John Holt, a Nigerian conglomerate, recorded a 140 percent growth in its after-tax profit returning to profitability from the previous loss of N1.0 billion in the previous year.
According to its financial statement for the year ended 30 September 2024, despite foreign exchange crisis that has continued to deplete business revenue, Profit after Tax of the company surged to N2.4 billion at the end of September 2024 from a loss of N1 billion and its pre-tax profit rose by percent to N2.474 billion from a loss of N1 billion.
In the financial report released to the Nigerian Exchange (NGX), the Group’s revenue surged by 72 percent to N3.1 billion from N1.8 billion in the nine months ended of 2024, driven by eroding sales of goods and services.
The sales of finished goods contributed 82.5 percent of total revenue with N2.6 billion from N1.35 billion while property, rents and repair services accounted for 12.7 percent and 4.7 percent respectively.
For the period under review, John Holt recorded a 58.7 percent increase in its foreign exchange loss to N2 billion from N1.2 billion loss in the same period last year.
Other operating income surged by 713.6 percent to N4.8 billion from N587 million at the end of nine months in 2023, thanks to the support of its parent company.
In 9M 2024, the conglomerate had a 92.3 percent surge in cost of sales to N2.5 billion from N1.3 billion in the previous year, driven by a rise in the cost of selling finished goods which rose by 86.2 percent.
The sales of finished goods on technical products and leasing services rose to N2.28 billion from N1.01 billion, sales from services and repairs stood at N146 million from N134 million while sales on property rent and warehousing rose to N203 million from N167 million.
John Holt experienced a significant increase in its Earnings per share to N6.34 in 9M’24 from a loss of N2.36 in 9M’23.
However, the Group’s total assets declined to N8.873 billion from N14.477 billion due to a reduction in cash and the absence of related party receivables, as its non-current asset rose to N7 billion from N5.7 billion, driven by a 60 percent increase in property and investment properties and leasehold lands with leasehold buildings of 29.5 percent of property, plant and equipment.
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