Morison Plc Reports Increased Losses Despite Revenue Rise

Morison Plc experienced a significant increase in losses, reporting a loss after tax of N10.28 million for the first half of 2026, compared to a loss of N4.33 million in the same period in 2025. The company's half-year financial statement, which ended on June 30, 2026, revealed a turnover of N274 million, marking a 21.42 percent increase from N225.73 million in H1 2025.

However, the cost of sales rose sharply to N177.79 million, leading to a gross profit margin decline from 37 percent in H1 2025 to 35 percent in H1 2026. The increase in costs also affected the operating results, as distribution expenses doubled, resulting in an operating loss of N3.52 million, in contrast to an operating profit of N5.42 million in the previous year.