Juli: Quarter 3 - financial statement for 2025 (NSENG:JULI)

JULI PLC

STATEMENT OF FINANCIAL POSITION

3rd QUARTER 30TH SEPTEMBER , 2025

30th Sept. 2025

9 Months Ended

31ST DEC.2024

NOTES

2025

2024

₦

ASSETS

Non- Current Assets

Property, Plant & Equipment

5

1,300

Product Development Exps

Goodwill

6

107,055,123

Investments

7

1,000,000

Total Non-Current assets

Current Assets

Inventories

8

56,503,262

56,109,743

Trade Receivables & Prepayments

9

-

Cash & Cash Equivalents

10

2,140,095

5,725,979

58,643,357

61,835,722

TOTAL ASSETS

166,699,780

169,892,145

EQUITY AND LIABILITIES

Share Capital

10

274,995,625

Share Premium

524,986,874

Revaluation Reserve

11

1,701,099

Retained Earning

12

(803,601,600)

(849,309,367)

(1,918,002)

(47,625,769)

Non-Current Liabilities

Term Loan

13

111,558,109

167,171,490

Deferred Taxation

Current Liabilities

Trade Payables & Accruals

14

30,508,757

23,795,509

Other Payables

26,550,916

Tax Payable

15

-

Related Party- MIDAS Investment Property

16a

-

Related Party- TBT NIG. LIMITED

16b

-

168,617,782

217,517,915

TOTAL LIABILITIES

TOTAL EQUITY & LIABILITIES

166,699,780

169,892,145

}

Directors

The Accounting Policies and notes form part of these Financial Statements

Prince Julius Adelusi-Adeluyi, OFR, mni Chairman

FRC/2013/NBA/00000004555

Acting Managing Director FRC/2020/003/00000021997

Osho Olaniyi Thomas, FCA, MBA

FRC/2014/ICAN/000006471

Chief Finance Officer

22nd day of October, 2025

JULI PLC
STATEMENT OF COMPREHENSIVE INCOME
3RD QUARTER, 30TH SEPTEMBER 2025
		3 Months Ended	3 Months Ended
		2025	2024
	NOTE	₦	₦
Turnover		113,868,571.61	130,838,934.00

Cost of Sales		74,589,646.42	87,506,926.80

Gross Profit		39,278,925.19	43,332,007.20

ADMIN. EXPENSES
Adverts & Public Relations		851,150.00	-
Bank Service Charges		101,030.36	798,566.25
Cleaning Expense		46,100.00	79,950.00
Telephone Expense		200,800.00	212,300.00
Computer and Internet Expenses		623,570.00	305,450.00
License, Registration, Subscription		2,000,000.00	524,450.00
Insurance Expenses		-	-
Laboratory Expenses		-	-
Vehicle Exp.Fuel & Lubricants		1,371,000.00	1,413,000.00
Vehicle Exp. Repairs & Maintenance		1,335,700.00	1,075,500.00
Vehicle Running Expenses - Others		-	524,100.00
Generator Running Expenses		-	-
Generator Expenses: Fuel & Lubricants		7,085,250.00	3,977,500.00
Generator Exp· Repairs & Maintenance		872,000.00	467,200.00
Printing, Postage & Stationery		283,900.00	445,450.00
Professional Fees: Audit & Others		500,000.00	8,700,000.00
PAYE		114,745.00	201,998.15
Rent & Rates		-	11,250.00
General Repairs and Maintenance		1,037,900.00	1,141,950.00
Staff: Salaries & Wages		10,776,288.80	9,142,759.10
Staff Medical Expenses		241,900.00	193,080.00
Staff Welfare Expenses		251,700.00	321,500.00
Security Expenses		750,000.00	615,000.00
Donation		-	-
Directors CCE		2,336,800.00	559,284.00
Selling & Distribution		-	11,600.00
Sundry Expenses		2,769,375.00	486,900.00
Travelling Expenses		1,582,200.00	63,000.00
Local Transport: Ado - Ekiti		31,700.00	81,710.00
Utilities: PHCN Bill		16,000.00	1,282,950.00
Utilities: LAWMA Bill		180,400.00	180,000.00
Utilities: Water Bill		-	-
Uniforms & Garments		-	96,000.00
Trainning & Development		-	-
Newspapers and periodicals: Ado - Ekiti		-	-
Transportation Expenses		146,900.00	76,800.00
Factory Overheads		-	-
Office expense		96,400.00	274,030.00
Entertainment		188,000.00	267,600.00
Depreciation		-	243,750.00
Loan Repayment		24,000,000.00	13,704,811.52
Pension expenses		-	573,087.50
Fines & Penalties		2,000,000.00	2,471,000.00


