18	13	2,308		13	0
Investment income
Net fair value gains on financial assets through
profit or loss			148	300		148	300
Impairment losses
Other gains and losses	19	117,697	184,707		86,269	94,945
Finance costs	20	(97,160)	(56,109)		(82,150)	(44,109)
Profit/(loss) before income tax			33,540	(66,017)		(16,812)	(34,990)
Income tax expense	11.	(32,338)	(25,028)		(21,195)	(5,137)
(Loss)/profit from continuing operations			1,202	(91,045)		(38,007)	(40,127)
Attributable to:
Equity shareholders			(17,383)	(104,908)		(38,007)	(40,127)
Non-controlling interests			18,584	13,864
			1,202	(91,044)		(38,007)	(40,127)
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			(5,096)	2,110
Other comprehensive income			(5,096)	2,110
Total comprehensive (loss)/income for the year	(3,894)	(88,934)		(38,007)	(40,127)
Attributable to:
Equity shareholders			(22,428)	(102,818)
Non-controlling interests			18,533	13,885
			(3,894)	(88,934)		(38,007)	(40,127)

Basic and diluted (loss)/earnings per share (Kobo)

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ABC TRANSPORT PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE FOURTH QUATER ENDED 31 DECEMBER 2022
		Group		Company
		2022	2021	2022	2021
	Note	=N=000	=N=000		=N=000	=N=000
Non-current assets
Property, plant and equipment	1	3,764,706	2,994,555	2,765,492	2,218,264
Intangible assets	12	28,820	26,720	28,625	26,434
Investment in subsidiaries				41,470	41,470
Financial assets - FVOCI		1,845	1,845	1,845	1,845
Financial assets - FVPL		17,086	16,361	17,086	16,361
Other investments
Deferred tax asset		59,864	59,864	59,864	59,864
Total non-current assets		3,872,320	3,099,345	2,914,382	2,364,238
Current assets
Inventories	2	1,269,743	219,174	280,146	219,174
Trade and other receivables	4	443,805	931,320	405,127	(163,123)
Other assets	5	543,946	807,596	249,604	262,562
Cash and bank balances	6	89,425	716,858	57,541	85,317
Current Tax asset		1,776	377
Total current assets		2,348,696	2,675,324		992,419	403,930
Total assets		6,221,016	5,774,670	3,906,800	2,768,168
Equity and reserves
Issued share capital		1,196,311	828,850	1,196,311	828,850
Share premium		452,957	575,391	436,482	575,391
Retained earnings		(902,962)	(847,517)	(856,683)	(812,133)
Other comprehensive income reserve		(45,097)	(91,879)	18,188	18,188
Shareholder's fund		701,209	464,845	794,298	610,296
Non-controlling interests		461,010	452,897
Total equity and reserves		1,162,220	917,742	794,298	610,296
Non-current liabilities
Loans and borrowings	10a	1,574,807	386,782	1,400,519	40,257
Post employment benefits - defined benefits	13	145,316	171,927	145,217	168,981
Provisions	9	66,738	78,713	66,738	78,713
Deferred tax liabilities		27,695	12,098
Total non-current liabilities		1,814,557	649,519	1,612,474	287,950
Current liabilities
Loans and borrowings	10b	471,453	575,489	353,121	508,467
Post employment benefits - defined contribution		314,742	295,785	313,022	295,785
Current tax liabilities	11	379,302	348,743	105,722	128,464
Trade and other payables	7	1,821,336	2,627,889	643,966	705,151
Deferred income	8	84,197	24,894	84,197	24,894
Overdraft		173,210	334,609			207,163
Total current liabilities		3,244,240	4,207,407		1,500,028	1,869,922
Total Liabilities		3,244,240	4,207,407		1,500,028	1,869,922
Total equity and liabilities		6,221,016	5,774,669	3,906,800	2,768,168

The consolidated financial statements were approved by the Board of Directors on 27th January 2023 and signed on its behalf by:

Prince Olumide Obayomi	Mr. Frank Nneji	Mr. Rex Okoro
Chairman	Managing Director/CEO	Chief Finance Officer
FRC/2014/00000009248	FRC/2015/00000011771	FRC/2014/ICAN/00000007350
The accompanying notes and statement
of significant accounting policies form an

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