Chellarams Plc reported a significant loss of N3 billion for the financial year ending March 2024, compared to a profit of N4.9 billion the previous year.
The company faced substantial foreign exchange losses amounting to N2.8 billion, a sharp increase from N121 million the previous year.
The cost of sales surged by 36% to N12.8 billion from N9.4 billion, impacting the gross profit, which fell by 16% to N982 million.
Revenue grew by 30% to N13.8 billion from N10.6 billion. Operating income dropped by 97% to N217 million, down from N6.4 billion in 2023. This was due to a 91% decrease in other operating income.
Expenses slightly decreased by 6% to N1.21 billion from N1.29 billion. Finance costs reduced by 46% to N647 million from N1.2 billion in 2023.
The company received a tax write-back of N212 million in 2024, compared to a tax expense of N151 million in 2023. Despite this, it was insufficient to counterbalance the losses.
Losses Attributable to Parent Company: N2.5 billion, compared to a profit of N5 billion in 2023. Non-Controlling interest loss, increased to N495 million from N54 million the previous year.
