Julius Berger’s annual profit slumps by 86.79%
Julius Berger Nigeria Plc has reported a profit of N1.36 billion for the 2020 financial year, down from N10.30 billion in the previous year.
Its revenue fell to N242.46 billion last year from N264.56 billion in 2019, according to its unaudited financial statements obtained by MarketsReporters from the Nigerian Stock Exchange.
The construction company said its profit before tax dropped to N4.12 billion from N14.68 billion year-on-year.
It said the COVID-19 pandemic started to impact on its operations from the middle of March 2020.
“Following governmental regulations on COVID-19, a shutdown of business activities has been carried out between March and May 2020. After a phased and gradual easing of the lockdown, operations across all Julius Berge sites and subsidiaries have resumed,” it said.
Julius Berger said the costs for demobilisation and remobilisation of construction sites were included in the cost of sales in the fourth quarter of 2020.
