One of Nigeria’s leading construction companies, Julius Berger plc. has recorded its highest profit in eight years, as analysed from the 2021 financial report.
The company’s profit for the year grew by a whopping 593 percent to N9.36 billion in the year ended 2021 from N1.35 billion in the previous year.
The noteworthy performance by Julius Berger plc. in the period under review was due to an increase in income obtained from the implementation of strategic investments and the company’s revenue from civil works.
Julius Berger plc. grew its revenue by 40 percent to N339.6 billion in the financial year 2021 from N242.4 billion in the comparable period of 2020, thanks to civil works which contributed 65.9 percent of the total revenue in the year ended 2021.
Other segments that contributed to the revenue include building works and services which contributed 22.2 percent(N75.5 billion) and 11.7 percent(N40 billion), respectively.
Gross profit surged by 39.9 percent in December 2021 to N61 billion from N43.6 billion in the previous year.
The company’s profit before tax recorded a growth of 235 percent from N4.12 billion to N13.8 billion in the period under review.
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Investment income rose to N1.5 billion compared to N461 million in the full year ended, 2020. Inventories reached a 75.7 percent high of N29 billion in December 2020, from 16.5 billion in the corresponding period last year.
Cash provided from operating activities including cash receipts from customers after payment made to employees and suppliers jumped to N73.2 billion, a 662.5 percent increase from the N9.6 billion in the corresponding year.
Net Foreign Exchange, the total foreign exchange proceeds from the export of the registered product or service minus the total foreign exchange expenses incurred in the production of the registered product or the rendering of the export service and the depreciation of imported capital equipment increased to N459 million in the review period from a loss of N3.88 billion in the previous year.
The company’s net asset expanded by only 19.4 percent to worth N54 billion in December 2021 from N45.2 billion recorded in the corresponding period last year.
Julius Berger sustained its well-rooted technical and administrative resourcefulness as well as its financial stability and wellbeing. It disclosed the reassignment of Martin Brack and Christian Hausemann as Chief Financial Officer and Financial Director, respectively.
By utilising its strong base of personnel and capital resources the company was able to overcome temporary shutdowns of its construction sites in the second quarter of 2020
Earnings per share rose by 28.8 percent to N6.17 from N4.79 in the year ended 2020.
Julius Berger Nigeria Plc is a leading Nigerian company offering holistic services covering the planning, design, engineering, construction, operation and maintenance of buildings, infrastructure and industry projects in Nigeria.
