Year end - financial statement for 2025

JULI PLC

QUARTERLY REPORT

JULI PLC

STATEMENT OF FINANCIAL POSITION

4TH QUARTER 31ST DECEMBER , 2025

31ST Dec. Months

31ST DEC.2024

NOTES

2025

2024

₦

₦

ASSETS

Non- Current Assets

Property, Plant & Equipment

5

1,300

1,300

Product Development Exps

Goodwill

6

116,503,518

116,503,518

Investments

7

1,000,000

1,000,000

Total Non-Current assets

Current Assets

Inventories

8

46,905,063

56,109,743

Trade Receivables & Prepayments

9

-

3,522,193

Cash & Cash Equivalents

10

7,016,414

4,792,921

53,921,477

64,424,857

TOTAL ASSETS

171,426,295

181,929,675

EQUITY AND LIABILITIES

Share Capital

10

100,000,000

100,000,000

Share Premium

Revaluation Reserve

11

37,253,015

37,253,015

Retained Earning

12

(627,855,556)

(765,108,571)

(490,602,541)

(627,855,556)

Non-Current Liabilities

Term Loan

13

110,000,000

167,171,490

Deferred Taxation

Current Liabilities

Trade Payables & Accruals

14

34,072,567

124,657,472

Other Payables

12,374,787

12,374,787

Tax Payable

15

-

-

Related Party- MIDAS Investment Property

16a

10,763,000

10,763,000

Related Party- TBT NIG. LIMITED

16b

494,818,482

494,818,482

552,028,836

809,785,231

TOTAL LIABILITIES

TOTAL EQUITY & LIABILITIES

171,426,295

181,929,675

}

}

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

26th day of January, 2026

JULI PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE 4TH QUARTER 31ST DEC.2025

3 Months Ended

3 Months Ended

2025

2024

NOTE

₦

₦

Turnover

96,754,958.64

129,150,664.62

Cost of Sales

62,801,921.05

85,799,233.97

Gross Profit

33,953,037.59

43,351,430.65

ADMIN. EXPENSES

Adverts & Public Relations

40,000.00

292,150.00

Insurance Expenses

-

-

Bank Service Charges

224,826.58

520,634.47

Cleaning Expense

53,400.00

41,700.00

Telephone Expense

165,000.00

150,000.00

Computer and Internet Expenses

138,400.00

-

Laboratory Expenses

99,500.00

78,500.00

License, Registration, Subscription

211,500.00

-

Vehicle Running Expenses - Other

-

2,000.00

Vehicle Exp.Fuel & Lubricants

1,106,700.00

1,356,000.00

Vehicle Exp. Repairs & Maintenance

686,000.00

1,114,600.00

Generator Expenses: Fuel & Lubricants

6,368,500.00

5,050,500.00

Generator Exp· Repairs & Maintenance

542,500.00

809,200.00

Printing, Postage & Stationery

339,600.00

288,100.00

Professional Fees: Audit

2,000,000.00

-

Professional Fees: Audit & Others

2,460,000.00

500,000.00

Rent & Rates

-

65,000.00

General Repairs and Maintenance

303,000.00

660,500.00

Staff: Salaries & Wages

9,226,669.39

10,056,078.71

Staff Medical Expenses

980,580.00

474,770.00

Staff Welfare

879,000.00

1,735,768.00

Security Expenses

750,000.00

600,000.00

Directors CCE

1,024,300.00

1,719,293.50

Sundry Expenses

1,004,125.00

3,049,950.34

Selling & Distribution Expenses

-

-

Staff Cost

-

4,945.00

Local Transport - Ado - Ekiti

-

-

Donation Expenses

-

-

Utilities: PHCN Bill

7,000.00

989,150.00

Utilities: LAWMA Bill

180,000.00

80,000.00

Utilities: Water Bill

-

-

Uniforms & Garments

-

96,000.00

Training and Development

-

-

Newspapers and periodicals

-

-

Transportation Expenses

161,600.00

212,350.00

Travelling Expenses

-

100,000.00

Factory Overheads

-

-

Office expense

9,000.00

569,690.00

Entertainment

174,000.00

309,350.00

CBN/WEMA Loan Repayment

4,000,000.00

25,780,738.00

PAYE Expense

53,849.96

-

Pension Expenses

204,187.50

-

Fines & Penalty

345,004.00

100,000.00

Depreciation

840,893.73

243,750.00

TOTAL

34,579,136.16

57,050,718.02

-

-

Profit/(Loss)

