JULI Plc’s revenue fell by nearly half in the first nine months of 2026, as declining sales and rising operating pressures continued to weigh on the company’s financial performance.
The company’s turnover dropped by 48.2 percent to N198.50 million in the nine months ended September 30, 2026, from N383.11 million in the corresponding period of 2025, according to its third quarter financial statement.
Gross profit declined by 50 percent to N64.21 million from N128.40 million, reflecting the sharp contraction in revenue.
The decline in earnings comes as Juli’s balance sheet deteriorates, with its liabilities exceeding assets by N47.99 million and term loans increasing by 23.4 percent to N114.06 million.
The latest results suggest that the company is facing pressure on both its revenue generation and financial position. Juli engages in the sale of pharmaceutical and household consumer goods in Nigeria.
Quarterly revenue falls 55%
Juli’s performance weakened further in the third quarter, with turnover declining by 54.6 percent to N51.64 million from N113.87 million in the corresponding period of 2025.
Gross profit fell by 60.5 percent to N15.49 million from N39.28 million, while the company’s reported deficit after administrative expenses widened to N30.62 million from N22.51 million.
The quarterly deterioration occurred despite a reduction in administrative expenses, which fell by 25.4 percent to N46.11 million from N61.79 million.
The decline in gross profit was significantly larger than the reduction in expenses, leaving the company with a deeper quarterly deficit.
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Operating deficit narrows over nine months
Despite the sharp decline in revenue, Juli’s reported deficit after administrative expenses narrowed to N43.67 million in the nine-month period from N53.66 million in the corresponding period of 2025.
Administrative expenses declined by 40.7 percent to N107.89 million from N182.07 million. The reduction in expenses helped cushion the impact of falling revenue, although the company continued to spend more on administrative expenses than it generated in gross profit.
Generator fuel and lubricant expenses increased to N25.63 million from N19.71 million, while vehicle fuel and lubricant expenses rose to N5.82 million from N3.35 million.
Other professional fees also increased significantly to N20.09 million from N9.78 million. Salaries and wages, however, declined to N23.16 million from N30.64 million.
The company’s financial statement also included N6 million in Wema/CBN loan repayment under its reported expenses, compared with N70 million in the corresponding period of 2025.
The classification of loan repayment within expenses requires clarification, as repayment of loan principal is ordinarily treated as a financing cash flow rather than an income statement expense.
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Negative equity raises financial concerns
Juli’s declining revenue comes against the backdrop of a weakening balance sheet. Total assets fell by 36.4 percent to N138.62 million as of September 2026 from N218.04 million at the end of December 2025.
Term loans increased to N114.06 million from N92.44 million, while accumulated losses widened to N885.23 million from N864.04 million.
The company’s shareholders’ equity deteriorated to negative N47.99 million from negative N26.80 million.
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Its cash and cash equivalents also declined to N5.54 million from N7.62 million, while inventories fell to N25.02 million from N46.91 million.
The combination of declining revenue, negative equity and rising borrowings raises questions about Juli’s ability to restore profitability and strengthen its financial position.
The company’s ability to reverse the trend will depend on revenue recovery, cost management and improved cash generation.
