John Holt Plc posts N2.5 billion profit in 2024 amid revenue surge, parent company income 

This figure indicates a significant improvement from the pre-tax loss of N1 billion reported in the same period in 2023.

The company experienced a revenue increase of 71.92%, reaching N3.1 billion from N1.8 billion in the previous year, with finished goods sales making up 82.5% of the total revenue.

Additionally, John Holt’s other operating income rose by 710.90%, totaling N4.7 billion, up from N587 million the prior year.

Much of this increase was supported by the parent company, which contributed 72.3% to the total.

A cursory look at John Holt Plc’s financial performance reveals that the company achieved profits while contending with significant challenges, including rising costs of sales and notable foreign exchange losses.

Revenue increased by 71.92% year-on-year, reaching N3.1 billion, up from N1.8 billion in the previous year.

However, the cost of sales spiked by 92.34% year-on-year to N2.5 billion, compared to N1.3 billion last year.

As a result, the company reported a modest 19.61% growth in gross profit, totaling N616 million, up from N515 million the previous year.

Additionally, John Holt experienced a significant increase in ‘other operating income,’ which soared to N4.7 billion, a marked rise from N587 million in 2023.

Conversely, foreign exchange losses amounted to N2 billion, reflecting a 58.71% increase on the previous year’s losses of N1.2 billion.

Nevertheless, the company managed to report a pre-tax profit of N2.5 billion, offsetting a pre-tax loss of N1 billion reported earlier.

Earnings per share improved from a loss of N2.36 reported the previous year to a profit of N6.34 for 2024.

Consequently, the Group’s overall assets decreased to N8.8 billion, down from N14.4 billion in the previous year.