Japaul Oil posts FY 2017 loss of ₦13.08 billion

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Japaul Oil Oil & Maritime Services Plc has released its financial statements for the year ended 31 December 2017.

The result shows the company’s losses reduced to ₦13.08 billion for the full year 2017 as against a loss of ₦21.3 billion recorded in 2016.

Revenue however plummeted from ₦3.07 billion in 2016 to ₦1.90 billion in 2017.

Japaul Oil & Maritime Services Plc was incorporated on 29 June 1994 as a private limited liability company and commenced business in January 1997. Japaul Oil is in the business of oil and maritime services. The Company’s shares were listed on the Nigerian stock exchange (NSE).  As at year-end, the company has five subsidiaries:

• Japaul Shipping & Offshore Services Limited
• Japaul Mines & Products Limited
• Japaul Dredging Services Limited
• Japaul Gulf Electro Mechanical LLC Dubai UAE

The company recently signed a $350 million financing agreement with Milost Global Incorporated. The funds will be injected into the company, with a focus on its mining operations.