R.T. Briscoe Plc has announced its unaudited 2024 year-end financial results, showing a significant turnaround with a net profit of N839.1 million, compared to a loss of N1.24 billion in 2023.

The company’s revenue grew by 96% to N28.62 billion, driven by higher sales of Toyota vehicles, industrial equipment, and property development revenue. Gross profit increased by 94% to N5.88 billion, while operating profit surged by 510% to N2.31 billion.

However, the company’s finance costs remained high at N1.33 billion, impacting its net margins.

Despite this, the company’s cash flow position improved, with operating cash flow narrowing to a net outflow of N314.4 million, compared to N1.26 billion in 2023.

Looking at  the result market watchers believed that R.T. Briscoe showed  significant recovery in 2024, moving from losses to profitability.

However, they noted that high finance costs and negative equity remain major risks. Pointing out that the company must focus on debt reduction and cost control to sustain profitability in the coming years.

The company’s balance sheet also showed some improvement, with total assets increasing by 4% to N11.06 billion, while total liabilities declined by 2% to N19.46 billion.

Despite the positive results, the company still has a negative equity position of N8.41 billion, indicating accumulated losses that need to be recovered.

Additionally, the company’s liquidity remains tight, with a high bank overdraft of N13.2 billion.