JULI PLC QUARTERLY REPORT
FIRST QUARTER ENDED 31ST MARCH 2026
19, KODESOH STREET IKEJA LAGOS STATE.
JULI PLC | ||||
STATEMENT OF FINANCIAL POSITION | ||||
FIRST QUARTER 31st March, 2026 | NOTE | |||
31st Mar.2026 | 31st Mar.2025 | |||
2026 | 2025 | |||
₦ | ₦ | |||
ASSETS | ||||
Non- Current Assets | ||||
Property, Plant & Equipment | 5 | 11,280,656 | 10,748,740 | |
Product Development Exps | ||||
Goodwill | - | 151,766,451 | ||
Investments | 6 | 1,000,000 | 1,000,000 | |
Total Non-Current assets | 12,280,656 | 163,515,191 | ||
Current Assets | ||||
Inventories | 7 | 52,518,346 | 46,905,000 | |
Trade Receivables & Prepayments | 8 | - | - | |
Cash & Cash Equivalents | 9 | 2,420,420 | 7,617,000 | |
54,938,766 | 54,522,000 | |||
TOTAL ASSETS | 67,219,422 | 218,037,191 | ||
EQUITY AND LIABILITIES | ||||
Share Capital | 10a | 274,995,625 | 274,995,625 | |
Share Premium | 10b | 524,986,874 | 524,986,874 | |
Revaluation Reserve | 11 | 37,253,016 | 37,253,016 | |
Retained Earning | 12 | (85,611,502) | (864,035,228) | |
751,624,013 | (26,799,713) | |||
Non-Current Liabilities | ||||
Term Loan | 13 | 109,801,688 | 92,440,544 | |
Deferred Taxation | ||||
Current Liabilities | ||||
Trade Payables & Accruals | 14 | 25,971,386 | 24,059,360 | |
Other payables | 14B | 24,848,036 | 62,437,000 | |
Tax Payable | 15 | 5,900,000 | 5,900,000 | |
Related Party- MIDAS Investment Property | 16 | 10,500,000 | 60,000,000 | |
Related Party- TBT Nigeria Limited | - | |||
Bank Overdraft | ||||
67,219,422 | 244,836,904 | |||
TOTAL EQUITY & LIABILITIES | 818,843,434 | 218,037,191 | ||
} | ||||
} | 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 |
30th day of April, 2025
JULI PLC | |||
STATEMENT OF COMPREHENSIVE INCOME | |||
FIRST QUARTER 31ST MARCH, 2026 | |||
3 Months Ended | 3 Months Ended | ||
2026 | 2025 | ||
NOTE | ₦ | ₦ | |
Turnover | 78,898,335.00 | 139,891,616.98 | |
Cost of Sales | 51,884,734.50 | 93,442,291.89 | |
Gross Profit | 27,013,600.50 | 46,449,325.09 | |
ADMIN. EXPENSES | |||
Adverts & Public Relations | 260,000.00 | 388,024.00 | |
Insurance Expenses | - | - | |
Laboratory Expenses | 233,500.00 | - | |
Bank Service Charges | 155,670.82 | 196,128.27 | |
Cleaning Expense | 113,800.00 | 65,000.00 | |
Telephone Expense | 160,000.00 | 163,500.00 | |
Computer and Internet Expenses | 216,000.00 | 258,400.00 | |
License, Registration, Subscription | 2,400,214.00 | 1,381,155.00 | |
Vehicle Running Expenses | - | - | |
Vehicle Exp.Fuel & Lubricants | 2,000,000.00 | 1,445,000.00 | |
Vehicle Exp. Repairs & Maintenance | 1,436,648.69 | 902,387.50 | |
Vehicle Running Expenses - Others | - | - | |
Generator Running Expenses | - | - | |
Generator Expenses: Fuel & Lubricants | 6,923,000.00 | 9,013,200.00 | |
Generator Exp· Repairs & Maintenance | 459,000.00 | 1,134,400.00 | |
Printing, Postage & Stationery | 449,750.00 | 234,050.00 | |
Professional Fees: Audit & Others | 2,000,000.00 | 2,000,000.00 | |
Other Professional Fees | 300,250.00 | 2,850,000.00 |
Rent & Rates | 175,507.94 | 241,105.00 | |
General Repairs and Maintenance | 932,400.00 | 1,193,200.00 | |
Staff Cost | - | - | |
Staff: Salaries & Wages | 8,341,466.12 | 9,584,498.65 | |
Staff Welfare | 52,000.00 | 332,450.00 | |
Staff Medical Expenses | 241,250.00 | 562,362.28 | |
Security Expenses | 899,190.00 | 768,000.00 | |
Directors CCE | 1,022,450.00 | 328,650.00 | |
Selling & Distribution | - | - | |
Sundry Expenses | 88,185.00 | 4,207,435.00 | |
Local Transport | - | 48,300.00 | |
Travelling Expenses | - | - | |
Utilities: PHCN Bill | 22,000.00 | 26,500.00 | |
Utilities: LAWMA Bill | 180,000.00 | 360,800.00 | |
Water Bill | - | - | |
Donation | - | - | |
Uniforms & Garments | 110,000.00 | 132,000.00 | |
Training and Development | - | - | |
