The company achieved an unprecedented revenue milestone for the first three quarters of the year.
Turnover experienced a notable rise of 21.5 percent, reaching N400 billion compared to the corresponding period last year. However, a significant portion of this revenue growth was offset by escalating cost pressures.
The cost of sales surged to 85.8 percent of revenue, up from 81.7 percent, resulting in a decline in gross profit compared to the previous year.
Since the start of the year, Julius Berger’s share price has soared by 295 percent, positioning it as the fifth-best-performing stock among the 152 listed on the Nigerian Exchange.
Renowned for its civil engineering projects, building development, and infrastructure maintenance, the company has established a strong reputation as a key builder of major roads and highways in Nigeria.
In response to the need for new growth opportunities and income diversification, the company ventured into cashew processing, a move announced by the board following the pandemic.
When the factory commenced operations two years ago, Julius Berger indicated that the semi-automated facility has the capacity to produce sixty tons per day.
Operating costs, particularly administrative expenses, saw moderate growth during the review period, as inflationary pressures continued to elevate the cost of doing business in Nigeria.
The company generated N12.8 billion from the sale of unspecified property, plant, and equipment, which helped mitigate the impact of soaring costs on operating profit.
The company's investment income saw a remarkable increase of 271 percent, reaching N14.3 billion, contributing to the overall profit enhancement. Profit before tax experienced a significant rise of 74 percent, amounting to N26.2 billion, while after-tax profit climbed to N12.3 billion, up from N9 billion.
Established in 1965 through a partnership with the Nigerian Government for the construction of the Eko Bridge in Lagos, the company began its operations as the local subsidiary of Germany’s Julius Berger Tiefbau AG and has since matured into a prominent entity.
The current corporate strategy focuses on transforming the organization into a conglomerate, with agribusiness playing a crucial role in its diversification efforts.
"We have strategically evolved Julius Berger from a solely engineering construction firm to include agricultural produce processing, tapping into the historical significance and nostalgia that Nigerians have for this sector," stated Chairman Mutiu Sunmonu in 2022. "As we advance with our plans, you will witness our transformation into a conglomerate," he further noted.