JULI PLC QUARTERLY REPORT
FIRST QUARTER ENDED 31STMARCH 2025
19, KODESOH STREET IKEJA LAGOS STATE.
JULI PLC | ||||
STATEMENT OF FINANCIAL POSITION | ||||
FIRST QUARTER 31st March, 2025 | NOTE | |||
31st Mar.2025 | 31st Mar.2024 | |||
2025 | 2024 | |||
₦ | ₦ | |||
ASSETS | ||||
Non- Current Assets | ||||
Property, Plant & Equipment | 5 | 1,300 | 1,300 | |
Product Development Exps | ||||
Goodwill | 26,653,261 | - | ||
Investments | 6 | 1,000,000 | 1,000,000 | |
Total Non-Current assets | 27,654,561 | 1,001,300 | ||
Current Assets | ||||
Inventories | 7 | 73,809,388 | 71,499,494 | |
Trade Receivables & Prepayments | 8 | - | - | |
Cash & Cash Equivalents | 9 | 4,949,816 | 12,660,477 | |
78,759,204 | 84,159,971 | |||
TOTAL ASSETS | 106,413,765 | 85,161,271 | ||
EQUITY AND LIABILITIES | ||||
Share Capital | 10a | 274,995,625 | 100,000,000 | |
Share Premium | 10b | 524,986,874 | - | |
Revaluation Reserve | 11 | 1,701,099 | - | |
Retained Earning | 12 | (886,486,034) | (986,486,034) | |
(84,802,436) | (886,486,034) | |||
Non-Current Liabilities | ||||
Term Loan | 13 | 145,171,490 | 139,889,371 | |
Deferred Taxation | ||||
Current Liabilities | ||||
Trade Payables & Accruals | 14 | 19,493,795 | 12,508,538 | |
Other payables | 14B | 26,550,916 | 104,655,867 | |
Tax Payable | 15 | - | 17,493,000 | |
Related Party- MIDAS Investment Property | 16 | - | 697,100,529 | |
Related Party- TBT Nigeria Limited | - | |||
Bank Overdraft | ||||
46,044,711 | 831,757,934 | |||
TOTAL EQUITY & LIABILITIES | 106,413,765 | 85,161,271 | ||
} | ||||
} | Directors | |||
The Accounting Policies and notes form part of these Financial Statements | ||||
Prince Julius Adelusi-Adeluyi, OFR, mni |
Chairman |
FRC/2013/NBA/00000004555 |
Mrs Julia Omoshalewa Adelusi-Adeluyi |
Acting Managing Director |
FRC/2020/003/00000021997 |
Osho Olaniyi Thomas, FCA, MBA |
FRC/2014/ICAN/000006471 |
Chief Finance Officer |
JULI PLC | |||
STATEMENT OF COMPREHENSIVE INCOME | |||
FIRST QUARTER 31ST MARCH, 2025 | |||
3 Months Ended | 3 Months Ended | ||
2025 | 2024 | ||
NOTE | ₦ | ₦ | |
Turnover | 139,891,616.98 | 104,194,358.43 | |
Cost of Sales | 93,442,291.89 | 69,772,140.90 | |
Gross Profit | 46,449,325.09 | 34,422,217.53 | |
ADMIN. EXPENSES | |||
Adverts & Public Relations | 388,024.00 | 258,074.00 | |
Insurance Expenses | - | - | |
Laboratory Expenses | - | - | |
Bank Service Charges | 196,128.27 | 720,416.87 | |
Cleaning Expense | 65,000.00 | 39,950.00 | |
Telephone Expense | 163,500.00 | 143,000.00 | |
Computer and Internet Expenses | 258,400.00 | 499,850.00 | |
License, Registration, Subscription | 1,381,155.00 | 1,743,328.72 | |
Vehicle Running Expenses | - | 69,000.00 | |
Vehicle Exp.Fuel & Lubricants | 1,445,000.00 | 1,111,250.00 | |
Vehicle Exp. Repairs & Maintenance | 902,387.50 | 275,500.00 | |
Vehicle Running Expenses - Others | - | 3,000.00 | |
Generator Running Expenses | - | 6,000.00 | |
Generator Expenses: Fuel & Lubricants | 9,013,200.00 | 5,872,710.00 | |
Generator Exp· Repairs & Maintenance | 1,134,400.00 | 724,000.00 | |
