Julius Berger PLC, Nigeria’s largest construction and civil engineering company has reported that it made a net loss of NGN3.4 billion in the third quarter of the year.
Julius Berger is the major construction company handling mostly public and private infrastructure projects in Nigeria. The company has been a victim of Nigeria’s economic recession that has paralysed most projects.
The company’s reported that its third revenue was NGN46,4 billion and its year to date (YTD) revenue was NGN94,3 billion.
The impact of the rising inflation and devaluation of the Naira (NGN) has impacted its cost control. Cost of sales increased to NGN34 billion in the third quarter compared to NGN24 billion reported last year.
The company has also suffered from a huge reset in loans and debt instruments as its finance costs have increased from NGN2,1 billion last year to NGN5,5 billion for the quarter of the year.
Julius Berger is a Nigerian construction company, headquartered in Abuja, with additional permanent locations in Lagos and Uyo.
The company is represented across Nigeria in structural engineering and infrastructure works, and in southern Nigeria through domestic and international oil and gas industry projects. It is known for constructing most of Nigeria’s infrastructures, major expressways, and even some residential buildings for the Chevron Nigeria headquarters in Lagos.
The company has been listed on the Nigerian Stock Exchange since 1991. Before this, its parent company was Bilfinger Berger. Bilfinger Berger is still the largest shareholder in the company. The construction business of Julius Berger is the heart of the Julius Berger Group.
With 18,000 employees from close to 40 nations and clients from both Nigeria and the global oil and gas industry, Julius Berger is a leading construction company and one of the largest private employers in Nigeria