SECURE ELECTRONIC TECHNOLOGY SUFFERS ₦33.41M LOSS
Secure Electronic Technology Plc reported a ₦33.41m loss in Q1 2024, worsening from a ₦6.81m loss in the same period last year. The decline was attributed to decreasing gross income and rising administrative expenses.
The company's unaudited financial statement for the quarter ended March 31, filed with the Nigeria Exchange Limited, revealed a profit before loss of ₦27.57m, up from a ₦6.81m loss the previous year. Gross income was ₦1.04bn, a 32% increase from ₦788.40m in March 2023.
Despite year-over-year growth, expenses related to prizes and winnings rose 33.4% to ₦608.42m, and the cost of tickets increased 33.1% to ₦374.21m. Net income for Q1 was ₦53.64m, a 4.9% rise from ₦51.12m the prior year. Administrative expenses jumped 40.5% to ₦81.06m, resulting in an operating loss of ₦27.43m, a 318% increase from a ₦6.56m operating loss in March 2023.
Secure Electronic Technology Plc reported a ₦33.41m loss in Q1 2024, worsening from a ₦6.81m loss in the same period last year. The decline was attributed to decreasing gross income and rising administrative expenses.
The company's unaudited financial statement for the quarter ended March 31, filed with the Nigeria Exchange Limited, revealed a profit before loss of ₦27.57m, up from a ₦6.81m loss the previous year. Gross income was ₦1.04bn, a 32% increase from ₦788.40m in March 2023.
Despite year-over-year growth, expenses related to prizes and winnings rose 33.4% to ₦608.42m, and the cost of tickets increased 33.1% to ₦374.21m. Net income for Q1 was ₦53.64m, a 4.9% rise from ₦51.12m the prior year. Administrative expenses jumped 40.5% to ₦81.06m, resulting in an operating loss of ₦27.43m, a 318% increase from a ₦6.56m operating loss in March 2023.