Japaul Gold and Ventures Plc’s dredging business generated almost all its revenue in the nine months ended September 2026, marking a sharp departure from the previous year when offshore services contributed the bulk of turnover, according to the company’s financial statements.

Revenue from dredging surged to N4.19 billion from N359.42 million in the corresponding period of 2025, while offshore revenue plunged to N1.1 million from N2.23 billion. Quarry revenue also declined to N38.29 million from N70.61 million, leaving total turnover at N4.22 billion, up 59.1 percent from N2.66 billion a year earlier.

The dramatic change in the revenue mix coincided with stronger earnings. Gross profit increased 38.9 percent to N2.30 billion from N1.66 billion, while operating profit more than tripled to N1.51 billion from N499.45 million.

Profit before tax rose to N1.50 billion from N496.22 million, with other income increasing to N445.26 million from N63.16 million. Administrative expenses remained broadly stable at N1.24 billion, compared with N1.22 billion in the prior-year period.

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However, the improvement in earnings did not translate into stronger operating cash flow. Japaul recorded a net cash outflow of N612.63 million from operating activities, reversing the N737.37 million inflow generated in the first nine months of 2025.

Investing activities absorbed N6.92 billion, including N2.41 billion for mining-related work in progress, N539.0 million for property, plant and equipment, and N5 billion placed in a call account.

Financing activities provided N7.23 billion, supported largely by N7.51 billion in private-placement proceeds. Cash and bank balances fell to N142.68 million at the end of September 2026 from N614.88 million a year earlier.

The balance sheet also expanded year on year. Total non-current assets rose to N25.51 billion from N18.87 billion in September 2025, while net assets increased to N22.11 billion from N18.92 billion.

Property, plant and equipment climbed to N6.80 billion from N4.35 billion, and investment property rose to N3.75 billion from N1.35 billion. Total equity increased to N22.11 billion from N18.92 billion.

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On the Nigerian Exchange Group, Japaul Gold and Ventures’ shares traded at N2.54, giving the company a market capitalisation of N36.2 billion and delivering a 3.7 percent year-to-date return.

Chinwe Michael

Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.