Net Loss at AIT’s Parent DAAR Communications Widens to N2.3bn

DAAR Communications Plc, owner of the African Independent Television and Raypower FM, saw its loss after tax widen by 44 percent last year.

The company’s net loss deepened to N2.34 billion from N1.63 billion in the previous year, even as revenue increased to N5.25 billion from N4.51 billion, according to its earnings report released on Thursday.

Its independent auditors Baker Tilly said “a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern”.

DAAR Communications’ accumulated losses from the ordinary course of business rose to N19 billion from N16.7 billion in 2023, while its current liabilities exceeded current assets by N7.3 billion as against N6.8 billion in the preceding year, the auditors said.