TOTAL		61,790,809.16	50,523,526.52

GROSS MARGIN		(22,511,883.97)	(7,191,519.32)

JULI PLC
STATEMENT OF COMPREHENSIVE INCOME		YEAR - DATE	YEAR - DATE
3RD QUARTER, 30TH SEPTEMBER 2025		JAN. - SEPT.	JAN. - SEPT.
		9 Months Ended	9 Months Ended
		2025	2024
	NOTE
Turnover		383,114,046.09	349,255,070.85

Cost of Sales		254,709,190.89	233,251,978.59

Gross Profit		128,404,855.20	116,003,092.26

ADMIN. EXPENSES
Adverts & Public Relations		1,334,174.00	258,074.00
Bank Service Charges		463,815.27	2,180,563.05
Cleaning Expense		187,400.00	199,350.00
Telephone Expense		540,500.00	501,000.00
Computer and Internet Expenses		1,125,620.00	1,109,650.00
License, Registration, Subscription		6,075,155.00	2,495,178.72
Insurance Expenses		-	700,000.00
Laboratory Expenses		-	224,600.00
Vehicle Running Expenses		-	92,500.00
Vehicle Running Expenses - Others		-	581,600.00
Vehicle Exp.Fuel & Lubricants		3,345,000.00	3,428,750.00
Vehicle Exp. Repairs & Maintenance		3,510,187.50	1,919,500.00
Generator Expenses: Fuel & Lubricants		19,711,450.00	15,840,360.00
Generator Exp· Repairs & Maintenance		2,168,900.00	2,685,300.00
Generator Running Expenses		-	6,000.00
Printing, Postage & Stationery		886,050.00	1,270,260.00
Professional Fees: Audit		6,232,500.00	600,000.00
Other Professional Fees		9,777,028.68	9,400,000.00
PAYE		332,851.57	2,587,763.07
Pension Expenses		401,387.50	774,287.50
Rent & Rates		241,105.00	109,665.00
General Repairs and Maintenance		2,850,000.00	3,027,802.50
Staff cost		161,350.00	47,000.00
Staff: Salaries & Wages		30,636,903.07	26,467,792.02
Staff Medical Expenses		1,446,347.28	680,090.00
Staff Welfare Expenses		749,150.00	634,130.00
Security Expenses		2,268,000.00	1,816,950.00
Directors CCE		4,258,400.00	2,249,284.00
Selling & Distribution		-	293,775.00
Training & Development		-	-
Sundry Expenses		7,195,245.00	715,925.00
Utilities: PHCN Bill		161,200.00	2,029,735.19
Utilities: PHCN Bill ADO - EKITI		-	-
Utilities: LAWMA Bill		722,200.00	540,000.00
Utilities: Water Bill Ado - Ekiti		620.00	28,900.00
Local Transport: Ado - Ekiti		159,350.00	205,060.00
Travelling Expenses		1,582,200.00	1,015,100.00
Uniforms & Garments		143,500.00	96,000.00
Newspapers and periodicals		-	-
Transportation Expenses		435,400.00	257,900.00
Factory Overheads		-	10,000.00
Office expense		380,845.00	941,920.00
Entertainment		484,200.00	728,790.00
Donation		-	1,200,000.00
Depreciation		-	731,250.00
Fines & Penalties		2,100,000.00	2,801,000.00
Wema/CBN Loan Repayment		70,000,000.00	26,296,480.27

TOTAL		182,068,034.87	119,779,285.32

GROSS MARGIN		(53,663,179.67)	(3,776,193.06)

