Japaul Gold & Ventures Plc has published its audited financial statement for the year ended 31 December 2024, reporting a pre-tax profit of N1.8 billion.

This marks a significant recovery from the pre-tax loss of N622.02 million recorded in the previous year.

The turnaround was driven by a strong increase in revenue, which surged by 59.16% year-over-year to N4.1 billion, up from N2.5 billion in 2023.

A substantial portion of this revenue came from equipment rental, which contributed N3.9 billion. Additionally, the company earned N145.7 million from chipping and crushing activities.

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However, direct costs spiked by 29.12%, reaching N1.9 billion, up from N1.5 billion the prior year.

Despite this increase, the company achieved a gross profit of N2.1 billion, representing a growth of 102.25% from the N1.05 billion reported the previous year.

  • Additionally, the group generated ‘other income’ of N242.8 million, an increase of 78.11%, with profits from the disposal of Personal Protective Equipment contributing significantly at N196.1 million.

Although administrative expenses slightly rose to N580.4 million, a 0.77% increase, the company reported a profit of N1.8 billion from core operations, reflecting a growth of 191.30% compared to N619.3 million in the previous year.

With no net finance costs reported, the pre-tax profit was the same figure as the operating profit.

Key highlights (2024 vs 2023) 

  • Revenue: N4.1 billion, +59.16% YoY
  • Direct costs: N1.9 billion, +29.12% YoY
  • Gross profit: N2.1 billion, +102.25% YoY
  • Other income: N242.8 million, +78.11% YoY
  • Administrative expenses: N580.4 million, +0.77% YoY
  • Operating profit: N1.8 billion, +191.30% YoY
  • Pre-tax profit: N1.8 billion, +390.06% YoY

As of the close of trading on April 22, 2025, Japaul Gold was priced at N2.13 per share on the Nigerian Stock Exchange, reflecting a year-to-date return of 3.90%. In 2024, the company’s shares posted a full-year return of 20.6%.