Printing, Postage & Stationery | 234,050.00 | 427,130.00 | |
Professional Fees: Audit & Others | 2,000,000.00 | 600,000.00 | |
Other Professional Fees | 2,850,000.00 | 350,000.00 | |
Rent & Rates | 241,105.00 | 60,000.00 | |
General Repairs and Maintenance | 1,193,200.00 | 980,352.50 | |
Staff Cost | - | 26,500.00 | |
Staff: Salaries & Wages | 9,584,498.65 | 8,578,406.96 | |
Staff Welfare | 332,450.00 | 98,130.00 | |
Staff Medical Expenses | 562,362.28 | 237,460.00 | |
Security Expenses | 768,000.00 | 601,950.00 | |
Directors CCE | 328,650.00 | 450,000.00 | |
Selling & Distribution | - | 8,030.00 | |
Sundry Expenses | 4,207,435.00 | 164,625.00 | |
Local Transport | 48,300.00 | 54,400.00 | |
Travelling Expenses | - | 268,000.00 | |
Utilities: PHCN Bill | 26,500.00 | 311,835.19 | |
Utilities: LAWMA Bill | 360,800.00 | 180,000.00 | |
Water Bill | - | 28,900.00 | |
Donation | - | 200,000.00 | |
Uniforms & Garments | 132,000.00 | - | |
Training and Development | - | - | |
Newspapers and periodicals | - | - | |
Transportation Expenses | 127,300.00 | 104,600.00 | |
Factory Overheads | - | - | |
Office expense | 222,195.00 | 232,540.00 | |
Entertainment | 113,050.00 | 129,390.00 | |
PAYE | 146,406.62 | 285,764.92 | |
Pension | - | 50,300.00 | |
Depreciation | - | 243,750.00 | |
Loan Repayment | 22,000,000.00 | 6,378,406.52 | |
Fines and Penalties | 100,000.00 | 230,000.00 | |
TOTAL | 60,525,497.32 | 32,746,550.68 | |
Profit/(Loss) | (14,076,172.23) | 1,675,666.85 | |
JULI PLC | |||
FIRST QUARTER 31ST MARCH 2025 | |||
BOARD OF DIRECTORS AND THEIR SHAREHOLDING | |||
SHAREHOLDERS | SHARES DIRECT | INDIRECT | % HOLDING |
Prince Julius Adelusi-Adeluyi, OFR, mni | 57,227,746 | ############### | ############# |
Sir Remi Omotosho - Deceased | 1,000,000 | 0.5 | |
Mrs. Juli Omoshalewa Adelusi-Adeluyi | - | - | # ######## |
Mrs Abiola Macaulay-Rep.Access Bank | ############### | ############# | |
Mr. Olanrewaju Ajayi-Rep.Wema Bank | ############### | ############# | |
Mr. Sylvanus Eneche | - | # ######## | |
Mrs. Lohdir Asabe Atu-Rep. Tim-Tali Invt. Ltd. | ############### | ############# | |
Mrs Olufunke Ogunranti | |||
Prof. Lere Baale | |||
Shareholders Information |
a. Holders of more than 5% of Issued Share Capital |
The following Shareholders held more than 5% of the issued share capital of the company as at 31st March, 2025 |
Shareholder |
Wema Bank Plc |
Prince Julius Adelusi-Adeluyi, OFR, mni |
Mrs Julia Omoshalewa Adelusi Adeluyi |
Midas Investment & Property Limited |
TBT Nigeria Limited |
Number of |
Shares |
60,000,000 |
57,321,746 |
58,331,875 |
75,376,129 |
58,331,875 |
% of Issued |
Share Capital |
19.00 |
18 |
19 |
25 |
19 |
309,361,625 100.00
b. Shareholding Analysis No. of Holders | % of Holders | Units Held | % | ||
1000 | 2067 | 45.25 | 1,161,572 | 0.58 | |
1,001 - | 5,000 | 1722 | 37.7 | 3,742,264 | 1.87 |
5,001 - | 10,000 | 269 | 5.89 | 2,267,720 | 1.14 |
10,001 - | 50,000 | 366 | 8.01 | 9,483,722 | 4.74 |
50,001 - | 100,000 | 77 | 1.69 | 5,978,415 | 2.99 |
