BUSINESS DAY
Tantalizers, one of Nigeria’s oldest fast-food restaurants, recorded a loss for the fourth straight year in 2023, according to BusinessDay analysis.
In the company’s latest financial statement, its after-tax loss widened to N290.74 million from N264.09 million in 2022.
Revenue grew marginally to N1.17 billion from N1.16 billion and cost of sales dipped to N742.27 million from N748.18 million.
The statement also revealed that system revenue surged to N2.64 billion from N2.43 billion, driven by franchisees-owned outlet sales of N1.41 billion and company-owned outlet sales of N1.22 billion.
Other income dropped to N152.02 million from N478.5 million during the period.
Distribution costs dipped to N15.11 million from N38.15 million and administrative expenses also dropped to N847.7 million from N902.1 million.
The firm’s e-commerce service charge grew to N6.61 billion from N3.08 billion. Finance cost surged to N105.3 million from N78.41 million and tax expenses dipped to N5.83 million from N22.3 million.
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