NCR Nigeria Plc has recorded a profit after tax of N134.6 million in the first quarter of 2025, a turnaround from the N429.7 million loss it reported in Q1 2024.
This rebalance stems almost entirely from the non-recurrence of a one-off foreign-exchange impairment, where Q1 2024 carried a N419.5 million FX charge that drove administrative expenses up to N458.4 million.
In Q1 2025, those costs fell to just N28.1 million, underscoring both a steadier naira and the absence of last year’s currency shock.
Revenue was essentially flat at N459.1 million versus N457.7 million a year earlier, but disciplined cost management drove the cost of sales down by N71.4 million to N351.7 million.
Gross profit consequently climbed from N34.5 million to N107.4 million, reflecting the combined benefit of tighter sourcing, improved inventory controls and currency stability.
Other income surged to N68.5 million, up from just N7.9 million, owing to favourable exchange gains and higher interest receipts, an incremental boost to the bottom line beyond operating margins.
Despite the return to profitability, cash flow remains a concern as operating activities consumed N92.5 million in Q1 2025, as build-ups in receivables and prepayments outpaced movements in payables and deferred income.
At quarter-end, cash and short-term deposits stood at N498.6 million, slightly down from N522.6 million at the start of the year.
On the segment front, revenue from the Financial Service Group rose by nearly 48 percent to N166.9 million, offsetting a 15 percent decline in World Customer Services to N292.1 million.
Earnings per share settled at N1.25, reversing a loss per share of N3.98 recorded in Q1 2024.
With the greatest FX headwinds now behind it, NCR Nigeria must convert these one-off gains into sustainable cash flow and build on its operational efficiencies.
Strengthening receivables management and maintaining cost discipline will be critical to ensuring that this quarter’s profit marks the beginning of a durable financial recovery.
