Julius Berger Nigeria’s after-tax profit grew to N12.3 billion in the nine months of 2024 from N9 billion in the same period of the previous year.

The firm’s revenue surged 21 percent to N405.2 billion from N333.4 billion driven by civil works, which contributed 60 percent to the total revenue.

Further analysis reveals that civil works contributed N242.9 billion to the total revenue while building works (N83.9 billion), services (N76.3 billion) and diversification(N1.92 billion).

In the same vein, revenue from Africa grew to N380.2 billion from N316.3 billion while revenue from Europe stood at N24.8 billion from N17.1 billion.

Marketing expenses declined to N339.7 million from N612 million while administrative expenses increased to N51.1 billion from N42.4 billion.

The firm’s other gains and losses increased to N18.5 billion from N6.53 billion in the comparable periods.

The federal government through the ministry of works has announced the termination of the N740 billion Abuja-Kaduna-Zaria-Kano road rehabilitation contract which was offered to Julius Berger plc.

According to the termination letter signed by C.O Assam, the Director of Legal Services, Federal Ministry of Works, on Thursday, the decision was made in accordance with Clause 63 Standard Condition of Contract (Road Works) Volume 1, 1999 Edition, with effect from the date of service of the letter.

Federal Executive Council (FEC) in September, 2024 had granted approval for re-scope and review of the project to the sum of N740.8 billion with expected completion period of fourteen months for the completion of the outstanding works (flexible pavement) in Section I (127KM), Section II (73.4KM) and Section III (128KM).

Read also: Julius Berger gets one-year deadline to complete N280bn Bodo-Bonny road

Here are five things to note about the company’s financials:

Borrowings declined by 87.9%

Julius Berger Nigeria’s borrowings declined during the period to N2.95 billion from N24.4 billion.

The firm recorded only a term loan of N2.95 billion in the nine months of 2024.

Cost of sales surged 27.5%

The firm’s cost of sales increased to N347.4 billion from N272.4 billion during the period reviewed.

Cash flows

The firm’s cash flows (used in)/ from operating activities was a negative of N41.8 billion from a positive of N64 billion while net cash flows (used in)/ from investing activities rose to N23 billion from N5.1 billion.

Net cash flows (used in)/ from financing activities was a negative of N15 billion from a positive of N5.8 billion. The company’s cash and cash equivalents increased marginally to N168.4 billion from N136 billion.

Investment income grew 274%

Julius Berger Nigeria’s investment income rose by 273.6 percent to N14.2 billion from N3.8 billion during the period.

Earnings per share rose to N7.58

The firm’s earnings per share rose to N7.58 per share from N5.61 per share.

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.