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John Holt Plc has released its financial report for the year ending September 30, 2024, showing a pre-tax profit of N2.5 billion. This marks a significant improvement from the pre-tax loss of N1 billion recorded in the same period in 2023.

The company achieved a 71.92% increase in revenue, rising to N3.1 billion from N1.8 billion the previous year. A major contributor to this revenue growth was the sales of finished goods, which accounted for 82.5% of the total revenue.

John Holt’s other operating income also experienced a significant boost, surging by 710.90% to N4.7 billion, up from N587 million in the prior year. A substantial portion of this increase, 72.3%, was driven by the parent company’s contribution.

Revenue for the year stood at N3.1 billion, reflecting a year-on-year growth of 71.92%. The cost of sales, however, rose by 92.34% to N2.5 billion from N1.3 billion in 2023. Despite this increase in costs, the company achieved a modest 19.61% growth in gross profit, totaling N616 million, compared to N515 million the previous year.

Another highlight was the sharp rise in other operating income, which totaled N4.7 billion, up from N587 million the previous year. Of this, the parent company contributed N3.4 billion, or 72.34% of the total, with fair value investment gains on properties making up 21.65%.

Despite the increase in operating income, the company faced significant foreign exchange losses, which amounted to N2 billion, a 58.71% increase from the previous year’s losses of N1.2 billion. Nevertheless, John Holt was able to report a pre-tax profit of N2.5 billion, a remarkable recovery from the pre-tax loss of N1 billion reported in 2023. The post-tax profit stood at N2.4 billion, a sharp contrast to the N1 billion post-tax loss from the previous year. Additionally, earnings per share improved from a loss of N2.36 in 2023 to a profit of N6.34 in 2024.

Regarding asset position, the group’s total non-current assets grew significantly to N7 billion, up from N5.7 billion in 2023. This growth was driven by increased property and investment properties, with leasehold land and buildings accounting for a large portion of the increase in property, plants, and equipment. However, total current assets sharply declined to N1.7 billion from N8.6 billion, largely due to a significant reduction in cash and the absence of related party receivables. Consequently, the group’s overall assets decreased to N8.8 billion, down from N14.4 billion the previous year.

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Theresa Anyanwu

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