Juli Plc has reported a profit after tax of N35.58 million for the financial year ended December 31, 2024, marking a significant turnaround from the N75,739 loss recorded in 2023.

The company’s audited financial statements, recently filed with the Nigerian Exchange Limited (NGX), reveal that revenue surged by 65.7 per cent to N478.41 million in 2024, compared to N288.78 million in the prior year.

This substantial growth in turnover was accompanied by a rise in the cost of sales, which increased to N319.05 million, up from N203.54 million in 2023. Despite the higher costs, gross profit for the year stood at N159.35 million, reflecting improved operational performance.

Administrative expenses also rose during the period, climbing to N123.78 million from N85.31 million in 2023. However, the company’s ability to manage these expenses relative to revenue growth contributed to its return to profitability.

Stronger Financial Position

Juli Plc’s total assets increased to N169.89 million in 2024, compared to N162.30 million in the previous year, indicating strengthened financial standing.

The company also recorded a major boost in its capital structure, with share capital rising from N100 million to N274.99 million. Additionally, the introduction of a share premium amounting to N524.99 million further reinforced its financial base.

Notably, total liabilities dropped significantly to N217.52 million, down from N909.93 million in 2023. This reduction was largely attributed to the elimination of related-party liabilities exceeding N700 million.

Reduced Shareholders’ Deficit

A major highlight of the financial report was the improvement in shareholders’ equity. Juli Plc reduced its negative shareholders’ fund from N747.63 million in 2023 to N12.07 million in 2024, signaling a reduction in accumulated losses and a more stable financial outlook.

The company’s improved financial performance reflects enhanced operational efficiency and successful efforts to strengthen its balance sheet, positioning it for sustained profitability in the future.