Daar Communications posts first profit in nine years

DAAR Communications plc is a Nigerian broadcasting company that is privately held. Raymond Dokpesi founded it on August 31, 1998, and it was transformed into a public liability corporation on April 23, 2007. DAAR Communications Plc is a broadcasting corporation. The Company is a media and entertainment company that creates, produces, and distributes entertainment news and information. It also has a portfolio of news and entertainment television networks that it owns and controls. Africa Independent Television (AIT), Raypower 100.5 FM Abuja, and Raypower 100.5 FM were all founded by it. The company is also listed on the Nigerian Stock Exchange. It has a long track record of accomplishment in the closely connected sectors of printing and publishing.

DAAR Communications entered the information superhighway in the fourth quarter of 1999 with the debut of DAAR broadband Internet Services, which included voice, internet access, video conferencing, data, telephony, and other multi-media capabilities. The DAAR Internet Service completes the communications convergence strategy of DAAR Communications Limited. In Africa, Europe, and the United States, DAAR Communications Limited employs over 600 employees.

Daar Communications Plc, which last posted a healthy bottom line in 2012, has returned to profitability for the fiscal year 2021, according to its unaudited earnings report released on Friday.

The Abuja-based network, which had been losing money due to rising operational costs, reported a 35 percent increase in income from N3.6 billion to N4.8 billion last year.

Television revenue accounted for 91% of total revenue, with radio accounting for the remainder. According to the financials seen by PREMIUM TIMES, no revenue came from pay television.

Since its extended loss began at the end of 2012, when it was priced at N0.50 per unit, Daar Communications' stock has not increased once. It has been trading at N0.20 since April 12, 2021, to date which is the lowest figure allowed by Nigerian stock market law for any stock.

Pre-tax and post-tax earnings were N374.4 million, a significant improvement over the -N599.6 million loss reported in 2020. This was an increase of 162.4 percent over the previous year's total.

Earnings per share increased from –N0.07 to N0.05.

The value of total assets increased by 0.2 percent, from N14.9 billion to N15 billion.