DAAR Communications reduced the company’s financial loss for Full-Year 2019 when compared to the corresponding period of 2018, after recording a 36% reduction rate in loss after tax.
It was gathered that DAAR also grew its revenue by 11% for the same period, after generating N5.15 billion – thereby, surpassing the N4.63 billion it reported for 2018 full year.
While addressing shareholders at its Webinar Annual General Meeting, held at the media company’s Headquarters, Abuja, DAAR Chairman, Raymond Dokpesi said, “The company recorded a loss after taxation of N1.37 billion during the year under review, compared to N2.17 billion recorded in 2018, representing a decrease of 36 percent.”
He, however, apologised to shareholders for the inability to return the Company to profitability as promised them last year, blaming the cause on the impact of the harsh economic condition that attended the Nigerian Economy last year and the impact of the global COVID-19 Pandemic which ravaged the world from the last quarter of 2019 till date with its negative impact on businesses
The DAAR Group Chairman, reassured shareholders of a brighter future going forward, saying mechanisms are in place to actualize the return to profitability project.
His words: “Our most valued shareholder’s, I want to reassure you that the Board of your Company will not be deterred by the harsh economic reality in the country. During the year, the Board of your Company reviewed the earlier approved restructuring plan of the Company in line with the current realities in the global broadcast system environment, and a new strategy of the blueprint was fashioned out of it for implementation. The implementation of the strategy which is in progress has been tailored towards repositioning the Company to operate as an autonomous business segment taking into consideration the current development in the new media and with new income streams so as to operate and profitably.”
Also, addressing the Shareholders on the Company’s future plans, the Daar Group Managing Director, Mr. Tony Akiotu reassured that the Company will continue to close the loss gap to return the Group to full profitability through the strict implementation of the planned re-engineering agenda.
Akiotu said; “As an organisation, we are doing our best to rejuvenate, re-energise, and re-engineer and repackage our entire operations, including the diversification of our business portfolios into some other new businesses which at the next Annual General Meeting, the thrust must have crystallised.”
He also intimated Shareholders that the DAAR Group was planning to set up a Corporate Social Responsibility (CSR) Foundation in partnership with non-governmental organisations (NGOs) and other health foundations to upscale the Group’s medical support to the vulnerable in the society because of the increasing demands of its more than 19 – year CSR Initiative on all its platforms.
