Increase in local sales drives Wamco Plc revenue to N150.6 billion in 9M 2020

Wamco Plc has reported a revenue of N150.63 billion for 2020 9M (ended in September 2020) – a 23.7% increase driven by a rise in Local sales to N150.37 billion in 2020 9M.

This is according to its latest financials sent to the NASD OTC market.

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Key highlights for 2020 9M

• Revenue increased to N150.63 billion, +23.7% YoY.
• Revenue from Local sales increased to N150.37 billion, +23.7% YoY.
• Gross Profit increased to N31.09 billion, +8.8% YoY
• Pre-tax profit increased to N11.49 billion, +1.51% YoY
• Profit After Tax declined to N6.65 billion, -11.1% YoY
• Earnings Per Share declined to N6.81, -11.1% YoY
• Non-Current Assets largely dominated by property and plant increased to N37.5 billion, +6.4%

READ: R.T. Briscoe declares N618.9 million loss in H1 2020, as sales of vehicles fall 

Bottom Line

The increase in revenue is highly attributable to a 23.72% increase in local sales within the period under view, which was boosted by the expansion programme earlier embarked by the firm.