GLOBAL SPECTRUM ENERGY SERVICES PLC.
UNAUDITED FINANCIAL STATEMENT
&
3RD QUARTER REPORT
FOR
THE PERIOD ENDED 30TH SEPTEMBER, 2022
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 |
2
GLOBAL SPECTRUM ENERGY SERVICES PLC
STATEMENT OF FINANCIAL POSITION
PERIOD ENDED 30TH
NOTES | Jul-Sep 2022 | Jan-Dec 2021 | |
Assets | N | N | |
NON CURRENT ASSETS | |||
Property, Plant and Equipment | 1 | 1,196,397,527 | 1,268,448,437 |
Investment Property | 23 | 2,514,155,000 | 2,514,155,000 |
CURRENT ASSETS | |||
Bank and cash balances | 7 | 594,127,435 | 605,872,540 |
Intangible Assets | 2 | ||
Inventory | 3 | 0 | 0 |
Trade Receivables | 4 | 1,492,748,251 | 825,859,582 |
Other Receivables | 5 | 389,540,480 | 402,379,200 |
Prepayments | 6 | 3,937,056 | 3,416,667 |
Other Assets | 8 | 361,034,047 | 250,206,126 |
Total Assets (A) | 6,551,939,796 | 5,870,337,552 | |
LONG-TERM LIABILITIES | |||
Borrowings | 9 | 79,800,000 | 0 |
Trade payables | 10 | 922,452,448 | 550,016,653 |
Other Payables | 11 | 37,979,761 | 25,379,000 |
Tax payable | 12 | 136,278,917 | 91,636,139 |
Deferred Tax | 13 | 141,066,000 | 141,066,000 |
Total Liabilites (B) | 1,317,577,125 | 808,103,045 | |
Net Assets (A-B) | 5,234,362,671 | 5,062,234,506 | |
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 | 2,347,922,670 | 2,175,794,506 |
Revaluation Reserves | 17 | 0 | 0 |
Total Equity | 5,234,362,671 | 5,062,234,506 |
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 30TH OCTOBER, 2022
3
GLOBAL SPECTRUM ENERGY SERVICES PLC | ||||||
STATEMENT OF COMPREHENSIVE INCOME | ||||||
PERIOD ENDED 30TH | Jul- Sep 2022 | Jul- Sep 2021 | Jan-Sep 2022 | Jan-Sep 2021 | ||
NOTES | N | N | N | N | ||
Revenue | 18 | 851,167,460 | 506,056,744 | 2,221,108,285 | 1,292,327,941 | |
Direct cost | 19 | 684,907,544 | 390,309,320 | 1,714,976,874 | 934,657,416 | |
Gross profit | 166,259,917 | 115,747,424 | 506,131,412 | 357,670,525 | ||
Other Income | 5,452 | 4,227,659 | 3,357,295 | 10,023,893 | ||
Administrative expenses | 20 | 90,072,198 | 74,420,899 | 239,362,976 | 209,551,287 | |
Other operating expenses | 21 | - | 0 | |||
Operating profit | 76,193,170 | 45,554,184 | 270,125,731 | 158,143,130 | ||
Finance costs | 22 | 10,377,315 | 1,459,794 | 15,841,219 | 4,459,922 | |
Profit before taxation | 65,815,855 | 44,094,390 | 254,284,512 | 153,683,208 | ||
Taxation | 12 | 11,453,964 | 6,614,159 | 53,571,128 | 25,348,944 | |
Other comprehensive income | - | - | ||||
Exchange differences on translation of foreign oper | - | - | ||||
Income tax effect | - | - | ||||
Other comprehensive income for the quarter,net of | - | - | ||||
Total comprehensive income for the quarter | 54,361,891 | 37,480,232 | 200,713,384 | 128,334,265 |
4
GLOBAL SPECTRUM ENERGY SERVICES PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE QUARTER ENDED 30TH SEPTEMBER 2022
Issued Share | Retained | Deposit for | Total | ||||
Capital | Earnings | Shares | Equity | ||||
N'000 | N'000 | N'000 | |||||
As at 1 January 2021 | 400,000 | 2,048,771 | 2,486,440 | 4,935,211 | |||
Changes in 2021 | |||||||
Adjustment in Retained Earning | 0 | (2,553) | 0 | (2,553) | |||
Profit for the Quarter | 0 | 128,334 | - | 128,334 | |||
As at 30 Sep, 2021 | 400,000 | 2,174,552 | 2,486,440 | 5,060,992 | |||
Changes in 2022 | |||||||
As at 1 January 2022 | 400,000 | 2,175,799 | 2,486,440 | 5,062,239 | |||
Adjustment in Retained Earning | (6) | (6) | |||||
Profit for the period | 172,128 | 0 | 172,128 | ||||
As at 30th Sep 2022 | 400,000 | 2,347,921 | 2,486,440 # | 5,234,361 | |||
5
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Global Spectrum Energy Services plc published this content on 30 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2022 19:18:05 UTC.