Briclinks Africa, an Internet Service Provider, reported a gross profit of N46.28 million for the fourth quarter of 2024, up 3.72 per cent from the N44.62 million earned in the third quarter.
The fourth quarter turnover for the company was N128.54 million, up three percent from N124.80 million in the previous quarter, according to the financial accounts for the period ending December 31.
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The company had administrative costs of N36.34 million in the fourth quarter, which was somewhat less than the N36.86 million spent in the third quarter, despite increased revenue.
In comparison to N255,342 in the third quarter, interest payable and related expenses increased by 21.98 per cent to N311,443.
Briclinks Africa’s profit before tax climbed up
The company’s profit before tax increased by 28.27 per cent to N9.62 million in the fourth quarter of the reviewed period from N7.50 million in the preceding quarter. Retained earnings rose from N35.86 million at the end of the third quarter to N45.48 million at the end of the year, a 26.85 percent rise.
After a substantial improvement, the company’s cash and cash equivalents closed at N66.80 million in December 2024, up 76.91 per cent from N37.77 million at the end of September.
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At the end of December, Briclinks Africa’s total assets on the balance sheet were N8.17 billion, a little increase from N8.16 billion at the end of September.
At N8.10 billion, non-current liabilities stayed constant and were mostly made up of loans and the director’s current account.
The capital base of Briclinks Africa was N10 million, and as of the end of the fourth quarter, current liabilities, which included trade payables and short-term borrowings, were N12.40 million.