is a sustained upswing for the second year for the consumer goods manufacturing and marketing company from a loss of over N7 billion in its 2020 financial year.
This is a repeat of the preceding year’s record when other income equally advanced by over 1000 percent from N179 million to over N2 billion.The second major revenue upturn came from interest earnings that rose by more than three and half times to about N840 million with one-half of it generated in the final quarter.
The challenge for the company however is that cost of sales grew ahead of turnover at over 27 percent to nearly N76 billion for the year. This left no room to convert the revenue gains into gross profit. Of an increase of N17.5 billion in sales revenue in the year, only slightly over N1 billion was added to gross profit.
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