Lagos, Nigeria – SCOA Nigeria Plc has reported total borrowings of N12.02 billion (approximately $7.7 million) in 2025, a 115.2 percent increase from N5.58 billion in 2024, according to the company’s audited financial statement filed with the Nigerian Exchange. Current borrowings jumped 153.8 percent to N11.04 billion, while total liabilities surged 108.4 percent to N19.87 billion.
Okay News reports that despite the sharp rise in debt, the company reported no finance costs in 2025, compared to N4.01 million in 2024, suggesting favourable credit terms or capitalised borrowing costs. Revenue dropped 38.4 percent to N8.36 billion, but cost of sales declined at a faster rate of 42.9 percent, leading to an 8.3 percent increase in gross profit to N1.30 billion.
Pretax profit rose 114.8 percent to N804.7 million, while post-tax profit climbed 142.5 percent to N553.75 million. Administrative expenses declined 8.5 percent to N1.34 billion, supporting bottom-line growth. Earnings per share increased to 85 kobo from 35 kobo.
Total assets grew 91.1 percent to N22.99 billion, driven by a surge in receivables and inventory. However, cash and cash equivalents declined 74 percent to N1.05 billion, highlighting liquidity strain. The company has not paid dividends or issued bonus shares for about ten consecutive years.
Despite the dividend absence, SCOA’s share price has surged 219 percent year-to-date, rising from N7.10 to N22.65 as of April 8, ranking it the fifth best-performing stock on the Nigerian Exchange.
 in 2025, a 115.2 percent increase from N5.58 billion in 2024, according to the company's audited financial statement filed with the Nigerian Exchange.){kind=link}