Julius Berger Nigeria Plc, a construction company, has recorded 71.9 percent growth in after-tax profit to N11.6 billion in the first half (H1) of 2024 from N6.75 billion in the same period of 2023.
The firm’s cost of sales increased to N204.9 billion from N183.6 billion during the period reviewed.
A further analysis shows that revenue surged to N243.8 billion in H1 of 2024 from N228.04 billion in the same period of 2023. Africa contributed the most of N234.5 billion to the revenue, while Europe brought N9.3 billion.
Marketing expenses increased to N202.6 million from N172.7 million, while administrative expenses grew to N32.3 billion from N29.3 billion.
Here are five highlights from the company’s first-half financial results:
Julius Berger’s major market is Africa
Africa contributed the highest of N234.5 billion to Julius Bergers’ total revenue in H1 of 2024, while Europe contributed N9.3 billion during the period.
In the first half of 2023, Africa contributed the most N219.9 billion to the total revenue, while Europe contributed N8.05 billion.
Other gains increased on most contributions from proceeds from the disposal of PPE
BusinessDay analysis reveals that Julius Bergers’ other gains were driven by proceeds from disposal of PPE and net foreign exchange gains.
Other gains were driven by proceeds from disposal of PPE rose to N11.3 billion in the first half of 2024 from N2.15 billion in the same period of 2023.
Net foreign exchange gains grew to N7.75 billion from N915.2 million.
Read also: Julius Bergers’ earnings rise to N12bn in first half
Investment income grew more than sixfold in H1
Julius Bergers’ investment income grew 557 percent in the first half of 2024, BusinessDay analysis shows.
The firm’s investment income increased to N9.22 billion from N1.43 billion in the first half of 2023.
Total borrowings reduced by 92.4%
The firm’s total borrowings declined by 92.4 percent to N2.64 billion from N34.6 billion during the period reviewed.
Other shareholders, including the government, have the highest share of 45% in Julius Berger
Julius Berger’s shareholding pattern includes other shareholders, including Government, which has 45 percent, Goldstone Estates Ltd. has 19.87 percent, NeptuneHill Company Ltd. has 19.54 percent, Watertown Energy Ltd has 10 percent shares, Ibile Holdings Ltd has 5.50 percent.
Julius Bergers’ shareholding stood at 1.6 billion as at June 2024.
Other shareholders, including governments, hold 721.5 million shares, Goldstone Estates Ltd. has 317.9 million shares, NeptuneHill Company Ltd has 312.6 million shares, Watertown Energy Ltd has 160 million shares, and Ibile Holdings Ltd has 88 million shares.
Julius Berger is a Nigerian construction company, headquartered in Abuja with additional permanent locations in Lagos and Uyo. It is a Nigerian company offering holistic services covering the planning, design, engineering, construction, operation, and maintenance of buildings, infrastructure, and industry projects in Nigeria.
