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Japaul Gold defies eight years loss streak, posts N587bn profit

Japaul Gold defies eight years loss streak, posts N587bn profit

Japual Gold and Ventures recorded N587.05 million profit after tax in the first half of 2023, indicating a recovery from recurring losses in the past seven years.

The firm’s profit before tax stood at N587.05 million from a loss before tax of N426.63 million in the period reviewed.

Japual Gold and Ventures’ profit after tax stood at N587.05 million in the first half of 2023 from a loss of N426.63 million in the first half of 2022.

Japaul Gold and Ventures saw its turnover jump to N1.86 billion in the first half of 2023 from N112.46 million in the same period of 2022.

The Nigerian upstream service company’s business unit which contributed the most to the half-year 2023 revenue is Japaul Dredging which contributed N1.72 billion while Japaul Quarry contributed N139.87 million.

Japaul Dredging’s turnover stood at N1.72 billion in the first half of 2023 from N64.2 million in the same period of 2022.

Japaul Quarry’s turnover stood at N139.87 million in the first six months of 2023, a 190 percent increase from N48.27 million in the same period of 2022.

The firm’s cost of sales grew to N786.44 million in the first six months of 2023 from N183.61 million in the first six months of 2022.

Sundry income dipped to N33.17 million in the first half of 2023 from N68.12 million in the first half of 2022.

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The firm recorded an operating profit of N587.42 million from an operating loss of N425.96 million during the period.

Japaul Gold and Ventures’ administrative cost amounted to N523.46 million in the first half of 2023 from N422.93 million in the same period of 2022.

Trade debtors and other receivables grew to N4.43 billion in June 2023 from N3.07 billion in December 2022.

Movement in the firm’s cash and cash equivalents shows net cash from operating activities stood at N62.12 million from a negative cash flow of N172.83 million in the comparable period.

Net cash from in investing activities stood at N7.89 million in the first half of 2023 from N215.79 million in the first half of 2022.

Net cash from financing activities stood at N371,000 from N669,000 in the reviewed period.

Cash and cash equivalents stood at N75.52 million in the first half of 2023, 26.8 percent from N59.58 million in the first half of 2023.

In 2020, the Nigerian Stock Exchange formally effected the change of name of Japaul Oil & Maritime Services to its new name Japaul Gold & Ventures, concluding the restructuring process of the former oil servicing company into its new business of mining natural resources.

Japaul Gold and Ventures Plc, incorporated in 1994, is a Nigerian upstream service company engaged in the business of mining, oil, and gas, maritime, dredging, transportation, engineering, and construction services.