Julius Berger Nigeria Plc managed to avoid a profit drop and achieved a net profit of N12.7 billion in 2023, thanks to significant foreign exchange gains and increased investment income. Despite operating pressure and stagnant turnover growth, the company's after-tax profit rose by 61 percent, driven by a net FX gain of N11.6 billion and a six-fold increase in investment income.
Julius Berger Nigeria Plc rode on the back of huge foreign exchange 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.
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 N373.5 billion at the end of the year. This is down from the preceding year when turnover grew by 30.2 percent to almost N441 billion.
The FX gains provided the saving grace for the company by propelling a windfall of N15.7 billion in other gains — more than 10 times the N1.5 billion recorded in 2022.
Julius Berger Nigeria Plc Profit Increase Foreign Exchange Gains Investment Income Financial Report Construction Company Operating Pressure Turnover Growth
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