Safe Digital posts N118m loss

Safe Digital Know-how Plc has reported a lack of N118m for the 2024 monetary yr, regardless of an increase in gross revenue. The corporate’s accrued loss grew to N2.56bn, up from N2.44bn in 2023.

For the yr ending December 31, 2024, the corporate noticed its gross revenue improve by 24 per cent, from N3.50bn in 2023 to N4.35bn in 2024. Nonetheless, excessive prices, together with prizes, winnings, ticket bills, and administrative prices, overshadowed this income development.

Web revenue for 2024 was N283.62m, in comparison with N235.88m in 2023. Nonetheless, working bills led to an working lack of N82.65m, bettering from the N163.39m loss recorded in 2023.

Moreover, prizes and winnings accounted for N2.44bn, whereas ticket prices rose to N1.60bn. Administrative bills stood at N366.26m, down from N399.27m in 2023.

The corporate’s money stability decreased by 24.6 per cent, from N69.91m in 2023 to N52.66m in 2024, elevating liquidity considerations. Money generated from operations was N29.06m, a slight enchancment from N13.54m in 2023.

To handle liquidity, the outfit secured a N20m mortgage in 2024 to assist its operations.

As of December 31, 2024, the corporate’s fairness stood at N2.30bn, down from N2.42bn in 2023, as a result of accumulation of losses. Its borrowings elevated to N330.65m, up from N310.65m within the earlier yr. The corporate’s revaluation reserves remained at N2.05bn.

Whereas income grew in 2024, rising prices and the continued accumulation of losses pose challenges for Safe Digital Know-how’s profitability. The corporate plans to deal with price discount and liquidity administration within the upcoming yr to return to profitability.

The PidomNigeria reported that Safe Digital Know-how Plc’s loss rose to N33.41m within the first quarter of 2024 from the N6.81m loss it recorded in the identical quarter final yr.