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.
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.
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.
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%.