100,001 - | 500,000 | 45 | 0.98 | 10,484,866 | 5.25 |
500,001 - | 1,000,000 | 13 | 0.28 | 10,940,685 | 5.47 |
1,000,001 - | 5,000,000 | 4 | 0.09 | 12,796,930 | 6.40 |
5,000,001 - | # | 5 | 0.11 | 143,143,826 | 71.57 |
4,568 | 100 | 200,000,000 | 100 | ||
JULI PLC | |
SECURITY TRADING POLICY | |
In compliance with Rule 17.15 Disclosure of Dealings in issuers' Shares, | |
Rulebook of the Exchange 2015 (Issuers Rule) Juli Plc maintains a Security | |
Trading Policy which guides Directors, Audit Committee members, employees | |
and all individuals categorized as insiders as to their dealing in the Company's Shares. | |
The Policy undergoes periodic reviews by the Board and is updated accordingly. | |
The Company has made specific inquiries of all its directors and other insiders and is not | |
aware of any default by any insider during the period. | |
FIRST QUARTER 31ST MARCH 2025 | |||||
Share Capital | Share Premium | Revaluation Reserve | Retained Earnings | Total | |
₦ | ₦ | ₦ | ₦ | ₦ | |
Balance at 1st January 2024 | 100,000,000 | - | - | (884,810,367) | (784,810,367) |
Total Comprehensive Income for the year | |||||
Prior year Adjustment | - | - | |||
Revaluation surplus | - | - | - | - | - |
Profit/Loss for the 1st Qtr.2025 | - | - | (14,076,172) | 886,486,034 | 872,409,862 |
Balance as at 31st December 2024 | 100,000,000 | - | (14,076,172) | 1,675,667 | 87,599,495 |
Balance as at 1st January 2025 | 100,000,000 | (14,076,172) | (886,486,034) | (800,562,206) | |
Prior Year Adjustment | - | - | |||
Revaluation Surplus | - | - | |||
Change In Equity | - | ||||
Profit/Loss for the First Quarter 2025 | (14,076,172) | (14,076,172) | |||
Transfer for the Year | 174,995,625 | 524,986,874 | 699,982,499 | ||
Director Account - Share Capital Increase | - | ||||
As at 31st March 2025 | 274,995,625 | 524,986,874 | (14,076,172) | (900,562,206) | (114,655,879) |
STATEMENT OF CASH FLOW | ||
FIRST QUARTER 31ST MARCH 2025 | 3 Months | 3 Months |
Ended | Ended | |
2025 | 2024 | |
₦ | ₦ | |
OPERATING ACTIVITIES | ||
Net Profit before interest and tax | (14,076,172) | 1,675,667 |
Adjustment for items not involving movement of cash | ||
Depreciation | - | 243,750 |
Depreciation charges on transferred Assets for the year | - | 6,529,834 |
Investment | ||
Termination of leasehold Interest | - | - |
Reversal of Accumulated Depr. On leasehold interest | - | - |
Changes in Revaluation Reserves (Decrease) of leasehold | - | - |
Amortisation of Product Development Expenditure | ||
Cashflow before changes in working capital | (14,076,172) | 8,449,251 |
Changes in Working Capital | ||
Decrease/(Increase) in inventories | 34,537,143 | (36,962,351) |
(Increase)/Decrease in Trade Receivables & Prepayments | - | - |
Increase/ (Decrease) in Due to Intercompany | - | - |
Increase/ (Decrease) in Trade Payables & Accruals | (18,067,075) | 12,407,788 |
Cashflow generated from operations | 2,393,896 | (16,105,312) |
Tax paid | - | - |
Net cashflow from Operating Activities | 2,393,896 | (16,105,312) |
INVESTING ACTIVITIES | ||
