There are more trying times ahead of John Holt, the company’s profit for the first quarter further declined by 702% year on year to a loss of NGN44 million against a net loss of NGN7 million profit recorded in 2016.
The company ended the first quarter 2017 with NGN1.3 million revenue in first quarter 2017 same as it recorded in first quarter 2016, Its costs of sales for the period was NGN950 million against NGN942 million recorded in the previous year.
The company said in the report that its gross profit for the period in review dropped by 3% to NGN373 million compared to NGN385 million recorded in the fiscal year 2016. Like wise, its operating profit fell by 27% to NGN101 million against NGN130 million recorded in the year 2016.
According to the report, John Holts’s profit before tax in q1 2017 fell to NGN30 million against NGN38 million recorded in the year before.
John Holt Plc acquired NGN3.2 million assets in q1 2017 same as it posted in the same period 2016. Its total liabilities for the period was NGN406 million versus NGN108 million recorded in 2016.
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John Holt plc is a Nigerian conglomerate. It has been an important participant in many areas of the economy. The Nigerian company is a subsidiary of John Holt & Co. (Liverpool) Ltd, a United Kingdom company. A minority of the shares are traded on the Nigerian Stock Exchange.
The company traces its origins to 1862 when John Holt, 20 years old at the time, with £27 in his pocket, sailed from Liverpool to take up an appointment as a shop assistant in a grocery store in Fernando Po (now Equatorial Guinea). Five years later, he bought out his employer, and he was joined by his brother Jonathan. In 1868 Johnathan bought a schooner, which enabled the brothers to open more trading posts in West Africa. In 1874 the brothers opened an office in Liverpool. In 1881, John entered the palm oil trade.
In 1884 the brothers formed a partnership, John Holt and Company, to consolidate their business interests. Subsequently John entered into new partnerships, including a venture in Lagos in Nigeria in 1887.