BRICLINKS AFRICA’S CASH RESERVES FALL BELOW ₦4M

Briclinks Africa Plc’s cash reserves fell to ₦2.12 million at the end of the second quarter of 2026, highlighting the liquidity pressures facing the internet service provider.

The company’s Q2 financial statement showed that cash and cash equivalents declined by 46.7 per cent from ₦3.98 million recorded at the end of the first quarter.

The decline was largely linked to debt obligations, with the company spending ₦32.08 million on principal loan repayments during the quarter.

Briclinks Africa’s balance sheet also remained highly leveraged. Non-current liabilities stood at ₦7.85 billion, comprising ₦7.22 billion in long-term facility debt and ₦628.87 million in directors’ current account obligations.

Current liabilities rose to ₦9.80 million, while current assets stood at ₦7.37 million, leaving the company with a working capital ratio of 0.75.

Despite the liquidity challenges, the company recorded improved operating performance during the quarter. Revenue increased by 21.5 per cent to ₦163.89 million, from ₦134.89 million in the first quarter.

Gross profit also rose to ₦56.03 million, while profit before tax increased by 22.2 per cent to ₦17.52 million, compared with ₦14.34 million in Q1.

Executive Director Mohammed Buhari said the company remained focused on improving working capital efficiency and maintaining prudent reserve management.

He said the business generated sufficient operating cash flow during the quarter to meet key debt obligations despite the tight cash position.

Briclinks Africa said it would continue to prioritise balance sheet consolidation and efficient cash management while maintaining its focus on service delivery and business growth.