ARBICO PLC
Lagos, Nigeria ANNUAL REPORT
AND
CONSOLIDATED AND SEPARATE AUDITED FINANCIAL STATEMENTS
AND
OTHER NATIONAL DISCLOSURES
FOR THE YEAR ENDED 31 DECEMBER 2021
ARBICO PLC
ANNUAL REPORT, CONSOLIDATED AND SEPARATE AUDITED FINANCIAL STATEMENTS AND OTHER NATIONAL DISCLOSURES
FOR THE YEAR ENDED 31 DECEMBER 2021
CONTENT
Table of contents | Page |
Corporate Information | 3 |
Report of the Directors | 4 |
Corporate governance report | 8 |
Statement of Directors' Responsibilities in Relation to the preparation Of | |
the consolidated and separate financial statements | 12 |
Certificate of Account | 13 |
Independent Auditor's Report | 14 |
Report of the Audit Committee | 20 |
Consolidated and Separate Statements of Profit or Loss and other Comprehensive Income | 21 |
Consolidated and Separate Statements of Financial Position | 22 |
Consolidated and Separate Statements of Changes in Equity | 23 |
Consolidated and Separate Statements of Cash Flows | 24 |
Notes to the Consolidated and Separate Financial Statements | 25 |
OTHER NATIONAL DISCLOSURES | |
Value Added Statement | 79 |
Four-Year Financial Summary- The Group | 80 |
Five-Year Financial Summary- The Company | 81 |
CORPORATE INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021
DIRECTORS:COMPANY SECRETARY:REGISTERED OFFICE:AUDITORS:REGISTRARS:PRINCIPAL BANKERS:
Chief Kesington Adebutu Mr. Alkimos Makaronidis Elder N.C.U Okoro
Mr. Adebisi Adebutu Mr. Afolabi Aiyeola Mr. Eyo AsuquoOlaniwun Ajayi LP The Adunola
Plot L2, 401 Close Banana Island Ikoyi, Lagos.
Plot D, Block 7 Industrial Crescent Ilupeju, Lagos.
Ernst & Young 10th & 13th Floor UBA House, 57 Marina
Lagos.
Apel Asset Limited
Nigerian Greek Nigerian Nigerian Nigerian Nigerian
8 Alhaji Bashorun Street, Off Norman Williams St Ikoyi 100186, Lagos
Access Bank Plc
First Bank of Nigeria Limited First City Monument Bank Plc Guaranty Trust Bank Limited Heritage Bank Limited
New Prudential Mortgage Bank Limited Polaris Bank Limited
Sterling Bank Plc Union Bank Plc
United Bank for Africa Plc Wema Bank Plc
Zenith International Bank Plc Wema Bank Plc
Chairman Managing Director Non-Executive Director Executive Director Executive Director Non-Executive Director
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors have pleasure in submitting to the members of Arbico Plc (the Company) their annual report on the affairs of the Company and its subsidiary company (together referred to as "the Group'') with the consolidated and separate audited financial statements for the year ended 31 December 2021.
LEGAL FORM
The company was incorporated on 18 June 1958 as a private limited company under the Companies Ordinance CAP 38 (now the Companies and Allied Matters Act). In 1978, the Company converted to a public limited liability company and its shares became listed on the Nigerian Stock Exchange.
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activity of the company is building and civil engineering works. The company has developed capabilities in the planning and construction of a broad spectrum of infrastructure projects for Federal and State Governments, Multinational Companies, Industrial Groups and high net-worth individuals.
SUBSIDIARY
Arbico FZE
Arbico FZE is into building constructions of non-plant and balance buildings for Dangote Oil Refinery projects site. The company was incorporated in April 2018 and commenced operations in May 2020. Arbico Plc owns 99% of the Arbico FZE while the remaining 1% is owned by Mr. Adebisi Adebutu.
RESULTS FOR THE YEAR
Comparative highlights of the operational results of the Group for the years ended 31 December 2021 and 2020 are as stated in the table below.
RESULTS FOR THE YEAR
The Group | ||||
2021 | 2020 | 2020 | ||
N='000 | N='000 | N='000 | ||
Revenue | 4,866,795 | 5,561,881 | 4,500,010 | 5,298,014 |
======== | ======== | ======== | ======== | |
(Loss)/profit before tax | (1,356,667) | 644,883 | (1,268,266) | 1,360,722 |
Income tax expense | 675,078 | (231,076) | 675,078 | (231,076) |
-------------- | ---------------- | -------------- | ------------- | |
(Loss)/profit for the year | (681,589) | 413,807 | (593,188) | 1,129,646 |
======= | ======== | ======= | ======= | |
Total comprehensive (loss)/income | ||||
for the year, net of tax | (681,589) | 745,407 | (593,188) | 1,461,246 |
======= | ========= | ======= | ======= | |
DIVIDEND |
The Company 2021 N='000
The directors do not recommend payment of dividend for the year ended 31 December 2021. (2020: Nil).
REPORT OF THE DIRECTORS - Continued
FOR THE YEAR ENDED 31 DECEMBER 2021
DIRECTORS
The names of the Directors at the date of this report and those who held office during the year are as follows:
Chief Kesington Adebutu | Chairman |
Mr. Alkimos Makaronidis - Greece | Managing Director |
Elder N.C.U Okoro | Non-Executive Director |
Mr. Afolabi Aiyeola | Executive Director |
Mr. Adebisi Adebutu | Executive Director |
Mr. Eyo Asuquo | Non-Executive Director |
DIRECTORS' INTEREST | |
The shareholdings of the Directors in the Group are as follow: |
Company | Number of | ||
Name of Directors | appointment | Represented | shares |
Elder N.C.U Okoro | Direct | N/A | 107,360 |
Chief Kesington Adebutu | Indirect | R28 LIMITED | N/A |
Mr. Alkimos Makaronidis | Indirect | R28 LIMITED | N/A |
Mr. Afolabi Aiyeola | Indirect | R28 LIMITED | N/A |
Mr. Adebisi Adebutu | Indirect | R28 LIMITED | N/A |
Mr. Eyo Asuquo | Indirect | R28 LIMITED | N/A |
Status of
SIGNIFICANT CHANGES IN PROPERTY, PLANT AND EQUIPMENT
No significant change apart from normal additions and disposals in the ordinary course of business as shown in Note 16.
SUBSTANTIAL SHARE HOLDING
As at 31 December 2021, the following held 5% or more of the issued capital of the Company:
2021 | 2020 | |||
Unit | % | Unit | % | |
R28 Limited | 103,900,000 | 69.97 | 103,900,000 | 69.97 |
A.O.G Limited | 14,850,000 | 10.00 | 14,850,000 | 10.00 |
Nigerians | 29,750,000 | 20.03 | 29,750,000 | 20.03 |
----------------- | ---------- | ----------------- | ---------- | |
148,500,000 | 100.00 | 148,500,000 | 100.00 | |
========== | ===== | ========== | ===== | |
FREE FLOAT REPORT | ||||
Strategic shareholder | 118,750,000 | 79.97 | 118,750,000 | 79.97 |
Director direct shareholding | 107,360 | 0.07 | 107,360 | 0.07 |
Free Float | 29,642,640 | 19.96 | 29,642,640 | 19.96 |
----------------- | ---------- | ----------------- | ---------- | |
148,500,000 | 100.00 | 148,500,000 | 100.00 | |
========== | ===== | ========== | ===== | |
5 |
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Arbico plc published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 18:15:08 UTC.