(626,098.57)

(13,699,287.37)

JULI PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE 4TH QUARTER 31ST DEC. 2025

12 Months Ended

12 Months Ended

2025

2024

NOTE

₦

₦

Turnover

479,869,004.73

478,405,736.08

Cost of Sales

320,551,361.94

319,051,212.56

Gross Profit

159,317,642.79

159,354,523.52

ADMIN. EXPENSES

Adverts & Public Relations

1,374,174.00

550,224.00

Insurance Expenses

-

700,000.00

Bank Service Charges

973,017.38

2,701,197.52

Cleaning Expense

240,800.00

241,050.00

Telephone Expense

705,500.00

651,000.00

Computer and Internet Expenses

1,264,020.00

1,109,650.00

Laboratory Expenses

75,500.00

303,100.00

License, Registration, Subscription

6,286,655.00

2,495,178.72

Vehicle Exp.Fuel & Lubricants

4,451,700.00

4,784,750.00

Vehicle Exp. Repairs & Maintenance

4,196,187.50

3,034,100.00

Vehicle Running Expenses

-

92,500.00

Vehicle Running Expenses - Others

-

583,600.00

Generator Expenses: Fuel & Lubricants

26,079,950.00

20,890,860.00

Generator Exp· Repairs & Maintenance

2,711,400.00

3,494,500.00

Generator Running Expenses

-

6,000.00

Printing, Postage & Stationery

1,225,650.00

1,558,360.00

Professional Fees: Audit

6,232,500.00

600,000.00

Professional Fees: Audit & Others

12,237,028.68

9,900,000.00

Rent & Rates

241,105.00

174,665.00

General Repairs and Maintenance

3,153,000.00

3,688,302.50

Staff Cost

161,350.00

51,945.00

Staff: Salaries & Wages

39,863,572.46

36,523,870.73

Staff Medical Expenses

2,426,927.28

1,154,860.00

Staff Welfare

1,628,150.00

2,369,898.00

Security Expenses

3,018,000.00

2,416,950.00

Directors CCE

5,282,700.00

3,968,577.50

Sundry Expenses

8,199,370.00

3,765,875.34

Selling & Distribution

-

293,775.00

Local Transport - Ado - Ekiti

159,350.00

205,060.00

Donation Expenses

-

1,200,000.00

Travelling Expenses

1,582,200.00

1,115,100.00

Utilities: PHCN Bill

168,200.00

3,018,885.19

Utilities: LAWMA Bill

902,200.00

620,000.00

Utilities: Water Bill

620.00

28,900.00

Uniforms & Garments

143,500.00

192,000.00

Training and Development

-

-

Newspapers and periodicals

-

-

Transportation Expenses

597,000.00

470,250.00

Factory Overheads

-

10,000.00

Office expense

389,845.00

1,511,610.00

Entertainment

658,200.00

1,038,140.00

Depreciation

1,056,797.47

975,000.00

CBN/Wema Bank Loan Repayment

74,000,000.00

52,077,218.27

PAYE Expenses

386,701.53

2,587,763.07

Pension Expenses

605,575.00

774,287.50

Fine & Penalties

2,445,004.00

2,901,000.00

TOTAL

215,123,450.30

176,830,003.34

Profit/(Loss)

(55,805,807.51)

(17,475,479.82)

JULI PLC

FOR THE 4TH QUARTER 31ST DEC. 2025

BOARD OF DIRECTORS AND THEIR SHAREHOLDING

SHAREHOLDERS

NO. OF

SHARES DIRECT

INDIRECT

% HOLDING

Prince Julius Adelusi-Adeluyi, OFR, mni

57,227,746

17,044,254

37.14

Sir Remi Omotosho

1,000,000

0.5

Mrs. Juli Omoshalewa Adelusi-Adeluyi

-

-

-

Mrs Abiola Macaulay-Rep.Access Bank

6,490,000

3.25

Mr. Olanrewaju Ajayi-Rep.Wema Bank

60,000,000

30

Mr. Sylvanus Eneche

-

0

Mrs. Lohdir Asabe Atu-Rep. Tim-Tali Invt. Ltd.