Newspapers and periodicals | - | - | |
Transportation Expenses | 174,100.00 | 127,300.00 | |
Factory Overheads | - | - | |
Office expense | 52,650.00 | 222,195.00 | |
Entertainment | 281,550.00 | 113,050.00 | |
PAYE | 41,695.00 | 146,406.62 | |
Pension | 245,025.00 | - | |
Depreciation | - | - | |
Loan Repayment | 1,500,000.00 | 22,000,000.00 | |
Fines and Penalties | 20,000.00 | 100,000.00 | |
TOTAL | 31,487,302.57 | 60,525,497.32 | |
Profit/(Loss) | (4,473,702.07) | (14,076,172.23) | |
JULI PLC | |||
FIRST QUARTER 31ST MARCH 2026 | |||
BOARD OF DIRECTORS AND THEIR SHAREHOLDING | |||
SHAREHOLDERS | NO. OF SHARES DIRECT | INDIRECT | % HOLDING |
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, 2026 | |||
Shareholder |
Prince Julius Adelusi-Adeluyi, OFR, mni |
Number of |
Shares |
57,321,746 |
% of Issued |
Share Capital |
10.40 |
Mrs Julia Omoshalewa Adelusi Adeluyi | 58,331,875 |
10.60
TBT Nigeria Limited | 16,952,442 |
28.58
Midas Investment & Property Limited | 16,661,563 |
27.57
Other Shareholders | 125,728,000 |
22.85
274,995,625 100.00
b. Shareholding Analysis | No. of Holders | % of Ho | 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 | - | 200,000,000 | 5 | 0.11 | 218,139,451 | 71.57 |
4,568 | 100 | 274,995,625 | 100 | |||
JULI PLC | |
FIRST QUARTER 31ST MARCH 2026 | |
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 2026 | |||||
Share Capital | Share Premium | Revaluation Reserve | Retained Earnings | Total | |
₦ | ₦ | ₦ | ₦ | ₦ | |
Balance at 1st January 2025 | 274,995,625 | - | - | (12,073,853) | 262,921,772 |
Total Comprehensive Income for the year | (4,473,702) | ||||
Prior year Adjustment | - | - | |||
Revaluation surplus | - | - | - | - | - |
Profit/Loss for the 1st Qtr.2026 | - | - | - | (4,473,702) | (4,473,702) |
Balance as at 31st December 2025 | 274,995,625 | - | - | (16,547,555) | 258,448,070 |
Balance as at 1st January 2025 | 274,995,625 | (12,073,853) | (886,486,034) | (623,564,262) | |
Prior Year Adjustment | - | - | |||
Revaluation Surplus | - | - | |||
Change In Equity | - | ||||
Profit/Loss for the First Quarter 2026 | (4,473,702) | (4,473,702) | |||
Transfer for the Year | 174,995,625 | 524,986,874 | 699,982,499 | ||
Director Account - Share Capital Increase | - | ||||
As at 31st March 2026 | 449,991,250 | 524,986,874 | (12,073,853) | (890,959,736) | 71,944,535 |
Juli Plc 1st Qtr. MAR.2026 | |||||||||||||||
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 | |||||||||||||||
Balance b/fwd | 200 | - | - | 100 | - | 1,000 | 1,300 | ||||||||
Additions | 10,000,000 | - | - | - | - | 3,434,300 | 13,434,300 | ||||||||
Disposal | |||||||||||||||
As at 31st December.2025 | 10,000,200 | - | - | 100 | - | 3,435,300 | 13,435,600 | ||||||||
Accumulated Depreciation | |||||||||||||||
Balance b/fwd | |||||||||||||||
As at Ist January 2026 | 10,000,200 | - | - | 100 | - | 3,435,300 | 13,435,600 | ||||||||
Charges for the year Mar.2026 | 2,083,375 | - | - | - | - | 71,569 | 2,154,944 | ||||||||
As at 31st Mar.2026 | 7,916,825 | - | - | 100 | - | 3,363,731 | 11,280,656 | ||||||||
Net Book Value | |||||||||||||||
As at 31st December.2026 | 8,000,200 | - | - | - | - | 71,569 | 2,154,944 | ||||||||
As at Dec. 31st . 2024 | 200 | 100 | 1,000 | 1,300 |
6 | Investments (Market Value; N) |
These are fixed Deposits held with | |
WEMA Bank |
7 | Inventories |
Pharmaceuticals, Household | |
Consumer Goods | |
Water Raw Material |
8 | Trade and other receivables |
Trade receivables | |
Other receivables | |
Cash Advance Ado Ekiti | |
Cash Advance- Ikeja |
9 | Cash and Bank Balances |
Bank Balances | |
Cash Balances |
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 |
12 | Profit & Loss Account |
Balance Brought Forward | |
