Julius Berger Plc reports N15.54 billion pre-tax profit for FY 2022

Key Highlights

• Julius Berger Nigeria reported a 9.60% increase in profit before tax to N15.54 Billion in 2022 from the N14.18 billion the company reported during the same period in 2021.
• Revenue rose significantly to N440.98 billion from N338.81 billion recorded at the end of the 2021 financial year, representing a strong 30.16% growth.
• The company’s cost of sales rose by 34.53% to N366.36 billion from N272,32 billion in 2021.

Julius Berger Nigeria Plc released its 2022 audited full-year results on Saturday, April 1, 2023, reporting a pre-tax profit of N15.54 billion.

This represents a 9.60% increase from the N14.18 billion the company reported during the same period in 2021.

The 2022 financials, filed by the company at the Nigerian Exchange Limited (NGx), showed that revenue rose significantly to N440.98billion from N338.81 billion recorded at the end of the 2021 financial year, representing a strong  30.16% growth.

This is on the back of increasing inflation which the economy continues to battle. The latest report released by the Nigerian Bureau of Statistics (NBS) has revealed that the inflation rate in Nigeria soared to a staggering 21.91% in February.

This marks a substantial increase from the inflation rate of 21.82% recorded in the previous month of January.

The report showed that the February 2023 headline inflation rate increased by 0.09% points compared to the January 2023 headline inflation rate.

Following the inflationary pressure, the company’s cost of sales rose by 34.53% to N366.36 billion from N272,32 billion in 2021.

Revenue

• 2022 FY: N440.98 billion
• 2021 FY: N338.81 billion
• Change: +30.16%

Gross Profit

• 2022 FY: N74.62 billion
• 2021 FY: N66.49 billion
• Change: +12.23%

Cost of sales  

• 2022 FY: N366.36 billion
• 2021 FY: N272.32 billion
• Change: +34.53%

Pre-tax profit

• 2022 FY: N15.54 billion
• 2021 FY: N14.18 billion
• Change: +9.60%

Net Profit after tax

• 2022 FY: N7.91 billion
• 2021 FY: N8.34 billion
• Change: -5.16%

Bottom line

The Company’s profit was impacted by the rising cost of sales following inflationary pressure and depreciation of the naira.

The total cost of sales accounted for 83% of the total revenue achieved by the company during the period under review.