3RD QUARTER SEPTEMBER 2025
JULI PLC
BOARD OF DIRECTORS AND THEIR SHAREHOLDING
SHAREHOLDERS	NO. OF SHARES D	INDIRECT	% HOLDING
Prince Julius Adelusi-Adeluyi, OFR, mni	57,227,746	###############	37.14
Late Sir Remi Omotosho	1,000,000		0.5
Mrs. Juli Omoshalewa Adelusi-Adeluyi	-	-	-
Mrs Abiola Macaulay-Rep.Access Bank		###############	3.25
Mr. Olanrewaju Ajayi-Rep.Wema Bank		###############	30
Mr. Sylvanus Eneche		-	0
Mrs. Lohdir Asabe Atu-Rep. Tim-Tali Invt. Ltd.		###############	3.75
Mrs Olufunke Ogunranti

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 December, 2024

Shareholder

Wema Bank Plc

Prince Julius Adelusi-Adeluyi, OFR, mni

Mrs. Juli Omoshalewa Adelusi-Adeluyi

TBT Nigeria Ltd.

Midas Investment & Property Limited

Number of
Shares
60,000,000
57,321,746
58,331,875
58,331,875
75,376,129
309,361,625

% of Issued
Share Capital
19
18
19
19
25
100.00

b. Shareholding Analysis		No. of Holders		% of Ho	Units Held	%
	1,000		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	143,143,826	71.57
			4,568	100	200,000,000	100

3RD QUARTER SEPT. 2025

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.

3RD QUARTER 30TH SEPTEMBER, 2025

Board Meetings The Board met one time during the Third Quarter affairs of the company Financial Statement report members are shown below:

Prince Julius Adelusi-Adeluyi, OFR, mni - Chairman

Prof. Lere Baale

Mrs. Julia Omoshalewa Adelusi-Adeluyi

Mr. Dele Adesina

Mr. Sylvanus Eneche

Mr. Kayode Falowo

Mrs. Olufunke Ogunranti - Executive

In accordance with Section 359 (3) of Companies has an Audit Committee made up of four (4) memb Shareholders. The committee met 22nd day of O the Financial Statement, details in respect of atte

Mrs. Julia Omoshale Mr. Dele Adesina Mr. Sylvanus Eneche

Mrs. Olufunke Ogunra

Board Committee

Two committees in addition to the Statutory Audit

Members of the Finance and General-Purpose comm details in respect of attendance are as follows:

Prof. Lere Baale- Ch Mr. Kayode Falowo Mrs. Olufunke Ogunra

Members of the Establishment/Human resources C details in respect of attendance are as follows:

Mrs. Julia Omoshale

Prof. Lere Baale

BY THE ORDER OF THE BOARD

Dated this 22nd day

Olalekan Yusuf (SA

STATEMENT OF DIRECTORS' RESPONSIBILITIES

For the Year ended 30th September, 2025

The Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria 2004 requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of financial affairs of the company at the end of the year and of its profit or loss. The responsibilities include ensuring that the

company:

a) Keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the company and comply with the requirements of the Companies and Allied Matters Act, Cap C.20, laws of the Federation of Nigeria 2020;

b) Establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and

c) Prepares its financial statements using suitable accounting policies supported by

reasonable and prudent judgments and estimates, and are consistently applied.

The directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with Nigerian Accounting Standards and the requirements of the Companies and Allied Matters Act, Cap C.20, Laws of the

Federation of Nigeria 2020.

The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the company and of its profit. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of

internal control.

Nothing has come to the attention of the directors to indicate that the company will not remain a going concern for at least twelve months from the date of this statement.

