VERTICAL ANALYSIS ON STATEMENT OF PROFIT OR LOSS:

2023 2022 2021

Sales 100% 100% 100%
Cost of Sales 66.55% 71.25% 74.16.%
Gross Profit 33.45% 28.68% 25.86%
Operating expenses 10.71% 11.17% 11.27%
Distribution Cost 3,952,564 3,382,031 2,007,264
Administrative Exp 6,245,370 4,681,472 2,197,949
Other Operating Exp 2,721,284 2,143,370 504,513
Other income 0% 0% 0%
Profit from operations 22.74% 17.51% 14.59%
Finance cost 4.64% 2.74% 2.09%
Profit before taxation 18.11% 14.77% 12.50%
Taxation 1.18% 1.17% 1.06%
Profit for the year 16.92% 13.60% 11.45%

VERTICLE ANALYSIS ON STATEMENT OF FINANCIAL POSITION:

PARTICULARS 2023 2022 2021

PERCENTAGE
Assets
Non-Current Assets
Property, plant and equipment 47% 36% 43%
Intangible Asset 0% 0% 0%
Long term investments 0% 0% 0%
Long term loans 0% 0% 0%
Long term deposit 0% 0% 0%
Total non-current assets 47% 36% 43%

Current Assets
Stores and spares 2% 2% 2%
Stock in trade 16% 24% 19%
Trade debts 27% 30% 25%
Loan and advances 2% 2% 2%
Deposit, prepayment and other receivables 1% 1% 0%
Derivative financial instruments 0% – –
Accrued Income 0% 0% 0%
Refunds due from Government
and statutory authorities 4% 4% 7%
Short term investments 0% 1% 1%
Deferred employee share option
compensation expense 0% 0% 0%
Cash and bank balances 1% 0% 1%
Total current assets 53% 64% 57%

Total Assets 100% 100% 100%

Equity & Liabilities

Equity
Issued, subscribed and paid-up capital 11% 9% 14%
Reserves 3% 4% 6%
Unappropriated profit 21% 18% 13%
Total equity 35% 31% 33%

Non-current liabilities
Long term financing 12% 15% 14%
Lease liabilities 0% 0% 0%
Deferred liabilities 6% 6% 7%
Total non-current liabilities 18% 21% 21%

Current liabilities
Trade and other payables 10% 9% 9%
Unclaimed dividend 0% 0% 0%
Accrued markup 1% 1% 1%
Short term borrowings 34% 36% 32%
Derivative financial instruments 0% 0% 0%
Current portion of non-current liabilities 2% 2% 4%
Total current liabilities 46% 48% 46%

Total equity and liabilities 100% 100% 100%