John Holt Nigeria Plc reported full year 2013 financial report on the floor of Nigerian Stock Exchange on Wednesday, with an increase in its top line revenue compared to previous year results.
Also, the company posted profit since 2010 having recorded N126 million net profits compared to N67 million losses in 2012.
The sales also moved up by 10 per cent to close at N3.04 billion in 2013 but the overall performance still suggests that the management of the company has not found the right formula to pull the company out of its current dilemma.
It would be recalled that the company’s turnover has been on the downward trend since 2007, with its performances in 2013; and in the last seven years very unimpressive.
Its turnover decreased from N16.56 billion in 2007 to N2.76 billion in 2012, representing a decline of 83.3 percent before it moved by 10 per cent from 2012 to N3.04 billion in 2013. Gross profit also increased between 2012 and 2013 to N813 million from N677 million.
The current assets of the John Holt decreased from N3.6 billion in 2012 to N0.60 billion in 2013, representing a significant decrease of 83.5 percent.
The report also shows that the company current asset cannot cater for its liabilities as current liabilities stood at N4.86 billion. The huge burden came from short term borrowing and due to related parties. Consequently, working
capital stood at a negative figure of N4.27 billion at the end of year 2013.
Details of the results shows that trade and other payable stood at N1.7 billion against N2.41 billion in 2012 while due to related parties stood at N2.31 billion from N2.19 billion in 2007
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