Strong Nine-Month Performance
Julius Berger Nigeria PLC has released its financial report for the nine months ending September 30, 2024, showing a remarkable 74.04% increase in cumulative pre-tax profit, reaching N26.1 billion compared to the previous year.
Third Quarter Snapshot
However, Q3 saw a temporary setback with pre-tax profit at N1 billion, a drop from N3.7 billion in the same period in 2023. Despite this, the company’s revenue surged by 53.03% year-over-year, growing from N105.3 billion in Q3 2023 to N161.2 billion in Q3 2024. Earnings per share (EPS) for the quarter dipped to N0.39, while cumulative EPS for the nine months rose 35.12% to N7.58.
Key Financial Highlights
- Revenue: N161.2 billion (+53.03% YoY)
- Cost of Sales: N142.4 billion (+60.45% YoY)
- Gross Profit: N18.7 billion (+13.26% YoY)
- Investment Income: N5.0 billion (+109.55% YoY)
- Finance Costs: N711.5 million (down 32.42% YoY)
- Pre-Tax Profit: N1 billion (down 71.91% YoY for Q3)
- Earnings per Share (EPS): N0.39 (down 71.94% YoY)
Asset and Cash Flow Growth
Julius Berger’s total assets increased by 26.48% YoY, reaching N821.2 billion. Cash and cash equivalents rose 22.97% YoY to N168.4 billion. The company saw substantial gains in investment income, which climbed by 271.03% to N14.2 billion, bolstering cash flow from investing activities.
Overall, Julius Berger achieved a significant nine-month profit increase, demonstrating resilient growth in its revenue and assets despite the third-quarter profit dip.