Julius Berger Nigeria Plc has posted a profit before tax (PBT) of N3.7 billion for the year ended December 31, 2017. The company’s result released to the investing public on the Nigerian Stock Exchange (NSE) said its profit before tax stood at N3.7 billion in 2017 compared to an N1.4 billion loss in 2016.
Also, the board of the construction company has recommended payment of N1.32 billion to shareholders, representing a dividend per share of N1.00 per share.
Key extracts of the audited report and accounts of Julius Berger for the period under review Showed that while the company continued to struggle operationally, it rode on the back of increased non-operational income and financial management to return to profitability in 2017.
Group total income increased marginally from N138.99 billion in 2016 to N141.89 billion in 2017. However, gross profit dropped from N54.23 billion to N44.3 billion. Operating profit also halved from N16.79 billion in 2017 to close 2017 at N8.69 billion. The company, however, recorded investment income of N1.13 billion in 2017, a major jump from N285 million recorded in 2016. Other gains also totalled N4.08 billion in 2017 as against N1.44 billion in 2016.
With improvement in the foreign exchange management, the company witnessed significant reduction in its foreign exchange losses. With these, profit after tax stood at N2.57 billion in 2017 as against net loss of N2.4 billion in 2016, while earnings per share went up to N3.61 from the N3.36 loss.
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