7,500,000

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, 2025

Shareholder

Wema Bank Plc

Prince Julius Adelusi-Adeluyi, OFR, mni

Midas Investment & Property Limited

Number of

Shares

60,000,000

57,227,746

17,044,254

134,272,000

% of Issued

Share Capital

30.00

28.63

8.53

67.16

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

-

200,000,000

5

0.11

143,143,826

71.57

4,568

100

200,000,000

100

JULI PLC

FOR THE 4TH 31ST DEC. QUARTER 2025

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.

Attendance

Mrs. Julia Omoshalewa Adelusi-Adeluyi - Chairman

Mr. Dele Adesina

Mr. Sylvanus Eneche

Mrs. Olufunke Ogunranti

STATEMENT OF DIRECTORS' RESPONSIBILITIES

For the Year ended 31st December, 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.

4TH Qtr. 31ST DECEMBER 2025

Share Capital

Share Premium

Revaluation Reserve

Retained Earnings

Total

₦

₦

₦

₦

₦

Balance at 1st January 2025

100,000,000

-

37,253,015

(420,165,148)

(282,912,133)

Total Comprehensive Income for the year

(55,805,808)

Prior year Adjustment

-

-

Revaluation surplus

-

-

-

-

-

-

-

-

-

-

Balance as at 31st December 2025

100,000,000

-

37,253,015

(420,165,148)

(338,717,941)

Balance as at 1st January 2024

100,000,000

37,253,015

(420,165,148)

(282,912,133)

Change In Equity

-

Profit/Loss for the fourth Quarter Dec.2025

(626,099)

(626,099)

Prior Year Adjustment

-

-

-

-

-

As at 31st December, 2025

100,000,000

-

37,253,015

(420,791,247)

(283,538,232)

STATEMENT OF CASH FLOW

FOR THE 4TH QUARTER 31ST DEC. 2025

Ended

Ended

2025

2024

₦

₦

OPERATING ACTIVITIES

Net Profit before interest and tax

(626,099)

(17,475,480)

Adjustment for items not involving movement of cash

Depreciation

840,894

4,264,600

Prior - Year Adjustment

-

-

Investment

Amortisation of Product Development Expenditure

Cashflow before changes in working capital

214,795

(13,210,880)

Changes in Working Capital

Decrease/(Increase) in inventories

-

-

(Increase)/Decrease in Trade Receivables & Prepayments

-

-

Increase/ (Decrease) in Due to Intercompany

-

-

Increase/ (Decrease) in Trade Payables & Accruals

-

-

Cashflow generated from operations

214,795

(13,210,880)

Tax paid

-

-

Net cashflow from Operating Activities

214,795

(13,210,880)

INVESTING ACTIVITIES

Purchase of Non-Current Assets

-

-

Investment-Decrease

-

-

-

-

FINANCING ACTIVITIES

Finance Charges Paid

973,017

2,701,198

Loan Obtained

-

-

Loan Repayment

74,000,000

52,077,218

Net Cashflow from Financing Activities

74,973,017

54,778,416

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 Bank

7,016,414

4,792,921

Bank Overdraft

7,016,414

4,792,921

JULI PLC

4TH QUARTER 31ST DECEMBER,2024

5

Property, Plant and Equipment

0%

0%

25%

20%

20%

20%

20%

20%

Freehold

Motor

Furniture

Office

Laboratory

Computer

Plant &

Total

Land

Building

Vehicle

& Fittings

Equipment

Equipment

Software

Machinery

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

Cost

As at Ist January 2025

100,000,000

168,279,000

14,900,000

5,936,000

2,821,000

7,321,000

3,629,000

26,685,000

329,571,000

Additions-Recognition of Transferred Assets

-

-

10,000,000

1,000,000

-

-

-

13,000,000

24,000,000

Disposal

-

-

-

-

-

-

-

-

-

As at 31st December.2025

100,000,000

168,279,000

24,900,000

6,936,000

2,821,000

7,321,000

3,629,000

39,685,000

353,571,000

Accumulated Depreciation

Reversal of Land & Building Cost

(100,000,000)

