Morison Industries Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	513.77	287.18	145.23	154.86	140.61
Revenue Growth (YoY)	78.90%	97.75%	-6.22%	10.13%	15.29%
Cost of Revenue	311.68	211.54	121.6	132.87	108.44
Gross Profit	202.08	75.64	23.62	21.99	32.17
Selling, General & Admin	239.15	203.69	156.69	168.06	159.27
Other Operating Expenses	-110.12	-69.23	-56.83	-58.77	-46.92
Operating Expenses	129.03	134.46	99.86	109.29	112.36
Operating Income	73.06	-58.83	-76.23	-87.3	-80.19
Interest Expense	-18.6	-19.6	-19.74	-19.6	-15.55
Interest & Investment Income	-	2.34	-	-	-
Other Non Operating Income (Expenses)	-0	-	-	-	-
EBT Excluding Unusual Items	54.46	-76.09	-95.97	-106.9	-95.74
Gain (Loss) on Sale of Assets	-	-	-	-	2.28
Asset Writedown	-	-0.87	-1.76	-	-
Other Unusual Items	-	-	-	0.49	-
Pretax Income	54.46	-76.96	-97.73	-106.41	-93.46
Income Tax Expense	-	1.79	0.99	1.07	0.47
Net Income	54.46	-78.75	-98.72	-107.48	-93.93
Net Income to Common	54.46	-78.75	-98.72	-107.48	-93.93
Shares Outstanding (Basic)	988	989	989	989	989
Shares Outstanding (Diluted)	988	989	989	989	989
Shares Change (YoY)	-0.09%	-	-	-	-
EPS (Basic)	0.06	-0.08	-0.10	-0.11	-0.09
EPS (Diluted)	0.06	-0.08	-0.10	-0.11	-0.09
Free Cash Flow	108.69	2.92	4.17	12.17	-45.91
Free Cash Flow Per Share	0.11	0.00	0.00	0.01	-0.05
Gross Margin	39.33%	26.34%	16.27%	14.20%	22.88%
Operating Margin	14.22%	-20.48%	-52.49%	-56.38%	-57.03%
Profit Margin	10.60%	-27.42%	-67.98%	-69.41%	-66.80%
Free Cash Flow Margin	21.16%	1.01%	2.87%	7.86%	-32.65%
EBITDA	106.22	-25.77	-42.43	-48.64	-48.84
EBITDA Margin	20.67%	-8.97%	-29.22%	-31.41%	-34.74%
D&A For EBITDA	33.16	33.05	33.8	38.66	31.35
EBIT	73.06	-58.83	-76.23	-87.3	-80.19
EBIT Margin	14.22%	-20.48%	-52.49%	-56.38%	-57.03%
Advertising Expenses	3.78	2.41	1.5	7.94	6.27

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.