Associated Bus Company Plc, popularly known as ABC Transport on Tuesday released its fourth quarter result for the period ended December 31, 2019. The firm’s Unaudited Group Financial Statements for the Fourth Quarter Ended December 31, 2019, reveals that Revenue grew marginally by 5.45% from N6.861 billion at Q4 2018 to N7.235 billion at Q4 2019.
Profit before Income Tax surged from N67.126 million at Q4 2018 to N437.559 million, translating to 551.85% increase
Earnings Per Share recorded positive growth at 13kobo in the period under review compared to the negative figure of 7kobo posted at Q4 2019.
ABC Transport ability to cut its Administrative Expenses from N1.360 billion at Q4 2018 to N1.256 billion at Q4 2019 not only improved its operational efficiency by reducing its cost of doing business, but impacted its profit positively as well.
Other factors responsible for the company’s return to profitability included an increase in its Other Operating Income from N44.420 (Q4 2018) to N71.368 (Q4 2019), Interest Income from N691,000 (Q4 2018) to N2.677 million (Q4 2019) and Other Gains and Losses from N179.418 million (Q4 2018) to N221.734 million (Q4 2019).