DAAR Comm narrows operational loss by 36%. Holds AGM

With an eleven percent increase in the 2019 operating result, DAAR Communications PLC, Nigeria’s pioneer private and publicly quoted company has narrowed the loss suffered in the 2018 operation year by thirty six per cent.

The Chairman of the Group, Chief Raymond Dokpesi Jnr. made the disclosure at the Group’s 12th Annual General Meeting.

The AGM held virtually in line with the Covid 19 protocols at the organization’s corporate headquarters at Kpaduma Hills, Asokoro, Abuja.

Dokpesi announced that the Company recorded a gross earning of N5.15 billion in 2019 as against 2018’s earnings of N4.63 billion, representing an eleven per cent improvement in earnings.

Chief Dokpesi gave further insight into the 2019 result, “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 apologised to shareholders for the inability to return the company to profitability as promised 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.

The DAAR Group Chairman, however reassured shareholders of a brighter future going forward, saying mechanisms are in place to actualize the return to profitability project.

“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 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 autonomous business segment taking into consideration the current development in the new media and with new income streams so as to operate and profitably, “ Dokpesi further reassured.

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, “