Learn Africa grows Q3 revenue by 9%

…as PBT declines by 17%

Learn Africa has shown commitment to growth in its 2017 third quarter 2017 financial statement with growth in revenue, with marked reduction in gross profit and selling/ distribution cost respectively.

The company’s result for Q3 period ended 30th September released by the Nigerian Stock Exchange (NSE), showed that revenue grew by about 9 per cent from N1, 494,107 billion recorded in Q3 2016, to N1, 507,967 as at the close of 30th September , 2017.

The Learn Africa Q3 financial statement revealed a depressed PROFIT Before Tax (PBT) of N527, 403 million in Q3 2016, reflecting N88.85m drop or about 17 per cent from N606.048m posted in 2016 Q3.

According to the result, the company cost of sales closed higher at N645,454m, from N620, 111mrecorded in the same period of 2016, while gross profit reduced by N12.5m or 1.5 per cent to N 862,513m in 2017 Q3, from N873,440 in 3016 third quarter.

Other operating income also increased to N23.867m from N7, 440m posted in Q3 2016, while selling and distribution cost also dropped to N53,955m from N80,343m in 2016 Q3, a trend some analysts attributed to low volume of business in the period under review, against cost savings measures.

Adesola Afolabi