Business: Daar Communications records N5bn turnover

by Yunus Abdulhamid

Operators of the African Independent Television (AIT) and Raypower FM, Daar Communications Plc have recorded a turnover of N5.145 billion for the year ended December 2011.
Chairman of the company, High Chief Raymond Dokpesi disclosed this yesterday at an Annual General Meeting held in Abuja.

The company had recorded a N4.8 billion turnover in the preceding year of 2010.
However, the company did not declare any dividend for its shareholders due to a loss of N4.01 billion recorded during the year in review.

Dokpesi blamed the huge interest on its loans from Fidelity Bank which led to a court action against the company by the bank which accounted for 76 percent of the net loss.
According to him, “the fidelity bank issue has been resolved” and the company is now on a sound footing.
He further blamed unstable power supply situation in the country, the security challenges and unstable economic policies of government among others for the poor run.


The chairman however assured shareholders of a brighter future for the company, saying that a holistic business review of the company’s operations was ongoing to put it on the path of profitability. These include investment in new equipment and programming mix.