SCOA Nigeria Plc Introduce 2 New Companies to boost Profit
SCOA Nigeria Plc on Tuesday said that its Board of Directors has restructured its operations for better efficiency and profitability with the introduction two new entities; Scoa Equipment Limited and Scoa Motors Limited.
The company in its 1st quarter results reported a profit after tax of N2.5million as against N2.9millionreported as profit in the corresponding period of prior year representing a decline of 15 percent. After reporting a huge loss of N1.8 billion for the year ended 2016
SCOA in a corporate announcement signed by Olanrewaju Obadina, the company secretary, stated that the introduction of two new entities is in line with current business realities.
According to the company’s statement the decision was taken with a view to better consolidating its position and equip the company for the future.
“The primary aim of the “new companies” is to expand the Company’s products/capabilities with the requisite independence of championing new business ventures to support the company’s growth plans.
This serves as a phase in the company’s restructure plan to enable the Nigeria end-user benefit from the specialized full range of products the new companies have to offer.” Obadina said.
Explaining key functions of each business, Obadina noted that, Scoa Equipment Limited will have a product portfolio of established brands of high end Equipment suitable for Road/Building Construction, Mining, Agriculture, Material/
Heavy Lifting, Fire Fighting Oil and Gas et al.
Scoa Equiment Limited would primarily be engaged in the importing, assembling, supplying and distribution of this Equipment, while offering the services of repair, maintenance and servicing of the aforementioned equipment
For Scoa Motors, the company stated that it will also have a rich portfolio of equally established brands of motor vehicles: cars, trucks, earth moving plants, and passenger/commercial/special purpose vehicles.
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