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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Morison Industries

MORISON · Nigerian Exchange · Company statements

On this page
Company details
Legal name
Morison Industries Plc
Listing
MORISON on the Nigerian Exchange, active · ISIN NGMORISON000 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Read with these figures

  • Going-concern warning. The auditor's report for the year ended 31 December 2025 states a material uncertainty about whether the company can continue as a going concern.
  • Auditor's emphasis of matter. Key audit matter: revenue recognition (cut-off / existence of sales invoiced before delivery) (p12).
Full wording and sources

  • Auditor's report, year to 2025-12-31: material uncertainty related to going concern

    Material Uncertainty Related to Going Concern: We draw attention to Note 35 of the financial statements which indicates that though the Company recorded a profit before tax of N15.7million during the year ended 31 December 2025 (2024: loss before tax of N77 million) and generated net cash inflows from operating activities of N129.2 million (2024: N3.5 million), as at that date, its current liabilities exceeded its current assets by N10.8 million (2024:N438million) and had accumulated losses of N903.9 million (2024: N916.3 million). These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. Our Opinion is not modified in respect of this matter.

    Source: Morison Industries Plc Financial Statements 31 December 2025, p12 (dated 2026-04-30)

  • Auditor's emphasis of matter

    Key audit matter: revenue recognition (cut-off / existence of sales invoiced before delivery) (p12).

    Source: Morison Industries Plc Financial Statements 31 December 2025 (dated 2026-04-30)

  • Revenue

    NGN 514 million

    513,767 NGN thousands · p15

    +78.9% vs 2024

  • Operating profit / (loss)

    NGN 34.3 million

    34,337 NGN thousands · p15

    Moved from loss to profit (FY2024: (59,695) NGN thousands)

  • Profit / (loss) for the year

    NGN 12.3 million

    12,310 NGN thousands · p15

    Moved from loss to profit (FY2024: (78,747) NGN thousands)

  • Total assets

    NGN 2.11 billion

    2,110,870 NGN thousands · p16

    +35.7% vs 2024

  • Total equity

    NGN 1.19 billion

    1,194,378 NGN thousands · p16

    +52.8% vs 2024

  • Cash from operations

    NGN 129 million

    129,205 NGN thousands · p18

    +3601.1% vs 2024

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Revenue 513,767 287,179
Cost of sales (313,578) (209,815)
Gross profit 200,189 77,364
Distribution and selling expenses (51,787) (34,720)
Operating expenses (233,947) (170,699)
Other operating income 119,882 68,360
Profit/(loss) from operations 34,337 (59,695)
Finance income 999 2,337
Finance expenses (19,600) (19,600)
Net finance expenses1 (18,601) (17,263)
Profit/(loss) before taxation 15,736 (76,958)
Tax expense (3,426) (1,789)
Profit/(loss) for the year 12,310 (78,747)
Total other comprehensive income –2 –2
Total comprehensive income/(loss) 12,310 (78,747)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (1)
  1. “Net finance expenses” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: finance income less finance expenses.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, plant and equipment 1,382,414 1,404,492
Inventories 68,679 69,599
Trade and other receivables 118,591 59,223
Cash and cash equivalents 541,186 21,996
Current assets (unlabelled subtotal) 728,456 150,818
Total assets 2,110,870 1,555,310
Borrowings 193,323 173,723
Trade and other payables 536,779 410,388
Income tax payables 9,190 4,710
Current liabilities (unlabelled subtotal) 739,292 588,821
Employees' benefit obligations1 515 515
Deferred tax liabilities 176,685 184,163
Non-current liabilities (unlabelled subtotal) 177,200 184,678
Total liabilities 916,492 773,499
Net assets2 1,194,378 781,811
Share capital 627,999 494,580
Share premium 351,315 84,477
Accumulated losses (903,971) (916,281)
Revaluation reserve 1,119,035 1,119,035
Total equity 1,194,378 781,811
Notes and alternative reported figures (2)
  1. “Employees' benefit obligations” is an issuer-specific line, not mapped to a shared definition: Non-current employee benefit obligations (note 22).
  2. “Net assets” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: total assets less total liabilities (equals total equity).

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash generated from operations 130,604 3,491
Income taxes paid (1,399) –1
Net cash inflow from operating activities 129,205 3,491
Purchase of property, plant and equipment (11,271) (575)
Finance income2 999 2,337
Net cash (outflow)/inflow from investing activities (10,272) 1,762
Share capital3 133,419 –4
Share premium5 266,838 –4
Net cash inflow from financing activities 400,257 –6
Net increase in cash and cash equivalents 519,190 5,253
Cash and cash equivalents at the beginning of the year 21,996 16,743
Cash and cash equivalents at the end of the year 541,186 21,996
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.net_change_in_cash.
Notes and alternative reported figures (3)
  1. “Finance income”: mapping to a shared definition is uncertain. Second printing on p18: finance income received, presented in investing activities (the first is the operating adjustment).
  2. “Share capital” is an issuer-specific line, not mapped to a shared definition: Financing activities: proceeds of share capital issued (note 23).
  3. “Share premium” is an issuer-specific line, not mapped to a shared definition: Financing activities: share premium on shares issued (note 24).

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)41 0.012 (0.08)3
  1. Printed as 1 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as (8) kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. “Profit/(loss) per share (kobo)”: mapping to a shared definition is uncertain. Printed 'Profit/(loss) per share (kobo)' without a basic/diluted label (note 27 computes it on the weighted average shares).
  2. Earnings / (loss) per share: printed as “Profit/(loss) per share (kobo)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Morison Industries Plc Financial Statements 31 December 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: BDO Professional Services (Chartered Accountants), Lagos, unmodified opinion · signed · includes a material-uncertainty paragraph

    Auditor's sign-off: Olugbemiga A. Akibayo, FCA, for BDO Professional Services

    Final status: Independent auditor's report of BDO Professional Services to the shareholders of Morison Industries Plc (opinion PDF p12, unmodified, with a material uncertainty related to going concern) closes on PDF p14 with a handwritten signature above 'Olugbemiga A. Akibayo, FCA, FRC/2013/PRO/ICAN/004/00000001076, For: BDO Professional Services, Chartered Accountants', the ICAN seal and 'Lagos, Nigeria 30 April 2026' (page image). The statements were approved by the Board on 21 April 2026 and signed by Titiloye, Richard Olaniyi (Chairman), Oladejo, Akinola Adesoji (Managing Director) and Abioye, Olajide Adedayo (Financial Controller), handwritten signatures visible (PDF p16, page image).

    Document date
    30 Apr 2026
    Published
    5 May 2026
    Auditor's report
    30 Apr 2026
    Board approval
    21 Apr 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    company statements · NGN thousands (printed “N'000”)
    • Statement of financial position (p16): no non-current assets subtotal (property, plant and equipment is the only non-current asset); current assets, current liabilities and non-current liabilities totals are unlabelled; 'Net assets' equals 'Total equity'; no total equity and liabilities is printed.
    • Profit/(loss) per share printed in kobo (1; 2024: (8); p15); stored in naira with the printed figure and unit kept.
    Technical details
    File
    45 pages, with a text layer
    SHA-256
    c3dc48502845aaf55ec4d62ada9f7f476394d381bbc4198c232f63c8eda2ed37
    Entity as printed
    Morison Industries Plc (the Company)
    Exchange copy
    retrieved 2026-10-08T18:01:26Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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