NCR Nigeria ends two-year loss streak with N238m profit on FX gains
NCR (Nigeria) Plc has posted a N237.98 million profit after tax for the nine months ended September 30, reversing a N2.17 billion loss in the same period last year.
The turnaround was driven by foreign exchange gains and a sharp reduction in operating expenses, reflecting management’s efforts to stabilize costs and navigate the effects of exchange rate volatility.
Revenue from contracts with customers rose 14 percent year-on-year to N1.50 billion, compared with N1.32 billion in 2024. Although the cost of sales climbed 11.5 percent to N1.18 billion, the company achieved a 23.5 percent improvement in gross profit to N321.9 million, supported by stronger service income and equipment sales.
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NCR also recorded a N35.66 million foreign exchange gain in the review period, a significant reversal from a N2.67 billion loss a year earlier. This shift underscores how a relatively stable naira and improved hedging reduced translation losses that had weighed heavily on performance in 2024.
Operating costs fell sharply. Administrative expenses declined 51 percent to N28.89 million, while distribution expenses dropped 96.8 percent to N91.75 million, reflecting tighter expense management and a more efficient sales structure. However, other income decreased 35.4 percent to N36.72 million, partly due to lower one-off inflows.
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The company’s balance sheet showed firmer liquidity positions. Cash and cash equivalents rose to N986.18 million from N522.56 million in December 2024, driven by better receivable collections and moderated inventory levels, which fell 34 percent to N243.16 million. Trade and other receivables increased to N3.95 billion, reflecting higher customer activity during the review period.
NCR made no new capital investments in the period, while total equity improved slightly to a negative N4.57 billion from N4.81 billion at year-end 2024. The company remains in negative shareholders’ funds, underlining the weight of past losses despite its return to profitability.