Sales of Share | ||
Purchase of Non-Current Assets | - | - |
Investment-Decrease | - | - |
- | - | |
FINANCING ACTIVITIES | ||
Finance charges paid | - | - |
Loan Obtained | - | - |
Loan Repayment | (22,000,000) | (6,378,407) |
Net Cashflow from Financing Activities | (22,000,000) | (6,378,407) |
Net Increase/(Decrease) in Cash and Cash Equivalents | - | - |
Cash and Cash equivalent at the beginning of the year | 4,949,816 | 3,286,628 |
Prior-Year Adjustment | - | - |
Cash and Cash equivalent at the end of the 1st Qtr. Mar. 2025 | 4,949,816 | 3,286,628 |
Represented By: | ||
Cash and Bank | 4,949,816 | 3,286,628 |
FIRST QUARTER MAR.2025 | |||||||||||||||
5 | Property, Plant and Equipment | ||||||||||||||
25% | 20% | 20% | 20% | 20% | 20% | ||||||||||
Motor | Furniture | Office | Laboratory | Computer | Plant & | Total | |||||||||
Vehicle | & Fittings | Equipment | Equipment | Software | Machinery | ||||||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |||||||||
Cost | |||||||||||||||
As at Ist January 2024 | 24,900,000 | 6,936,000 | 2,821,000 | 7,321,000 | 3,629,000 | 39,685,000 | 85,292,000 | ||||||||
Disposal | - | - | - | - | - | - | - | ||||||||
As at 31st December.2024 | 24,900,000 | 6,936,000 | 2,821,000 | 7,321,000 | 3,629,000 | 39,685,000 | 85,292,000 | ||||||||
Accumulated Depreciation | |||||||||||||||
Balance b/fwd | |||||||||||||||
As at Ist January 2024 | 24,899,800 | 6,936,000 | 2,821,000 | 7,320,900 | 3,629,000 | 39,684,000 | 85,290,700 | ||||||||
Charges for the year | - | - | - | - | - | - | - | ||||||||
As at 31st December.2024 | 24,899,800 | 6,936,000 | 2,821,000 | 7,320,900 | 3,629,000 | 39,684,000 | 85,290,700 | ||||||||
Net Book Value | |||||||||||||||
As at 31st December.2024 | 200 | - | - | 100 | - | 1,000 | 1,300 | ||||||||
As at 31st December.2022 | 1,416,667 | 316,667 | - | 80,800 | - | 4,717,000 | 6,531,134 | ||||||||
As at 31st December.2021 | - | 938,000 | 441,000 | 1,545,000 | - | 9,604,000 | 197,921,000 |
31st March 2025 |
2025 |
₦'000 |
31st March 2024 |
2024 |
₦'000 |
6 | Investments (Market Value; N) |
These are fixed Deposits held with | |
WEMA Bank |
10 | Share Capital |
Authorised: | |
200,000,000 ordinary shares at 50k each |
Issued and Fully Paid: |
200,000,000 ordinary shares of 50k each |
11 | Revaluation Reserve |
Balance Brought Forward | |
Profit for the year |
100,000,000 | 100,000,000 | |
100,000,000 | 100,000,000 | |
37,253,015 | 37,253,015 | |
37,253,015 | 37,253,015 |
1,000 1,000
7 | Inventories |
Pharmaceuticals, Household | |
Consumer Goods | |
Raw Material |
71,476,985 |
5,743,394 |
- |
77,220,379 |
72,134,996 |
3,582,742 |
143,345 |
75,861,083 |
8 | Trade and other receivables |
Trade receivables | |
Other receivables | |
Cash Advance Ado Ekiti | |
Cash Advance- Ikeja |
- |
- |
9,018,779 |
4,503,036 |
2,430,352 |
- |
5,673,673 |
3,214,288 |
11,318,313 |
9 | Cash and Bank Balances |
Bank Balances | |
Cash Balances |
4,949,816 |
- |
4,949,816 |
3,286,626 |
- |
3,286,626 |
2025 |
₦'000 |
2024 |
₦'000 |
12 | Profit & Loss Account |
