Tripple Gee and Company Plc has reported a post-tax loss of N1.39bn for the financial year ended March 31, 2025, marking a significant downturn from the N7m profit recorded in the previous year.
The company’s audited financial statements, filed with the Nigerian Exchange, show that revenue declined by 17.3 per cent year-on-year, falling from N2.20bn in 2024 to N1.82bn in 2025.
This drop in earnings, alongside escalating operational and finance expenses, drove the company deep into the red.
Cost of sales surged from N1.39bn to N1.74bn, which slashed gross profit to just N86.5m, compared to N810.6m in the previous year. Administrative and distribution expenses jumped to N889.15m from N565.13m, resulting in an operating loss of N802.6m.
Finance costs more than doubled to N573.75m from N227.46m in 2024. Consequently, the company posted a pre-tax loss of N1.38bn, in contrast to a pre-tax profit of N18m the year before. After accounting for a tax expense of N9.1m, the net loss came to N1.39bn.
Earnings per share plummeted to -140.8 kobo, a sharp decline from 1.41 kobo in 2024. Tripple Gee also recorded an additional comprehensive loss of N8.45m, bringing the total comprehensive loss for the year to N1.39bn.
The company’s financial position also weakened significantly. Total assets dropped to N5.48bn from N6.34bn, with non-current assets falling to N3.37bn from N3.80bn and current assets declining to N2.10bn from N2.55bn.
Liabilities increased across the board. Long-term borrowings rose to N3.29bn from N2.92bn, while short-term borrowings climbed to N1.28bn from N976.63m. Current liabilities stood at N2.77bn, slightly higher than the N2.61bn recorded in the previous year.
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As of the end of the reporting period, Tripple Gee’s equity had turned negative, with total equity at -N588.3m, down from a positive N805.6m in 2024 — a stark indicator of the erosion of shareholders’ value.
