Julius Berger gross profit drops by N10bn
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Julius Berger gross profit drops by N10bn

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Julius Berger gross profit drops by N10bn

Construction company, Julius Berger Nigeria Plc showed continuing decline in its 2017 operations as gross profit declined from N54.23 billion to N44.3 billion.

Shareholders of the construction company will however receive N1.32 billion as cash dividend for the 2017 business year.

Shareholders will receive a N1 dividend on every share.

Julius Berger Nigeria announced the dividend recommendation at the weekend alongside its audited report and accounts for the year ended December 31, 2017.

The audited report, released at the Nigerian Stock Exchange (NSE), showed continuing decline in the operations of the company, although it leveraged on other non-core earnings to drive the bottom-line.

Read also: World largest cement multinational injects N96bn as Lafarge Africa raises N132bn

Group turnover rose marginally from N138.99 billion in 2016 to N141.89 billion in 2017.

However, gross profit declined from N54.23 billion to N44.3 billion. Operating profit halved from N16.79 billion in 2017 to close 2017 at N8.69 billion.

However, Julius Berger Nigeria saw significant increase in investment income to N1.13 billion in 2017 as against N285 million recorded in 2016.

Other gains also jumped to N4.08 billion in 2017 as against N1.44 billion in 2016. With these and significant reduction in foreign exchange losses, profit before tax jumped to N3.74 billion in 2017 as against pre-tax loss of N1.5 billion in 2016.

Profit after tax rose to N2.57 billion in 2017 as against loss after tax of N2.4 billion in 2016.

 

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