By Dipo Olowookere
Leading Nigerian fast food restaurant chain, Tantalizers Plc, has returned to profitable after a horrible loss recorded in 2016 as a result of recession in the country caused by drop in oil prices in the global market.
In its financial statements for the year ended December 31, 2017, the firm said its pre-tax profit closed at N450.6 million in contrast to the N1 billion loss recorded in 2016, when the purchasing power of Nigerians was very low as a result of the economic hardship.
Also, the company, in the financial results posted last week, said its profit after tax closed at N450.4 million in 2017 against N1 billion loss it posted the previous year.
Tantalizers said it achieved a system revenue of N3.7 billion in the period under review compared with N3.6 billion the previous year, while the revenue went down to N1.75 billion last year from N1.94 billion two years ago.
As at December 31, 2017, the firm’s earnings per share (EPS) closed at 14k against the -32k in the previous year.
In the last four years, Tantalizers has recorded gradual decline in the revenue generated in a financial year.
In 2014, the company posted revenue of N2.9 billion. It dropped to N1.93 billion in 2015 billion, but slightly went up to N1.94 billion in 2016 before going down to N1.75 billion in 2017.
The shares of the firm closed flat at the last trading day on Friday at 37k per share and the stock has lost 26 percent this year.
Tantalizers was established in May 1997 and over the years, the company has set and maintained high quality and excellent service standards in the Quick Service Restaurant business.
The firm pioneered the integration of African menu into fast food operations.
As at April 30, 2017, Tantalizers had 60 outlets spread across Lagos, Abuja, Ibadan, Port Harcourt, Abeokuta, Akure, Ado-Ekiti, Mararaba (Nasarawa State), Ilorin, Sango- Ota, Ile-Ife, Benin, Ijebu jesa and Ibafo.
The company provides direct employment for at least 1,000 Nigerians and supports hundreds of suppliers and their employees across the country.
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