Japaul Gold and Ventures Plc recorded a profit earlier than tax of N1.50 billion for the 9 months ended September 2026, representing a rise of 202.3% from N496.22 million within the corresponding interval of 2025.
In the third quarter, pre-tax profit rose to N704.94 million from N75.95 million a 12 months earlier.
The firm’s unaudited monetary statements, authorised by its board on 28 October 2026, present that income development and increased different revenue supported the advance in profitability.
However, working money circulate turned unfavorable throughout the nine-month interval, whereas capital expenditure and funding actions accounted for substantial money outflows.
Key Highlights
- Revenue: N4.22 billion (Up 59.08% YoY from N2.66 billion).
- Gross profit: N2.30 billion (Up 38.85% YoY from N1.66 billion).
- Operating profit: N1.51 billion (Up 202.73% YoY from 499.45 million).
- Pre-tax profit: N1.50 billion (Up 202.30% YoY from N496.22 million).
- Profit after tax: N1.50 billion (Up 202.30% YoY from N496.22 million). The assertion data no revenue tax expense for both interval.
Driving the numbers
Japaul Gold and Ventures’ income elevated to N4.22 billion within the first 9 months of 2026 from N2.66 billion a 12 months earlier. The firm’s business-unit breakdown identifies dredging because the dominant income contributor.
Japaul Dredging generated N4.19 billion, accounting for roughly 99.1% of reported nine-month income. Japaul Offshore contributed N1.10 million, whereas Japaul Quarry generated N38.29 million. The focus of income in dredging implies that the group’s reported efficiency was overwhelmingly pushed by this enterprise unit throughout the interval.
Gross profit elevated by 38.85% to N2.30 billion, slower than the 59.08% development in income.
- Cost of gross sales rose to N1.92 billion from N996.40 million, indicating {that a} bigger share of income was absorbed by direct working prices.
- Consequently, the gross profit margin declined to roughly 54.5% from 62.5% within the corresponding interval of 2025.
- Despite this margin strain, working profit rose to N1.51 billion from N499.45 million. Other revenue elevated to N445.26 million from N63.16 million, contributing to the advance in reported earnings. Administrative prices additionally elevated barely, reaching N1.24 billion from N1.22 billion.
- Net finance prices rose to N11.82 million from N3.23 million. Although the rise was substantial in proportion phrases, finance prices remained comparatively small in contrast with the corporate’s reported working profit.
Profit earlier than tax consequently elevated to N1.50 billion, whereas profit after tax was equal to pre-tax profit as a result of no revenue tax expense was recorded.
The money circulate assertion, nonetheless, presents a much less beneficial image of money era. Net money utilized in working actions amounted to N612.63 million, in contrast with constructive working money circulate of N737.37 million within the corresponding interval of 2025. Cash receipts from prospects have been N2.00 billion, whereas funds to suppliers and workers totalled N2.40 billion.
- Investing actions used N6.92 billion throughout the interval. The assertion data N2.41 billion spent on mining-related capital work in progress, N538.95 million on property, plant and tools, and N5.00 billion positioned in a name account. These outflows have been partly offset by proceeds from asset disposals.
Financing actions generated internet money of N7.23 billion, supported by N7.51 billion in private-placement proceeds and N495.00 million in term-loan proceeds, alongside mortgage repayments and curiosity funds. Despite these financing inflows, money and money equivalents declined to N142.68 million on the finish of September 2026 from N446.61 million initially of the 12 months.
Balance Sheet
On the steadiness sheet, present borrowings stood at N2.73 billion as of September 2026, in contrast with N2.23 billion in December 2025. Current lease liabilities remained at N1.00 billion, whereas the non-current lease facility stood at N3.57 billion.
- Total belongings was N38.88 billion, calculated from reported non-current belongings of N25.51 billion and present belongings of N13.37 billion. The corresponding December 2025 figures totalled N38.05 billion.
Cash steadiness fell to N142.68 million at September 2026, Down from N427.44 million at December 2025.
Market response
Japaul Gold share value closed at N2.53 on October 28, 2026.
This represents about 1.2% year-to-date improve from N2.50 at first of the 12 months.
