Julius Berger diversifies into agric as profit tumbles by 85%
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Nigeria, Jan. 29 -- Construction giant Julius Berger Nigeria Plc said its after-tax profit for full-year 2020 fell to N1.357 billion, an 84.5 per cent fall from the figure posted in the same period of 1999, as the pandemic outbreak upset operations and shrank earnings, setting in motion its weakest profit in four years.
Revenue was down by 9 per cent, sliding from N264.557 billion to N242.458 billion, its unaudited earnings report published by the Nigerian Stock Exchange (NSE) on Wednesday showed.
Cost of sales, much as declining by 3.62 per cent to N198.844 billion, consumed more than 82 per cent of revenue, substantially paring down the earnings of the firm that operates in a sector known for heavy production expenditure.
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