Balance Brought Forward | |
Profit & Loss Account | |
Prior Year Adjustment |
(890,461,028) |
(14,076,172) |
- |
(904,537,200) |
(884,810,367) |
(5,650,661) |
- |
(890,461,028) |
13 | Term Loan |
CBN/WEMA Bank Plc (Restructured) |
146,171,490 185,217,564
14 | Trade Payables and Accruals |
Trade Payables | |
Alpha Pharmacy |
19,493,795 |
9,001,000 |
28,494,795 |
44,597,305 |
9,001,000 |
53,598,305 |
Other Payables |
Tax (PAYE) Payables |
Accrued Audit Fee |
Wages Control (Net Pay Control) |
Other Payables |
Pension Fund- Payable |
Accrued Directors Account |
NSE Default payment |
Financial Reporting Council of Nigeria (FRCN) |
VAT Account |
Rent Received in Advance |
- | (1,610,746) | |
- | 629,700 | |
- | (18,103) | |
- | 294,000 | |
- | 604,101 | |
- | 94,158,000 | |
8,200,000 | 8,200,000 | |
2,056,915 | 2,056,915 | |
117,000 | 117,000 | |
- | 225,000 | |
10,373,915 | 104,655,867 | |
38,868,710 | 158,254,172 |
15 | Taxation |
Brought Forward | |
Provision for the Year |
- |
- |
- |
- |
500,000 |
500,000 |
16 | Related Party Transaction |
TBT | |
Loan from MIDAS Investment Property Ltd |
166,062,500 |
533,919,998 |
699,982,498 |
10,762,500 |
10,762,500 |
2025 |
₦'000 |
2024 |
₦'000 |
17 | Revenue |
Household Consumer Goods | |
Pharmaceuticals | |
Water Sales |
10,965,126 |
128,926,491 |
- |
139,891,617 |
18,390,431 |
42,941,415 |
9,720,000 |
71,051,846 |
18 | Other Income |
Interest on Fixed Deposit | |
Rental Income | |
NIPOST |
- |
- |
- |
- |
- |
375,000 |
- |
375,000 |
19 | Cost of Sales |
Household Consumer Goods | |
Pharmaceuticals | |
Water Sales |
5,358,613 |
88,083,679 |
- |
93,442,292 |
10,561,402 |
30,058,991 |
6,319,700 |
46,940,092 |
20 | |
a | Profit Before Taxation |
Profit before taxation is stated after charging: | |
Depreciation | |
Directors' Emoluments: |
1,300 566,633
- |
9,584,499 |
1,000,000 |
- |
8,578,407 |
1,000,000 |
Employees' Costs |
Auditors' Fee |
Employee Cost and Directors' Remuneration |
Employee costs during the year comprise: |
b
- |
- |
- |
- |
- |
- |
- |
- |
ii |
Directors' remuneration including pension contributions for Directors of the company for |
the year other than Executive Directors charged to profit or loss account are as follows: |
- |
- |
- |
- |
2025 |
Number |
2024 |
Number |
c | Average number of full time persons employed |
during the year: |
2 |
2 |
5 |
2 |
2 |
5 |
d | Average number of management and non-management |
5 |
16 |
5 |
16 |
e | High paid employees of the company, other than |
Directors who received remuneration of N1,000,000 | |
and above per annum (excluding pension contribution) |
2025 |
₦'000 |
2024 |
₦'000 |
21 | Profit Before Taxation |
a | Per Income Statement |
Income tax based on taxable Profit | |
Education tax | |
Current year charge | |
Deferred tax | |
Income tax charge/(credit) |
- |
- |
- |
- |
619 |
619 |
- |
619 |
- |
619 |
b | Per Statement of Financial Position |
As at 31ST March 2025 | |
Current year charge | |
Payment | |
Balance as at 31st March, 2025 |
- 243,750
- -
- 243,750
