John Holt, a Nigerian conglomerate, has recorded a 291.4 percent growth in cash and cash equivalents in its bid to have more liquid assets to pay off current liabilities.
Findings from the company’s financial statements show that cash and cash equivalents rose to N865 million in the full year ended September 30, 2023 from N221 million in the previous year.
This implies the company can meet its short-term debt obligations.
A breakdown of the statement revealed that movements in the firm’s cash and cash equivalents indicate that net cash inflow from operating activities stood at a positive of N731 million from a negative of N6 million.
Net cash inflow from investing activities declined to N111 million from N277 million. Net cash outflow from financing activities stood at a negative of N198 million from a negative of N274 million.
The firm recorded a loss of N1 billion from a profit of N541 million. Loss per share attributable to the ordinary equity holders of the parent stood at N2.56 per share from N1.39 per share.
John Holt’s revenue dropped to N1.83 billion from N3.55 billion. The firm generated its revenue in Nigeria with the sale of finished goods contributing N1.35 billion, property rent and warehousing contributing N329 million, services and repairs at N152 million, and sale of spare parts contributing N1 million. The cost of sales also dropped to N1.32 billion from N2.99 billion.
Other operating income increased to N587 million from N248 million. John Holt recorded a foreign exchange loss of N1.29 billion from a foreign exchange gain of N48 million.
Profit on disposal of property, plant, and equipment increased to N11 million from N2 million. Fair value gain on investment properties grew to N307 million from N81 million.
Distribution expenses dropped to N178 million from N200 million while administrative expenses increased to N509 million from N424 million.
Employees’ salaries and allowances increased to N47 million from N44 million, employees’ salaries and allowances also increased to N88 million from N82 million.
John Holt’s pension expenses stood at N6 million year-on-year.
Finance income dropped to N5 million from N12 million. Finance cost grew marginally to N176 million from N173 million, resulting in a net finance cost of N171 million from N161 million.
Net assets declined to N1.92 billion from N2.6 billion. Total equity and reserves dipped to N1.92 billion from N2.6 billion.
John Holt’s loans and borrowings dropped to N803 million from N832 million.
