Julius Berger Nigeria Posts N1.9bn Loss in Six Months

Business: Julius Berger Nigeria Plc Loses N1.9bn in Six Months

Last updated on September 11th, 2021 at 02:36 pm

Julius Berger Nigeria Plc has said a loss of N1.931 billion for the six month ended June 30, 2020, compared with a income of N2.835 billion in the corresponding period of 2019.

Details of the unaudited results made available at the Nigerian Stock Exchange (NSE) confirmed that the building firm recorded a income of N102.055 billion in 2020, down from N131.783 billion in 2019. Gross income fell from N29.849 billion to N18.633 billion in 2020.

The company used to be able to reduce administrative expenses to N15.748 billion in 2020, in contrast with N22.446 billion in 2019. However, a foreign trade loss of N3.102 billion in 2020 led to loss after tax of N1.931 billion as against a profit after tax of N2.835 billion in 2019.

But the N1.931 billion loss in six months is an improvement on the N2.344 billion loss posted in the first quarter of the year. Market analysts said given the performance, it would be tough to say if the shareholders would get hold of a dividend at the stop of the year.

Julius Berger Nigeria recorded a income of N8.7 billion in 2029 and endorsed a dividend of N3.6 billion, which translated to 275 kobo per share however later decreased it to 200 kobo per share.

The organization had defined that these trying times for corporates globally, is expected to force a rethink of spending plans by using corporate boards to shield liquidity and make certain long-term sustainability, whilst balancing the desires for return to shareholders.