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John Holt Plc has reported a financial turnaround for the year ending September 30, 2024, posting a pre-tax profit of N2.5 billion, a sharp recovery from the pre-tax loss of N1 billion recorded in 2023.
The achievement highlights the company’s resilience and strategic efforts to boost performance despite economic headwinds.
The company’s revenue soared by 71.92% year-on-year, reaching N3.1 billion compared to N1.8 billion in the previous year. Sales of finished goods accounted for a substantial 82.5% of the total revenue, contributing N2.6 billion. Meanwhile, property rents and repair services made up 12.7% and 4.69%, respectively.
In addition to revenue growth, John Holt saw its other operating income skyrocket by an extraordinary 710.90% to N4.7 billion, up from N587 million in 2023. A significant portion of this boost—72.3%—came from contributions by its parent company.
Revenue: N3.1 billion (+71.92% YoY); Cost of Sales: N2.5 billion (+92.34% YoY); Gross Profit: N616 million (+19.61% YoY); Other operating income: N4.7 billion (+710.90% YoY); Pre-tax profit: N2.5 billion (from a loss of N1 billion in 2023) and Post-tax profit: N2.4 billion
Despite these gains, the company faced challenges, including a 92.34% rise in the cost of sales, which climbed to N2.5 billion. Additionally, foreign exchange losses grew by 58.71% to N2 billion, underscoring the impact of currency fluctuations on operations.
Earnings per share improved significantly, reaching N634 million. However, total current assets declined by 38.71% year-on-year to N8.8 billion, reflecting adjustments in the company’s operational strategy.
John Holt’s recovery demonstrates its ability to navigate a challenging economic environment marked by rising costs and foreign exchange volatility. The surge in revenue, coupled with substantial support from its parent company, played a critical role in achieving profitability.
With a renewed focus on efficiency and leveraging its core business areas, John Holt Plc is well-positioned to sustain its growth trajectory in the coming year. As the company continues to adapt to market dynamics, its robust performance in 2024 sets a strong foundation for future success.
