FULL YEAR REPORTS: JaPaul Oil & Maritime Services and Union Diagnostic.


JAPAUL OIL & MARITIME SERVICES PLC: TIGHT CORNER.

JaPaul oil & Maritime Services PLC ended financial year 2015 in a very tight corner. Now in 2016, its major consideration will be how to get out of it.
According to the full year audited figures, the issues include decreasing or decreased revenue from all sources and continued increase in all expenses as well.
The net result in 2015, was not just growing corporate loss but more importantly, huge operating loss.
In 2014 year, in spite of the various pressures, JaPaul did manage an operating profit of N804.4m before net finance cost landed it in N2258.4m loss before tax.
In 2015, operating profit was no where insight, instead there was operating loss of N4042.5m which higher N3856.6m net finance cost increased to N7899.1m loss.
That was not all. Still unaccounted for were exceptional losses totalling N901m compared to N675.1m in 2014 from foreign exchange transactions and other related activities.
All considered, JaPaul not only reported loss per share of N122 as against N42 in 2014 but also loss of N105.7 on every N100 income compared to N27.57 in 2014.
In view of this, the company's liquidity was quite tight as well in 2015 even as overdraft more than tripled to N3584.1m.
Working capital closed further in red at N3584.1m deficit from 2014's N1035m deficit. This was in spite of 45% drop in receivables to N3575.9m, 26.1% decrease in inventories to N333.6m and 26.5% decline in financial assets available for sale to N12.5m.
The sources of stress within the year include 22% drop in core revenue to N8148m that was accompanied by only 8.72% decrease in cost of generating it to N5818m, 81.7% increase in administration cost to N6362.9m and 16.2% decrease in income from other sources to N89.8m.

JAPAUL OIL & MARITIME SERVICES PLC (Nm).
                            2015.             2014
Total income    8327.6.        10679.3
Core income.    8148.0.        10572.2
Cost of sale       5918.0.         6373.9
Gross profit.      2230.6.          4198.3
Other income        89.8.            107.1
Administration. 6362.9.         3501.0
Operating profit (4042.5).       804.4
Net finance cost (3856.6).   (3062.8)
Loss before tax. (7899.1).   (2258.4)
Extra losses.       (901.0).      (675.1)
Profit margin %  (105.7).     (27.57)
Working capital (3584.1)    (1035.0)
Overdraft.            1308.5.      337.8
Receivables.       3575.9.     6503.7
Inventories.           333.6.      451.5
Financial assets     12.5.        17.0

UNION DIAGNOSTIC & CLINICAL SERVICES: FAIR 2015

Tough as financial year 2015 was for many companies in Nigeria, it was fair for Union Diagnostic & Clinical Services PLC.
According to the audited results, it ended fair due to a combination of some cost control with encouraging growth in revenue.
Revenue for the year had grown by 22.9% to N1227.9m only to be accompanied by a lower 20.3% increase in cost of generating it to N616.2m.
Of course, thus led to higher 25.7% increase in gross profit to N611.7m thus laying good foundation for absorption of cost pressures.
Happily too, only few were intense in terms of percentage growth. For example, repairs and maintenance cost leaped by 832.6% to N18m, rent increased by 83.9% to N25.2m and cost of communication ended 56.1% up at N7.04m.
At the same time there was 64.2% drop in professional fees paid to N6.81m, 50.7% decline in transportation cost to N10.3m and almost matching 23.3% increase in other operating costs to N77.8m.
Finance expenses did rise by 44.2% to N10.7m but this was lower than the 46.2% increase in operating profit recorded to N231m.
Hence growth in profit before tax came to 46.1%, rising to N220.4m showcasing N17.9 gain on each N100 income compared to N15.2 hitherto.
Naturally, its liquidity position was healthier as well with working capital closing at N710.8m from 2014's N626.3m.

UNION DIAGNOSTIC & CLINICAL SERVICES PLC (Nm)
                            2015.          2014
Revenue.           1227.9.       999.0
Cost of sale.       616.7.       512.3
Gross profit.       611.7.        486.6
Employee cost  178.2.         172.1
Rent.                    25.2.          13.7
Transportation.   10.3.          20.9
Communication 7.04.          4.51
Professional fees 6.81.       19.0
Repairs.               18.0.          1.93
Other op.cost      77.8.         63.1
Operating profit  231.0.      158.0
Finance cost.       10.7.        7.42
Profit before tax 220.4.      150.9
Working capital. 710.8.      626.3
Profit margin %  17.9.          15.2

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