3RD Qtr. 30TH SEPTEMBER 2025

	Share Capital	Share Premium	Revaluation Reserve	Retained Earnings	Total
	₦	₦	₦	₦	₦

Balance at 1st January 2024	100,000,000	-	1,701,099	(803,601,600)	(701,900,501)
Total Comprehensive Income for the year
Prior year Adjustment				-	-
Revaluation surplus	-	-	-	-	-
	-	-	-	-	-

Balance as at 31st December 2024	100,000,000	-	1,701,099	(803,601,600)	(701,900,501)

Balance as at 1st January 2024	100,000,000		1,701,099	(803,601,600)	(701,900,501)
Change In Equity	174,995,625	524,986,874			699,982,499
Profit/Loss for the Third Quarter Sept.2025				(22,511,884)	(22,511,884)
Prior Year Adjustment				-	-
				-	-

As at 30th September, 2025	274,995,625	524,986,874	1,701,099	(826,113,484)	(24,429,886)

STATEMENT OF CASH FLOW
3RD QUARTER 30TH SEPTEMBER 2025	9 Months	12 Months
	Ended	Ended
	2025	2024
	₦	₦
OPERATING ACTIVITIES
Net Profit before interest and tax	(22,511,884)	35,576,738
Adjustment for items not involving movement of cash
Depreciation-Charge for the year	-	-
Depreciation-Charge on transferred Assets for the Year		-
Prior - Year Adjustment		-
Termination of Leasehold Interest		-
Reversal of Accummulated Deprn on leasehold interest		-
Changes in Revaluation Reserve(Decrease)of leasehold		-
Investment
Amortisation of Product Development Expenditure
Cashflow before changes in working capital	(22,511,884)	35,576,738

Changes in Working Capital
Decrease/(Increase) in inventories	22,821,091	(18,925,803)
(Increase)/Decrease in Trade Receivables & Prepayments
Increase/ (Decrease) in Other Payable	-	(300,000)
Increase/ (Decrease) in Trade Payables & Accruals	30,508,757	5,087,463
Cashflow generated from operations
Tax paid
Net cashflow from Operating Activities	30,817,964	21,438,398
INVESTING ACTIVITIES
Goodwill	107,055,123	9,448,395
Sales of Shares		-
Purchase of Non-Current Assets		-
Investment-Decrease
Net Cashflow from Investing Activities		-
FINANCING ACTIVITIES
Finance charges paid
Related Parties
Loan Repayment	24,000,000	(13,704,812)
Net Cashflow from Financing Activities	24,000,000	(13,704,812)

Net Decrease in Cash and Cash Equivalents
Cash and Cash equivalent at the beginning of the year	-	-
Prior-Year Adjustment
Cash and Cash equivalent at the end of the year

Represented By:
Cash and Cash Equivalent	2,140,095	4,485,402

	3rd QUARTER SEPT.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
	Balance b/fwd	24,900,000	6,936,000	2,821,000	7,321,000	3,629,000	39,685,000	85,292,000
	Additions:	-	-	-	-	-	-	-
	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	24,899,800	6,936,000	2,821,000	7,320,900	3,629,000	39,684,000	85,290,700
	Charges for the period	-	-	-	-	-	-	-
	Disposal	-	-	-	-	-	-	-
	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

2025

₦'000

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
200,000,000		99,953
37,253,015		37,253,015
37,253,015		37,253,015

7	Inventories
	Pharmaceuticals, Household
	Consumer Goods
	Raw Material

49,479,144

6,880,803

143,315

56,503,262

75,412,754

3,768,283

143,315

79,324,353

8	Trade and other receivables
	Trade receivables
	Other receivables
	Cash Advance Ado Ekiti
	Cash Advance- Ikeja

-

2,736,839

7,097,871

9,834,710.00

-

4,984,316

2,113,555

7,097,871

9	Cash and Bank Balances
	Bank Balances
	Cash Balances

1,963,715

176,380

2,140,095

14,958,264

225,780

15,184,044

The land & Building of the company was revalued by

Messrs Odudu & Co registered Estate

Surveyor and Valuer in September 2009 resulting in

a revaluation surplus of ₦199,275,985

2025

₦'000

2024

₦'000

12	Profit & Loss Account
	Balance Brought Forward
	Profit & Loss Account
	Prior Year Adjustment

-

(22,511,884)

-

(22,511,884)

(398,011,000)

(7,191,519)

-

(405,202,519)

13	Term Loan
	WEMA Bank Plc (Restructured)

14	Trade Payables and Accruals
	Trade Payables
	Alpha Pharmacy

30,508,757

9,001,000

39,509,757

-

9,001,000

Other Payables

Tax (PAYE) Payables

Accrued Audit Fee

Wages Control (Net Pay Control)

