The half year results of Nigeria’s largest construction company Julius Berger, show a remarkable turnaround in fortunes compared to the Covid-19 induced doldrums of 2020, as net income for the period is already 280 percent higher than it was for all of 2020.
Julius Berger reported profits of N4.75 billion as at June 2021, which compares to the N1.236 billion it earned in the Full Year period of December 2020.
It is also a major turnaround from the situation as at June 2020, when the construction giant made a loss of N1.93 billion.
The major reason for Julius Berger’s stellar earnings position was the increase in economic activities leading to a rise in orders for its roads, bridges and other construction services as revenues increased by 43.4 percent to N146.3 billion, compared to N102 billion in the half year 2020 period.
Julius Berger Nigeria has 3 segments which offer construction, civil engineering, building and facility management services to third parties across Nigeria and Europe.
Majority of its revenues come from Nigeria (N144 billion), with the rest coming from Europe N2.28 billion.
In the 6 months’ period to June 2021, revenues from civil works comprised N100.34 billion, building works N28.55 billion and services N17.4 billion.