Morison Industries Income Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	557.52	513.77	287.18	145.23	154.86	140.61
Revenue Growth (YoY)	61.09%	78.90%	97.75%	-6.22%	10.13%	15.29%
Cost of Revenue	330.95	311.68	211.54	121.6	132.87	108.44
Gross Profit	226.57	202.08	75.64	23.62	21.99	32.17
Selling, General & Admin	264.02	239.15	203.69	156.69	168.06	159.27
Other Operating Expenses	-120.9	-110.12	-69.23	-56.83	-58.77	-46.92
Operating Expenses	143.12	129.03	134.46	99.86	109.29	112.36
Operating Income	83.45	73.06	-58.83	-76.23	-87.3	-80.19
Interest Expense	-18.6	-18.6	-19.6	-19.74	-19.6	-15.55
Interest & Investment Income	-	-	2.34	-	-	-
Other Non Operating Income (Expenses)	-0	-0	-	-	-	-
EBT Excluding Unusual Items	64.85	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	64.85	54.46	-76.96	-97.73	-106.41	-93.46
Income Tax Expense	-	-	1.79	0.99	1.07	0.47
Net Income	64.85	54.46	-78.75	-98.72	-107.48	-93.93
Net Income to Common	64.85	54.46	-78.75	-98.72	-107.48	-93.93
Shares Outstanding (Basic)	990	988	989	989	989	989
Shares Outstanding (Diluted)	990	988	989	989	989	989
Shares Change (YoY)	12.52%	-0.09%	-	-	-	-
EPS (Basic)	0.07	0.06	-0.08	-0.10	-0.11	-0.09
EPS (Diluted)	0.07	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	40.64%	39.33%	26.34%	16.27%	14.20%	22.88%
Operating Margin	14.97%	14.22%	-20.48%	-52.49%	-56.38%	-57.03%
Profit Margin	11.63%	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	116.64	106.22	-25.77	-42.43	-48.64	-48.84
EBITDA Margin	20.92%	20.67%	-8.97%	-29.22%	-31.41%	-34.74%
D&A For EBITDA	33.19	33.16	33.05	33.8	38.66	31.35
EBIT	83.45	73.06	-58.83	-76.23	-87.3	-80.19
EBIT Margin	14.97%	14.22%	-20.48%	-52.49%	-56.38%	-57.03%
Advertising Expenses	-	3.78	2.41	1.5	7.94	6.27

Source: S&P Global Market Intelligence. Standard template. Financial Sources.