Profit & Loss Account | |
Prior Year Adjustment |
13 | Term Loan |
CBN/WEMA Bank Plc (Restructured) |
31st March 2026 |
2026 |
₦'000 |
31st March 2025 |
2025 |
₦'000 |
1,000 1,000
44,933,915 |
7,584,431 |
- |
52,518,346 |
71,476,985 |
5,743,394 |
- |
77,220,379 |
- |
- |
- |
4,529,970 |
- |
- |
9,018,779 |
4,503,036 |
13,521,815 |
1,950,616 |
4,787,850 |
6,738,466 |
4,949,816 |
- |
4,949,816 |
274,995,625 | 274,995,625 | |
274,995,625 | 274,995,625 | |
37,253,015 | 37,253,015 |
37,253,015 |
2026 |
₦'000 |
37,253,015 |
2025 |
₦'000 |
(904,537,200) |
(4,473,702) |
- |
(909,010,902) |
(890,461,028) |
(14,076,172) |
- |
(904,537,200) |
109,801,688 146,171,490
14 | Trade Payables and Accruals |
Trade Payables | |
Alpha Pharmacy |
25,971,386 |
9,001,000 |
34,972,386 |
19,493,795 |
9,001,000 |
28,494,795 |
Other Payables |
Tax (PAYE) Payables |
Accrued Audit Fee |
Wages Control (Net Pay Control) |
Other Payables - Ado - Ekiti |
Pension Fund- Payable |
Accrued Directors Account |
NSE Default payment |
Financial Reporting Council of Nigeria (FRCN) |
VAT Account |
Rent Received in Advance |
- | - | |
- | - | |
- | - | |
2,058,361 | - | |
- | - | |
- | - | |
6,800,000 | 8,200,000 | |
5,000,000 | 2,056,915 | |
117,000 | 117,000 | |
- | - | |
13,975,361 | 10,373,915 | |
48,947,746 | 38,868,710 |
15 | Taxation |
Brought Forward | |
Provision for the Year |
- |
5,900,000 |
5,900,000 |
- |
500,000 |
500,000 |
16 | Related Party Transaction |
Loan from TBT Nigeria Limited | |
Loan from MIDAS Investment Property Ltd | |
Loan from TBT Nigeria Limited - Allowance | |
Loan from MIDAS Investment Property Ltd - Rent |
166,062,500 |
533,919,998 |
27,000,000 |
67,500,000 |
166,062,500.00 |
533,919,998.00 |
- |
- |
- |
699,982,498 |
794,482,498
2026 |
₦'000 |
2025 |
₦'000 |
17 | Revenue |
Household Consumer Goods | |
Pharmaceuticals | |
Water Sales |
13,525,277 |
65,373,058 |
- |
78,898,335 |
10,965,126 |
128,926,491 |
- |
139,891,617 |
18 | Other Income - Arrears |
Interest on Fixed Deposit | |
Clinic - Dentist | |
Optician - Eyes Glasses | |
NIPOST |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
19 | Cost of Sales |
Household Consumer Goods | |
Pharmaceuticals | |
Water Sales |
6,123,594 |
45,761,141 |
- |
51,884,735 |
5,358,613 |
88,083,679 |
- |
93,442,292 |
20 | |
a | Profit Before Taxation |
Profit before taxation is stated after charging: | |
Depreciation | |
Directors' Emoluments: |
- 1,300
- |
8,341,466 |
2,000,000 |
- |
9,584,499 |
2,000,000 |
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: |
2026 |
Number |
2025 |
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) |
2026 |
₦'000 |
2025 |
₦'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) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
b | Per Statement of Financial Position |
As at 31ST March 2026 | |
Current year charge | |
Payment | |
Balance as at 31st March, 2026 |
5,900,000 2,292,028
- -
5,900,000 2,292,028
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 |
2026 |
₦'000 |
2025 |
₦'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 |
260,000.00 |
- |
233,500.00 |
155,670.82 |
113,800.00 |
160,000.00 |
216,000.00 |
2,400,214.00 |
- |
2,000,000.00 |
1,436,648.69 |
- |
- |
6,923,000.00 |
459,000.00 |
449,750.00 |
2,000,000.00 |
300,250.00 |
175,507.94 |
932,400.00 |
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 |
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 |
- |
8,341,466.12 |
52,000.00 |
241,250.00 |
899,190.00 |
1,022,450.00 |
- |
88,185.00 |
- |
- |
22,000.00 |
180,000.00 |
- |
- |
110,000.00 |
- |
- |
174,100.00 |
- |
52,650.00 |
281,550.00 |
- |
41,695.00 |
245,025.00 |
1,500,000.00 |
20,000.00 |
31,487,302.57 |
- |
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 |