Daar Communications Plc, the parent company of AIT, disclosed a significant financial downturn in its latest annual report, posting a loss of N1.6 billion for the year ended December 31, 2023.
This represents a substantial increase from the previous year’s loss of N768 million, reflecting a series of strategic and operational challenges faced by the media giant.
The company has seen its accumulated losses rise to over N16 billion as it struggled to achieve profitability in recent years.
Daar Communications has faced numerous challenges over the past year, including competitive pressures and shifting viewer preferences toward digital content.
The company recently appointed Mr. Emeka Mba, Mr. Obi Asika, Mr. Chukwudumije E. Igwe, and Hon. Onyibe, Magnus Chukwuma as non-executive directors on its board.
Based on its latest audited accounts, DAAR Investment & Holdings Co Ltd. still holds 61.13% of the company.