Other Payables(FRC/NSE)

Pension Fund- Payable

Directors Current Account

Accrued Directors Renumeration

VAT Account

Rent Received in Advance

17,930,073
-
-
9,556,914
-
-
-
-
-
27,486,987

17,594,002
-
-
9,556,914
-
28,800,000
105,000,000
-
875,000
161,825,916

15	Taxation
	Brought Forward
	Provision for the Year

-

16,993,000

-

16,993,000

16	Related Party Transaction
	Loan from MIDAS Investment Property Ltd

2025

₦'000

2024

₦'000

17	Revenue
	Household Consumer Goods
	Pharmaceuticals
	Water Sales

8,369,166

105,499,405

-

113,868,571

29,402,272

101,436,662

-

130,838,934

18	Other Income
	Interest on Fixed Deposit
	Rental Income
	Extended Network
	Clinic
	NIPOST

-

19	Cost of Sales
	Household Consumer Goods
	Pharmaceuticals
	Water Sales

5,858,417

68,731,230

-

74,589,646

16,501,263

71,005,663

-

87,506,927

20
a	Profit Before Taxation
	Profit before taxation is stated after charging:
	Depreciation
	Directors' Emoluments:

Employees' Costs

Auditors' Fee

Employee Cost and Directors' Remuneration

Employee costs during the year comprise:

1,300	1,300
10,776,288	9,142,759
10,776,288	9,142,759

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

5

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)

-

b	Per Statement of Financial Position
	As at 1st January 2022
	Current year charge
	Payment
	Balance as at 31st December, 2023

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 30th September, 2025.

26	Reclassification of Comparative figures
	Certain prior year balances have been reclassified to
	enhance comparability with current year balances

2025

₦'000

2024

₦'000

Adverts & Public Relations

Laboratory Expenses

Insurance Expenses

Bank Service Charges

Cleaning Expense

Telephone Expense

Computer and Internet Expenses

License, Registration, Subscription

Vehicle Exp.Fuel & Lubricants

Vehicle Exp. Repairs & Maintenance

Vehicle Running Expenses - Others

851,150.00
-
-
101,030.36
46,100.00
200,800.00
623,570.00
2,000,000.00
1,371,000.00
1,335,700.00
-

-
-
-
798,566.25
79,950.00
212,300.00
305,450.00
524,450.00
1,413,000.00
1,075,500.00
524,100.00

Generator Running Expenses

Generator Expenses: Fuel & Lubricants

Generator Exp· Repairs & Maintenance

Printing, Postage & Stationery

Professional Fees: Audit & Others

PAYE

Pension Expenses

Rent & Rates

General Repairs and Maintenance

Staff: Salaries & Wages

Staff Medical Expenses

Staff Welfare Expenses

Security Expenses

Donation

Directors CCE

Selling & Distribution

Sundry Expenses

Local Transport: Ado - Ekiti

Travelling Expenses

Utilities: PHCN Bill

Utilities: LAWMA Bill

Utilities: Water Bill

Uniforms & Garments

Trainning & Development

Newspapers and periodicals

Transportation Expenses

Factory Overheads

Office expense

Entertainment

Depreciation

Loan Repayment

Fines & Penalties

Midas Investment

-
7,085,250.00
872,000.00
283,900.00
500,000.00
114,745.00
-
-
1,037,900.00
10,776,288.80
241,900.00
251,700.00
750,000.00
-
2,336,800.00
-
2,769,375.00
31,700.00
1,582,200.00
16,000.00
180,400.00
-
-
-
-
146,900.00
-
96,400.00
188,000.00
-
24,000,000.00
2,000,000.00

-
3,977,500.00
467,200.00
445,450.00
8,700,000.00
201,998.15
573,087.50
11,250.00
1,141,950.00
9,142,759.10
193,080.00
321,500.00
615,000.00
-
559,284.00
11,600.00
486,900.00
81,710.00
63,000.00
1,282,950.00
180,000.00
-
96,000.00
-
-
76,800.00
-
274,000.00
267,600.00
243,750.00
13,704,811.52
2,471,000.00
-
50,523,496.52

Quarter 3 - financial statement for 2025

Earlier from Juli