2021 H1 Results: Japaul Gold and Ventures Plc reports half year loss of N257.54 million.

Japaul Gold and Ventures Plc released its unaudited financial results for the period ended June 30, 2021.

  • Turnover for the period was N313.62 million. (-4.1% YoY)
  • Cost of sales was N221.9 million. (+27.9% YoY)
  • Administrative cost of N408.4 million. (-11% YoY)
  • An operating loss of N256.8 million was incurred.
  • Net assets during the period stood at N2.56 billion.
  • Loss for the year from continued operations of N257.54 million.(-772.6% YoY)

See link to results.

Japaul Gold & Ventures Plc: Notice of Board Meeting.

Japaul Gold & Ventures Plc has announced that it will be hosting a Virtual Board of Directors Meeting via Zoom Platform on the 14th day of September, 2021 by 10:00am.

This is according to a disclosure signed by the company’s secretary, Michael Edeko, and sent to the Nigerian Exchange Limited (NGX).

According to the notice, the meeting will enable the Board Directors to receive and consider the company’s financial statement for the period ended 30th of June, 2021. Decisions reached at the meeting will be subsequently communicated.

In addition, the firm also announced a closed period from 1st of July, 2021 until 24 hours after the company’s financial statement and outcome of the board meeting have been made public in line with the Rulebook of the Nigerian Exchange Limited.

In the closed period, insiders with material information that could influence the share price, comprising of directors, managers, employees, advisers, consultants, etc., and their connected persons are prohibited from directly or indirectly dealing in the securities of the company

Here is a link to the notice.

Japaul Gold and Ventures Plc delays submission of Q2 2O21 financial results

The Management of Japaul Gold and Ventures Plc (formerly known as Japaul Oil and Maritime Services Plc), has notified stakeholders of its inability to meet up with the regulatory time frame earmarked for the submission of its Unaudited Financial Statements for the second quarter of the year ended 30th of June, 2021.

This is according to a notice signed by the legal officer of the company, Babatunde Adewale, and sent to the Nigerian Exchange Group Limited (NGX).

According to the disclosure, the company was unable to meet up with the regulatory due date of 30th of July, 2021 due to an ongoing business diversification process which has not been finalized. In line with this reality, the firm sought and obtained the approval of NGX Regulation Limited (NGX RegCo) for an extension of time to file the accounts on or before 29th of September, 2021.

In addition, the company seized the opportunity to apologize for any inconveniences the delay might cause. It also reiterated commitments to ensuring that the accounts are filed within the extended timeframe granted by NGX RegCo.

Rationalizing the on-going diversification move, the firm noted that it is part of a strategic engagement aimed at repositioning the firm, from a loss position to a consistent and sustainable profit inclined position.

What you should know:

  • This is not the first time Japaul Gold and Ventures Plc will default in filing its financial statements in due time. Recall that similarly, the firm announced that it won’t be able to file its Q1 2021 results within the regulatory due date of 30th of April, 2021

Japaul Gold and Ventures Plc records a loss of N38.1 million in Q1 2021

Japaul Gold and Ventures Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Turnover for the period was N209.4 million. (+8.2% YoY)
  • Cost of sales N120.6 million. (+69.4% YoY)
  • Administrative cost totalled N110.57 million. (-43.7% YoY)
  • Loss from continued operations was N38.11 million.
  • Net assets for the period was N2.86 billion. (+1.35% YoY)

See link to results.

Japaul Gold and Ventures Plc reports loss of N996.7 million in FY 2020

Japaul Gold and Ventures Plc released its full-year audited financial statements for the year ended 31st December, 2020.

  • Revenue for the period was N689.6 million. (-4.94% YoY)
  • Administrative expenses totalled N1.12 billion. (+75.95% YoY)
  • An operating loss of N826.44 million was incurred during the period.
  • Loss from continuing operations was N996.7 million. (-102.4% YoY)
  • Loss from discontinued operations was N1.18 billion.
  • Loss per share of -19 kobo. (-102.91% YoY)
  • No dividend announcement was made.

See link to results.

Japaul Gold reschedules Board meeting to June 1st

The Board of Japaul Gold and Ventures Plc has rescheduled its Board meeting originally scheduled to hold on the 30th of March to 1st of June, 2021

This is according to a recent disclosure by the company which reads: ‘’Please be informed that the Board Meeting earlier scheduled pursuant to the approval obtained from the Exchange to hold on the 30th March, 2021 to receive and consider the Audited Financial Statements of the company for the period ended December 31, 2020 has been rescheduled for the 1st June, 2021.’’

On the other hand, despite the shift in the date for the board meeting, the firm however did not adjust its close period. It maintained its earlier stance that the close period remains 27th of March, 2021.

Recall that Japaul Gold had earlier announced that it will hold a virtual board meeting on the 30th day of March, 2021 by 10:00am. The meeting which is scheduled to be held via zoom is expected to consider among other things, the audited financial statements of the firm for the period ended December 31, 2020.

The firm in April 2021 notified shareholders and other relevant stakeholders, of its inability to file its audited financial statements for the year ended 31 December 2020 as expected which was due for submission on the regulatory date of 31st of March, 2021. The firm attributed this delay to the impact of the COVID-19 pandemic which slowed down the company’s operational bases and as a result of which key officers are indisposed.

It is pertinent to note that the firm is yet to release its FY 2020 results.  In this regard, the firm assured stakeholders that the audit exercise is still in process and that all measures will be taken to ensure that the result is filed in good time.