ABC Transport has made a huge comeback posting a revenue of N12.5bn in 2024, the company’s financials reveal.
ABC Transport also returned to profitability after posting N541.5m loss in 2023. But in 2024, the company posted N669.2m profit driven by the mega revenue it made.
An analysis of the group’s revenue for the year from continuing operations shows that its revenue jumped from N7.3bn in 2023 to N12.5bn.
A breakdown reveals that ABC Transport’s transport earnings increased from N1.98bn in 2023 to N2.6bn in 2024.
Its revenue from haulage operations rose from N1.2bn in 2023 to N2.9bn in 20204.
The group’s revenue from loads and waybill rose from N2.5bn to N4.1bn in 2024 while revenue from the sale of vehicle spares and speed governors rose from N1.3bn recorded in 2023 to N2.5bn in 20204.
Also, the group’s earnings from its hospitality business rose from N286.6m in 2023 to N355.2m in 2024.
The transport company further grew its assets from N7bn in 2023 to N12bn by the end of 2024.
Its liabilities also rose from N6.4bn in 2023 to N10.7bn in 2024.
ABC Transport’s auditors, however identified a significant transaction involving the acquisition of 30 CNG trucks under a
contract with a customer.
It said, “The customer made a full upfront payment of N4,037,663,973 to the vendor, for the trucks, which are to be used exclusively by ABC Transport Plc for four years, to
provide haulage services to the customer.
“In return, the customer will enjoy haulage services to the tune of the above amount. Given the size of the transaction, and the
complexity in determining the appropriate accounting treatment, this was considered
a key audit matter.”
