Julius Berger has reported a pre-tax profit of N29.5 billion for the full year ending December 31, 2024, as outlined in their financial report published on the Nigerian Exchange (NGX) on January 31, 2025.
This figure represents a 32.38% increase from last year’s N22.2 billion; however, the company experienced a decline in the fourth quarter, with pre-tax profit dropping to N3.3 billion, a decrease from N7.2 billion in Q4 2023.
In terms of revenue, the fourth quarter saw an increase of 42.99%, reaching N161.2 billion, compared to N112.7 billion in the same quarter of the prior year.
Total revenue for the year reached N566.2 billion, a 26.91% increase from N446.1 billion in 2023, with civil works contributing 55% of total revenue, reflecting its importance to the company’s performance.
Julius Berger’s total assets for 2024 climbed to N1.01 trillion, marking a significant rise from N678.2 billion the year before.
Key highlights
- Revenue: N566.2 billion, +26.91% YoY
- Cost of sales: N495.8 billion, +32.77% YoY
- Gross profit: N70.3 billion, +3.21% YoY
- Administrative expenses: N75.7 billion, +33.80% YoY
- Other gains: N32 billion, +103.77% YoY
- Operating profit: N12.6 billion, -33.30% YoY
- Investment income: N20.2 billion, +181.05% YoY
- Finance cost: N3.3 billion, -12.05% YoY
- Pre-tax profit: N29.5 billion, +32.38% YoY
- Post-tax profit: N14.9 billion, +17.55% YoY
- Total assets: N1.01 trillion, +49.40% YoY
Commentary
Julius Berger reported a revenue increase of 26.91% year-on-year, rising from N446.1 billion the previous year to N566.2 billion for the full year 2024.
- Civil works generated N312.6 billion, contributing 55% of total revenue, while building work accounted for N130.9 billion, or 23%.
- Services and diversification represented 21.0% and 0.6%, respectively.
The company’s cost of sales rose sharply to N495.8 billion, reflecting a 32.77% increase from N373.4 billion the prior year. Hence, gross profit declined slightly to N70.3 billion, down 3.21% from N72.6 billion.
- Administrative expenses rose significantly, reaching N75.7 billion, a 33.80% increase from N56.3 billion.
Other gains improved to N32 billion, a 103.77% rise from N15.7 billion, driven primarily by impairment of fixed assets and net foreign exchange gains.
- However, operating profit decreased, falling from N18.9 billion last year to N12.6 billion in 2024.
- On a more positive note, investment income surged by 181.05% to N20.2 billion from N7.2 billion, entirely attributed to interest income.
The company’s full-year pre-tax profit also increased to N29.5 billion, up 32.38% from N22.2 billion, while post-tax profit rose 17.55% to N14.9 billion from N12.7 billion the previous year.
Asset position
Julius Berger’s total assets for the full year 2024 rose to N1.01 trillion, a substantial increase from N678.2 billion reported the previous year.
- Total non-current assets grew from N293.4 billion in 2023 to N467 billion, with property, plant, and equipment constituting N279.5 billion of this total.
- Total current assets also saw a significant increase, reaching N544.9 billion compared to N383.5 billion the prior year.
- This growth was largely driven by increases in cash and bank balances, trade receivables, and inventories, which comprised a major portion of the current assets.
