John Holt reports N319m loss in 2020

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By Kayode Tokede

John Holt Plc has reported N319 million loss in its full year ended September 30, 2020 audited results compared to N236 million reported in prior full year ended September 30, 2019.

The company with about 2.1 per cent growth in revenue to N1.83 billion in full year under review from N1.79 billion reported in prior full year of 2019 was unable to effectively manage cost of sales and finance costs.

Cost of sales grew by about nine per cent to N1.46 billion in 2020 as against N billion reported in nine months of 2019, while finance cost also gained 76 per cent from N62 million to N109 million reported in 2020.

Independent auditor of the company, BDO stated that, “The Group’s and Company’s investment properties were revalued by Messrs Knight Frank (Nigeria) Estate Surveyors & Valuers, Chartered Surveyors at a value of N4.85billion and N2.71billion respectively as at 30 September 2020 (2019: N6.27billion and N2.84billion).

“These valuations are dependent on certain key assumptions and significant judgements including capitalisation rates and fair market rents.”

John Holt had posted a revenue of N1.197 billion for the nine months ended June 30, 2020, showing a decline of 20.7 per cent compared with N1.509 billion in the corresponding period of 2019.

The conglomerate that provides technical, engineering services, leasing, fire safety solutions, properties management services, ended the period with gross profit of N272 million, down by 32.3 per cent from N402 million recorded in 2019.

Distribution expenses rose 9.3 per cent from N151 million to N166 million, while administrative expenses rose by same margin from N281 million to N307 million. Finance cost grew by 11.2 per cent from N43 million to N48 million.

Loss before tax stood at N545 million as against a profit of N66 million in 2019, while loss after tax printed at N692 million compared with a profit of N66 million in 2019.