By Àkànní Olúwaségún Michael
NCR Nigeria Plc reported a 33.9 per cent increase in revenue for the first quarter of 2026, driven by strong growth in its maintenance and support services business, despite higher operating costs that weighed on earnings.
The technology solutions provider posted revenue of N614.56 million for the three months ended March 31, 2026, up from N459.06 million recorded in the corresponding period of 2025.
Financial statements filed with the Nigerian Exchange showed that revenue growth was largely supported by the company’s World Customer Services segment, which generated N517.03 million during the quarter, compared to N292.11 million in the same period last year.
Profit after tax, however, declined by 13.8 per cent to N116.06 million from N134.56 million recorded in the first quarter of 2025 as rising direct costs and administrative expenses offset gains from higher sales.
Cost of sales rose sharply by 50.3 per cent to N528.47 million from N351.69 million a year earlier, reflecting increased personnel and operational expenses associated with service delivery.
The company recorded gross profit of N86.08 million, down from N107.36 million in the corresponding period of 2025, despite stronger revenue performance.
Administrative expenses more than doubled to N68.79 million from N29.04 million in the previous year, largely driven by a significant increase in credit loss charges. Distribution expenses also increased marginally to N13.67 million from N12.28 million.
NCR Nigeria benefited from foreign exchange gains during the quarter, reporting exchange-related income of N101.75 million as part of total other income of N112.45 million, compared to N68.51 million recorded in the first quarter of 2025.
The exchange gains helped cushion the impact of rising operating costs and supported profitability during the period.
Earnings per share declined to N1.07 from N1.25 recorded in the corresponding quarter of 2025.
A review of the company’s financial position showed that total assets stood at N7.45 billion as of March 31, 2026, compared to N7.83 billion at the end of December 2025. Cash and cash equivalents rose slightly to N1.78 billion from N1.75 billion during the period.
Despite returning to profitability, the company remained in a negative equity position, with accumulated retained losses of N4.40 billion and total shareholders’ deficit of N4.49 billion as of the end of the quarter.
