ECOCorp: Audited result reflects 45.85% reduction in PAT

The result released by the Nigerian Stock Exchange (NSE) for the period ended 31 December, 2016, showed that Ecocorp plc closed the 2016 financial year on remarkable decline in key performance indices.

According to the result, turnover dropped by 1.37 per cent, closing the 2016 financial year at N1,352,347,969 billion, from N1,371,146,938bn posted in the preceding year’s audited report.

Profit (Loss) Before Tax reduced remarkably by 45.07 per cent to close the 2016 financial year at N96, 545,976 million from N175,770.981m recorded in the 2015 financial year.

The company’s total loss after tax peaked at 45.84 per cent to N76, 605,690m, which was against N146, 970,576m posted in the corresponding period of 2015 ended 31 December. The above also reflects the company’s total loss after tax from continuing operations which also stood at 45.85 per cent, N76, 600m in 2016, from N146, 970m in 2015.

The company became a public liability hospital in 1991; and by 1994, the company’s corporate identity changed to Ecocorp Plc from Eco Hospitals

The authorized share capital of the company is made up of 1,000,000,000 ordinary shares of the company at 50 kobo each, out of which 498,600,906 have been fully issued and paid for.

Geoff Ohen Limited, as at 31 December, 2016, was the majority shareholders in the company with 265,198,960 million shares, which represents 53.19 per cent holding in the company. Other key shareholders include Estate of Eneli 11.31 per cent; AA Obiora 11.31 per cent and Dr. SF Kuku, 11.31 per cent, all held 36,370,485 million shares respectively.

EKOCORP PLC is engaged in health care delivery business; and was established in 1978 as a Joint Medical Practice reflecting the style of Teaching Hospitals by the Founding Joint Chief Medical Directors, A.C. Eneli, S.F. Kuku and A.A.A. Obiora whose surnames provide the Hospital with its name (‘E’ for Eneli, ‘K’ for Kuku and ‘O’ for Obiora–EKO Hospital).