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Daar Communications records 36% loss reduction

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By Emma Ujah, Abuja Bureau Chief

Daar  Communications Plc, Nigeria’s pioneer private sector radio and television group, has reduced its operating loss by 36 per cent.

The Chairman of the Group, Chief Raymond Dokpesi Jnr., told shareholders at the company’s 2019 Annual General Meeting in Abuja, yesterday, that the 2019 performance was significantly better than that of the previous year.

The group’s 12th AGM held virtually,  in line with the Covid 19 protocols and hosted at organization’s corporate headquarters at Kpaduma Hills, Asokoro, Abuja.

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According to the chairman, “The Company recorded a loss after taxation of N1.37 billion during the year under review, compared to N2.17 billion recorded in 2018, representing a decrease of 36 percent.”

He added that gross earnings rose to  N5.15 billion in 2019, up from  2018’s earnings of N4.63 billion, representing 11 per cent increase.

Chief Dokpesi apologised to shareholders for the inability to return the Company to profitability as promised them last year, blaming the cause on the impact of the harsh economic condition  that attended the Nigerian Economy last year and the impact of the global Covid 19 Pandemic which ravaged the world from the last quarter of 2019 till date with its negative impact on businesses

He, however, reassured shareholders of a brighter future going forward,  saying mechanisms were already in place to actualize the return to profitability.

He said, “Our most valued shareholder’s,  I want to reassure you that the Board of your Company will not be deterred by the harsh economic reality in the country. During the year, the Board of your Company reviewed the earlier approved restructuring plan of the Company in line with the current realities in the global broadcast system environment and a new strategy of blueprint was fashioned out of it for implementation.

“The implementation of the strategy which is in progress has been  tailored towards repositioning the Company to operate as autonomous business segment taking into consideration the current development in the new media  and  with new income streams  so as to operate and profitably, “ Dokpesi further reassured.”

In his remarks, the Managing Director, Mr. Tony Akiotu,  reassured that the Company would continue to close the loss gap to return the group to full profitability through the strict implementation of the planned re-engineering agenda.

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