For the full year 2023, JapaulGold reported a pre-tax profit of ₦695.16 million, a significant 351% increase year-over-year. Revenues surged by 93% to ₦2.60 billion, largely driven by its dredging business, which accounted for over 90% of total turnover. In 2024, the company’s profitability continues to improve, supported by strategic stake acquisitions in two gold mining assets: H&H Mines (50%) and Covenant Gems and Gold Minerals (100%).
The company has also prioritized equity financing, recently raising ₦20 billion to fund expansion. While its mining assets are yet to contribute revenue, this strategic pivot indicates a promising diversification in its income streams.
JapaulGold has been a standout performer in the Nigerian Exchange (NGX). The stock appreciated 507% in 2023, ranking as the seventh best-performing stock on the exchange. In 2024, it has maintained momentum, recording a 64.7% year-to-date increase, reflecting investor confidence in its growth initiatives.
Strategic Outlook
JapaulGold’s expansion into mining and its focus on dredging services position it for long-term growth in Nigeria’s resource sector. The company’s ability to capitalize on favorable commodity market conditions and its improved cost management capabilities are key to sustaining this momentum. However, unlocking value from its mining investments will be crucial to diversifying its revenue base further.
The Elliot Wave Chart above shows that Japaul is still within a sideways correction. Unfolding is a triangle printed above as A-B-C-D-E, the current move from 2.1 NGN is impulsive making the A wave of triangle D wave and we expect a target of 2.69NGN for Wave D. Above 2.9 invalidates this chart.