The charge for income tax is based on the provision of |
the Income Tax Act CAP C21 LFN 2004 |
as amended and Education Tax Act, CAP E4 LFN 2004. |
22 | Related Party Transactions |
The company transacts business with Midas | |
Investment Properties Limited. The amount due to | |
related parties are disclosed in Note 12 |
23 | Guarantees and othe financial obligations |
The company does not have any guarantee |
24 | Litigations and Claims |
The company has no litigations or outstanding | |
claims against it |
25 | Post Financial Position Events |
There are no significant post balance sheet events which | |
could have material effect on | |
the state of affairs of the company as at 31st December, 2021. |
26 | Reclassification of Comparative figures |
Certain prior year balances have been reclassified to | |
enhance comparability with current year balances |
2025 |
₦'000 |
2024 |
₦'000 |
16
Adverts & Public Relations |
Insurance Expenses |
Laboratory Expenses |
Bank Service Charges |
Cleaning Expense |
Telephone Expense |
Computer and Internet Expenses |
License, Registration, Subscription |
Vehicle Running Expenses |
Vehicle Exp.Fuel & Lubricants |
Vehicle Exp. Repairs & Maintenance |
Vehicle Running Expenses - Others |
Generator Running Expenses |
Generator Expenses: Fuel & Lubricants |
Generator Exp· Repairs & Maintenance |
Printing, Postage & Stationery |
Professional Fees: Audit & Others |
Professional Fees - Others |
Rent & Rates |
General Repairs and Maintenance |
Staff Cost |
Staff: Salaries & Wages |
Staff Welfare |
Staff Medical Expenses |
Security Expenses |
Directors CCE |
Selling & Distribution |
Sundry Expenses |
Local Transport |
Travelling Expenses |
Utilities: PHCN Bill |
Utilities: LAWMA Bill |
Water Bill |
Donation |
Uniforms & Garments |
Training and Development |
Newspapers and periodicals |
Transportation Expenses |
Factory Overheads |
Office expense |
Entertainment |
Depreciation |
PAYE |
Pension |
Loan Repayment |
Fines & Penalties |
388,024.00 |
- |
- |
196,128.27 |
65,000.00 |
163,500.00 |
258,400.00 |
1,381,155.00 |
- |
1,445,000.00 |
902,387.50 |
- |
- |
9,013,200.00 |
1,134,400.00 |
234,050.00 |
2,000,000.00 |
2,850,000.00 |
241,105.00 |
1,193,200.00 |
- |
9,584,498.65 |
332,450.00 |
562,362.28 |
768,000.00 |
328,650.00 |
- |
4,207,435.00 |
48,300.00 |
- |
26,500.00 |
360,800.00 |
- |
- |
132,000.00 |
- |
- |
127,300.00 |
- |
222,195.00 |
113,050.00 |
- |
146,406.62 |
- |
22,000,000.00 |
100,000.00 |
60,525,497.32 |
258,074.00 |
- |
- |
720,416.87 |
39,950.00 |
143,000.00 |
499,850.00 |
1,743,328.72 |
69,000.00 |
1,111,250.00 |
275,500.00 |
3,000.00 |
6,000.00 |
5,872,710.00 |
724,000.00 |
427,130.00 |
600,000.00 |
350,000.00 |
60,000.00 |
980,352.50 |
26,500.00 |
8,578,406.96 |
98,130.00 |
237,460.00 |
601,950.00 |
450,000.00 |
8,030.00 |
164,625.00 |
54,400.00 |
268,000.00 |
311,835.19 |
180,000.00 |
28,900.00 |
200,000.00 |
- |
- |
- |
104,600.00 |
- |
232,540.00 |
129,390.00 |
243,750.00 |
285,764.92 |
50,300.00 |
6,378,406.52 |
230,000.00 |
32,746,550.68 |