Tantalizers Plc, a leading fast-food company in Nigeria, has disclosed that it suffered a pre-tax loss of N245million between January 1st and September 30th, 2020.
This is according to the information contained in its unaudited financial statement for the period ended 30 September 2020, which was sent to the floor of the Nigerian Stock Exchange Friday.
Key highlights of its 2020 9M results
- Revenue was N655.93 million, compared to N1.26 billion it generated same period in 2019.
- Cost of Sales was N355.44 million, compared to N729.71 million it incurred same period in 2019.
- Other income was N114.94 million, compared to N268.27 million it made same period in 2019.
- Administrative Expenses was N606.19 million, compared to N940.90 million it incurred same period in 2019.
- Operating loss was N189.30 million, compared to operating profit of N127.05 million.
- Finance cost was N55.70 million, compared to N94.40 million it paid same period in 2019.
- Loss before tax was N245.00 million, compared to profit after tax of N22.17 million it made same period in 2019.
The on-trade-channel of the leading fast-food company with over 60 restaurants across Nigeria as of 30th April, 2017 was severely affected by the COVID-19 pandemic, as the widespread economic vulnerabilities in the nation disrupted the business segment of the company.
The lockdown and the restriction placed on businesses operating in the on-trade-market affected the on-premise demand and sales of these companies, which led to decline in the sales and net revenue of Tantalizers Plc.
However, the core business segment of Tantalizers was not the only segment affected, as other revenue-generating segments like Rent, advertisement and franchising declined over this period.