Daakye Plc posts GHS 1.77bn loss in asset value at end-2023
Daakye Plc has reported a challenging financial performance in Q4 2023, with total assets value experiencing a sharp decline to GHS 955 million, compared to GHS 2.7 billion in the previous year.
This represents a GHS 1.77bn loss in asset value on a year-on-year basis.
The decline in total assets value can be attributed to a substantial decrease in current assets, which ended Q4 2023 at GHS 955 million, down from GHS 1.5 billion in Q4 2022.
Additionally, Non-current assets of the company in the form of GETFund receivables were zero at end-Q4 2023 from GHS 1.2bn at end-Q4 2022.
On the liability front, Daakye Plc recorded a remarkable reduction, with total liabilities standing at GHS 916 million at the end of Q4 2023, a considerable decrease from the GHS 2.7 billion recorded in the same period last year.
Non-current liabilities experienced a decline amounting to GHS 367 million compared to the GHS 2.5 billion recorded in the previous year whereas current liabilities grew to GHS 548m from the previous year’s amount of GHS 112m.
The company’s total comprehensive income declined marginally on a year-on-year basis reporting figures of GHS 12.1 million and GHS 12.3 million at the end of Q4 2023 and Q4 2022 respectively.
This decrease in reported comprehensive income led to a decline in earnings per share, falling to GHS 12.16 from the previous year’s figure of GHS 12.31.
Daakye Plc’s financial performance during Q4 2023 highlights its current challenges. Market participants will closely scrutinize the company’s strategies to manage its current assets, address the zero value of non-current assets, and navigate the prevailing economic conditions.
Restoring investor confidence and enhancing financial stability will be vital for Daakye Plc to rebound and regain its financial footing.
