Company announced N1.63bn operating profit

Engineering company, John Holt Nigeria Plc has announced an operating profit of N1.63 billion for year 2015.

In the face of challenges such as bad roads and huge energy costs, the company was able to reduce costs as administrative expenses fell by 20.10 percent to N682 million in 2015 from N856 million in 2014.Distribution expenses were down by 20.30 percent to N856 million.

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The company’s debt to adjusted capital ratio fell to 43 percent in 2015 as against 51 percent in 2014.

According the company’s 2015 audited financial statement, the debt to adjusted capital ratio for the Group during the year resulted primarily from decrease in debt by N400 million from N1.8 billion in 2014 as against N1.4 billion.