(168,279,000)

As at Ist January 2024

82,886,000

14,900,000

4,998,000

2,380,000

5,776,000

3,629,000

17,081,000

131,650,000

Accrued Depr. Charges on Transferred 31/12/25

-

7,583,333

283,333

-

-

-

7,350,000

15,216,666

Charges on Transferred Asset for the year

1,000,000

200,000

2,600,000

3,800,000

Reversal of Fixed Assets Accummulated Dep.

(82,886,000)

(82,886,000)

Charges for the year

-

-

-

1,138,000

441,000

1,464,200

-

7,937,000

10,980,200

As at 31st December.2025

-

-

23,483,333

6,619,333

2,821,000

7,240,200

3,629,000

34,968,000

78,760,866

Net Book Value

As at 31st December.2024

-

-

23,483,333

6,619,333

2,821,000

7,240,200

3,629,000

34,968,000

78,760,867

Charge during the year 2025

-

-

4,980,000

1,387,200

564,200

1,464,200

725,800

7,937,000

17,058,400

Amortized As at 31st Dec.2025

-

-

1,245,000

346,800

141,050

366,050

181,450

1,984,250

4,264,600

As at 31st December.2024

-

-

1,416,667

316,667

-

80,800

-

4,717,000

6,531,134

As at 31st December.2023

100,000,000

85,393,000

-

938,000

441,000

1,545,000

-

9,604,000

197,921,000

JULI PLC

FOR THE 4TH QUARTER 31ST DEC.2025

2025

₦'000

2024

₦'000

6

Investments (Market Value; N)

These are fixed Deposits held with

WEMA Bank

7

Inventories

Pharmaceuticals, Household

Consumer Goods

Raw Material

39,081,192

7,680,526

143,345

46,905,063

51,149,892

4,816,506

143,345

56,109,743

8

Trade and other receivables

Trade receivables

Other receivables

Cash Advance Ado Ekiti

Cash Advance- Ikeja

-

-

-

5,148,684

5,148,684

-

-

29,725,879

13,913,896

43,639,776

9

Cash and Bank Balances

Bank Balances

Cash Balances

7,016,414

-

7,016,414

4,792,921

-

4,792,921

10

Share Capital

Authorised:

200,000,000 ordinary shares at 50k each

Issued and Fully Paid:

199,905,003 ordinary shares of 50k each

11

Revaluation Reserve

Balance Brought Forward

Profit for the year

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

-

(626,099)

-

(626,099)

-

(6,738,167)

-

(6,738,167)

13

Term Loan

WEMA Bank Plc (Restructured)

14

Trade Payables and Accruals

Trade Payables

Alpha Pharmacy

-

9,001,000

9,002,946

9,001,000

Other Payables

Tax (PAYE) Payables

Accrued Audit Fee

Wages Control (Net Pay Control)

Other Payables

Pension Fund- Payable

Directors Current Account

Accrued Directors Renumeration

VAT Account

Rent Received in Advance

17,594,002

2,000,000

3,223,279

-

-

699,982,498

-

-

-

722,799,779

731,800,779

17,594,002

800,000

2,726,034

182,419,693

1,260,000

72,482,500

105,000,000

-

375,000

382,657,229

400,661,175

15

Taxation

Brought Forward

Provision for the Year

-

-

-

-

-

-

16

Related Party Transaction

Loan from MIDAS Investment Property Ltd

2025

₦'000

2024

₦'000

17

Revenue

Household Consumer Goods

Pharmaceuticals

Water Sales

31,635,315

448,233,690

-

479,869,005

107,749,844

370,655,893

-

478,405,737

18

Other Income

Interest on Fixed Deposit

Rental Income

NIPOST

-

-

-

-

-

1,800,000

-

1,800,000

19

Cost of Sales

Household Consumer Goods

Pharmaceuticals

Water Sales

26,043,710

294,507,652

-

320,551,362

59,692,088

259,459,124

-

319,151,212

20

a

Profit Before Taxation

Profit before taxation is stated after charging:

