Japaul Gold and Ventures Plc posted a profit before tax of N1.50 billion for the nine months ended September 2026, a 202.3% increase from N496.22 million in the corresponding period of 2025. The board approved the unaudited results on 28 October 2026.
Third-quarter performance was particularly strong, with pre-tax profit rising to N704.94 million from N75.95 million in the prior-year quarter. The improvement in profitability was supported by revenue growth and a sharp rise in other income.
Total revenue grew 59.08% to N4.22 billion from N2.66 billion, while gross profit rose 38.85% to N2.30 billion from N1.66 billion. Operating profit reached N1.51 billion, up 202.73% from N499.45 million.
The group's revenue remains heavily concentrated in dredging. Japaul Dredging contributed N4.19 billion, roughly 99.1% of nine-month revenue, while Japaul Offshore added N1.10 million and Japaul Quarry N38.29 million.
Cost of sales climbed to N1.92 billion from N996.40 million, reducing the gross profit margin to about 54.5% from 62.5%. Other income increased to N445.26 million from N63.16 million, and administrative costs rose slightly to N1.24 billion from N1.22 billion. Net finance costs advanced to N11.82 million from N3.23 million.
No income tax expense was recorded in either period, leaving profit after tax at N1.50 billion and also up 202.30% year on year.
Cash generation, however, weakened. Net cash used in operating activities was N612.63 million, compared with positive operating cash flow of N737.37 million in 2025. Customer receipts totalled N2.00 billion, while supplier and employee payments reached N2.40 billion. Investing activities consumed N6.92 billion, including N2.41 billion on mining-related capital work in progress, N538.95 million on property, plant and equipment, and N5.00 billion placed in a call account.
Financing activities generated net cash of N7.23 billion, backed by N7.51 billion in private-placement proceeds and N495.00 million in term-loan proceeds, partly offset by loan repayments and interest payments. Despite these inflows, cash and cash equivalents fell to N142.68 million at end-September 2026 from N446.61 million at the beginning of the year.
