Julius Berger Nigeria Plc managed to avoid a profit drop and achieved a significant increase in after-tax profit in 2023, thanks to foreign exchange gains and enhanced investment income. The company's full-year unaudited financial report shows operating pressure that halted turnover growth but with the help of exchange gains and investment earnings, the company turned around from a profit decline in 2022.
Julius Berger Nigeria Plc rode on the back of huge foreign exchange (FX) gains and much-enhanced investment income to avert a profit drop and elevated the bottom line to N12.7 billion at the end of the 2023 trading. Net FX gain of N11.6 billion rolled in within the year and investment income multiplied six times to N7.2 billion — which changed the course of the company’s earnings story from a drop in gross profit and flat operating profit to a 61 percent rise in after-tax profit.
The full-year unaudited financial report of the construction company as at December 2023, shows considerable operating pressure that halted turnover growth but expanded costs. However, with the exchange gains and investment earnings, the company turned around from a profit decline in 2022 to a better-than-expected profit improvement in 2023.The company’s turnover closed flat at an increase of N5.2 billion to N446.1 billion at full-year, but input cost rose by N7.1 billion to N37
Julius Berger Nigeria Plc Profit Increase Foreign Exchange Gains Investment Income Financial Report Turnover Growth
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