Julius Berger Nigeria PLC has published its financial report, showcasing a 74.04 percent year-over-year growth in pre-tax profits, bringing the cumulative figure to N26.1 billion for the nine-month period ending September 30, 2024.
However, in the third quarter alone, pre-tax profit dipped to N1 billion, a decrease from the N3.7 billion recorded in the corresponding period of 2023.
In terms of revenue, Julius Berger demonstrated growth, with a 53.03 percent year-over-year increase, rising from N105.3 billion in Q3 of 2023 to N161.2 billion in the same quarter of 2024.
While the company’s earnings per share for Q3 slipped to N0.39, the cumulative earnings per share for the nine months saw a 35.12 percent increase, reaching N7.58.
Julius Berger recorded a 53.03 percent year-over-year revenue increase in Q3 2024, climbing from N105.3 billion in the previous year to N161.2 billion.
The company’s cost of sales rose by 60.45 percent year-over-year, reaching N142.4 billion compared to N88.7 billion in Q3 2023. Despite this increase, Julius Berger’s gross profit grew by 13.26 percent year-over-year to N18.7 billion in Q3 2024, up from N16.5 billion.
Notably, the company achieved a 32.42 percent reduction in finance costs, which dropped to N711.5 million from N1 billion.
Pre-tax profit for Q3 2024, however, declined to N1 billion from N3.7 billion in the same quarter last year. Nonetheless, cumulative pre-tax profit for the nine months ending September 30, 2024, soared to N26.1 billion, representing a 74.04 percent year-over-year growth.
Similarly, post-tax profit for Q3 declined to N706.7 million from N2.2 billion in Q3 2023, with earnings per share (EPS) for the quarter standing at N0.39. However, cumulative post-tax profit and EPS for the nine-month period grew by 36.76 percent and 35.12 percent, respectively.
Julius Berger’s total assets surged by 26.48 percent year-over-year, reaching N821.2 billion compared to N649.3 billion in 2023.
A significant portion of this asset growth came from non-current assets, primarily in property, plant, and equipment, and trade receivables, which totaled N290.3 billion.
Current assets grew considerably, rising from N372 billion last year to N529.7 billion in 2024.
The company’s cash and cash equivalents grew by 22.97 percent year-over-year to N168.4 billion, despite a decrease in cash flow from operating activities.
Julius Berger also benefited from a strong performance in investing activities, which brought in N23 billion. Interest received from investments surged by 271.03 percent year-over-year, reaching N14.2 billion