Japaul Oil records N91m profit in nine months

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Japaul Oil and Maritime Services Plc has reported a profit of N91m for the first nine months of the year, compared to a loss of N2.1bn a year ago.

The firm’s unaudited financial statements released to the Nigerian Stock Exchange showed that it generated N504.6m revenue in the first nine months of the year, as against N510.7m in the similar period of 2019.

In a regulatory filing to the NSE, the firm’s board resolved that the company’s balance sheet be restructured and shares reconstructed in implementation of shareholders’ resolutions passed at the 2020 Annual General Meeting.

Also, the board resolved that a Court Ordered Extra Ordinary General meeting be procured and held to secure shareholders’ approvals for specific particulars of the balance sheet restructuring and reconstruction.

Recently, the firm announced its decision to increase its share capital to 60 billion from six billion ordinary shares.

It also sought a name change from Japaul Oil and Maritime Service Plc to Japaul Gold and Ventures Plc.

This is to enable it to engage in mining and technology business activities through partnerships and acquisitions, the company said.

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