Japaul Gold and Ventures, a Nigerian upstream service company, posted a profit after tax of N587.05 million in the first half of 2023 following seven years of consecutive losses.
The company’s unaudited financial report for the period under review showed that the profit before tax also stood at N587.05 million, better than the N426.63 million loss posted in the same period last year.
Japaul Gold and Ventures grew turnover to N1.86 billion in the first half of 2023 from a mere N112.46 million recorded in the corresponding period of 2022.
Digging deeper into the sources of revenue, the dredging unit alone accounted for N1.72 billion, the largest revenue-generating unit of the company.
Also, Japaul Quarry contributed N139.87 million in revenue during the first six months of 2023, a 190 percent increase when compared to the same period in 2022.
As expected, the cost of sales grew to N786.44 million in the period under review, against N183.61 million filed in the corresponding period while the company’s operating profit rose from a loss of N425.96 million in 2022 to N587.42 million this year.
Accordingly, cash and cash equivalents jumped 26.8 percent to N75.52 million in H1 2023 from N59.58 million in the first half of 2022. Similarly, net cash from operating activities stood at N62.12 million from a negative cash flow of N172.83 million in the same period of 2022.
Incorporated in 1994, Japaul Gold and Ventures continue to prove its mettle as a diversified Nigerian upstream service company, excelling in various sectors, including mining, oil, gas, maritime, dredging, transportation, engineering, and construction services.