Julius Berger beats the odds, announces exceptional financial results for 2021

Grows revenue by 40%, Board recommends dividend of N2.50

Despite numerous challenges in the last financial year, with due regard to the ongoing FX scarcity and current global supply chain constraints, both consequences of the COVID-19 pandemic and the ongoing Russia-Ukraine conflict, Julius Berger Nigeria Plc, Nigeria’s engineering construction industry leader, continues to perform brilliantly and has achieved exceptional financial performance in the year ended December 31, 2021.

The favourable result includes and evidences vast improvements in terms of revenue accruals, cash flow stability and positive result for shareholders.

The ever-reliable construction company recently announced the results of its consolidated audited financial statements for the year stating that the Group’s revenue grew from N241.8 billion in 2020 to N338.8 billion in 2021, representing an increase of 40%.

“The rise in revenue underlines the strong position of Julius Berger Nigeria Plc within the construction industry and its ability to execute its projects at an excellent pace and to the satisfaction of its clients,” the company said.

As a further boost to the top-line growth, the Group increased its Profit Before Taxation from N3.9 billion in 2020 to N14.2 billion in 2021 while the Profit After Taxation rose from N1.2 billion to N8.3 billion in the year under review.

Following the commendable financial result and positive cash status for the year ended December 31, 2021, the company’s Board of Directors recommend a dividend of N2.50K per 50K share, resulting in a total gross dividend pay-out of N4 billion.

Highlights of the results show that Julius Berger Nigeria’s revenue grew by 40% to N338.81 billion with Operating Profit rising by 81% to 22.67 billion. Also Earnings Before Interests and Taxes, EBIT margin improved by 154 bps while Finance Cost grew by 14% relative to Revenue Growth (40%) just as the company’s Net cash position improved by 168% to N41.42 billion. The net favourable effect is that, it can be noted that 2021 was a successful business year, and the company was able to return to its 2019 growth path despite the difficulties of the year 2020 given the disruptions occasioned by the COVID-19 pandemic

Deriving from Julius Berger’s impressively successful financial year 2021 results, analysts across the market spectrum are positively upbeat and unanimous in opinion that the Julius Berger Group is well prepared for any new or potential headwinds that may result from a combination of both ongoing supply-chain impediments arising from the COVID-19 pandemic, and multiplier effects of the Russia-Ukraine conflict.

Julius Berger Nigeria Plc is a leading Nigerian company offering holistic services covering the planning, design, engineering, construction, operation and maintenance of buildings, infrastructure and industry projects in Nigeria. Since its pioneer project in 1965, Julius Berger has played a pivotal role in the development of Nigeria’s industrial and civil infrastructure. The company specialises in executing complex works requiring the highest level of technical expertise and Nigeria-specific knowhow.

Julius Berger’s ongoing construction works nears commissioning at 2nd River Niger Bridge

Source: Julius Berger beats the odds, announces exceptional financial results for 2021 – StocksWatch (stocksng.com)

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