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revenue growth for the 9 month period ended 30th September 2024, relative to the corresponding period in 2023. The revenue recorded for the company stood at N703billion, as against N402 billion, which was recorded in the corresponding period in 2023.
An analysis of the recently released results revealed that the Cost of Sales rose from N249 Billion in 2023 to N495 billion in 2024, while Marketing, Distribution, and Administration expenses experienced a rise of 45% from N127billion in 2023 to N184 billion in 2024. He stated that foreign exchange losses largely influenced the company’s increase in net loss due to the naira devaluation and high borrowing costs arising from higher interest rates, and expressed optimism that the funds raised through the rights issue will strengthen the company’s balance sheet and significantly reduce its FX exposure.
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