Depreciation

Directors' Emoluments:

-

39,863,572

2,000,000

-

28,661,079

2,000,000

Employees' Costs

Auditors' Fee

Employee Cost and Directors' Remuneration

Employee costs during the year comprise:

-

-

-

-

-

-

-

-

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)

-

-

-

-

-

-

-

-

-

-

b

Per Statement of Financial Position

As at 1st January 2020

Current year charge

Payment

Balance as at 31st December, 2020

-

-

-

-

-

-

-

-

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, 2024

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

1,374,174.00

550,224.00

Insurance Expenses

-

700,000.00

Bank Service Charges

973,017.38

2,701,197.52

Cleaning Expense

240,800.00

241,050.00

Telephone Expense

705,500.00

651,000.00

Computer and Internet Expenses

1,264,020.00

1,109,650.00

Laboratory Expenses

75,500.00

303,100.00

License, Registration, Subscription

6,286,655.00

2,495,178.72

Vehicle Running Expenses - Others

36,880.73

583,600.00

Vehicle Exp.Fuel & Lubricants

4,451,700.00

4,784,750.00

Vehicle Exp. Repairs & Maintenance

4,196,187.50

3,034,100.00

Vehicle Running Expenses

-

92,500.00

Generator Expenses: Fuel & Lubricants

26,079,950.00

20,890,860.00

Generator Exp· Repairs & Maintenance

2,711,400.00

3,494,500.00

Generator Running Expenses

-

6,000.00

Printing, Postage & Stationery

1,225,650.00

1,558,360.00

Professional Fees: Audit

6,232,500.00

600,000.00

Professional Fees: Audit & Others

12,237,028.68

9,900,000.00

Rent & Rates

241,105.00

174,665.00

General Repairs and Maintenance

3,153,000.00

3,688,302.50

Staff: Salaries & Wages

39,863,572.46

36,523,870.73

Staff Medical Expenses

2,426,927.28

1,154,860.00

Staff Welfare

1,628,150.00

2,369,898.00

Security Expenses

3,018,000.00

2,416,950.00

Directors CCE

5,282,700.00

3,968,577.50

Sundry Expenses

8,199,370.00

3,765,875.34

Selling & Distribution

-

293,775.00

Staff Cost

161,350.00

51,945.00

Local Transport - Ado - Ekiti

159,350.00

205,060.00

Donation Expenses

-

1,200,000.00

Travelling Expenses

1,582,200.00

1,115,100.00

Utilities: PHCN Bill

168,200.00

3,018,885.19

Utilities: LAWMA Bill

902,200.00

620,000.00

Utilities: Water Bill

620.00

28,900.00

Uniforms & Garments

143,500.00

192,000.00

Training and Development

-

-

Newspapers and periodicals

-

-

Transportation Expenses

597,000.00

470,250.00

Factory Overheads

-

10,000.00

Office expense

389,845.00

1,511,610.00

VAT/LIRS/FIRS/FRC/NSE

-

-

Entertainment

658,200.00

1,038,140.00

Depreciation

1,056,797.47

975,000.00

CBN/WEMA Bank Loan Repayment

74,000,000.00

52,077,218.27

PAYE Expenses

386,701.53

2,587,763.07

Pension Expenses

605,575.00

774,287.50

Fine & Penalties

2,445,004.00

2,901,000.00

TOTAL

215,160,331.03

176,830,003.34

Profit/(Loss)

(55,805,807.51)

(17,475,479.82)