● Covid-19 Lockdown Slashes Julius Berger’s Profit By N7.4bn

Nigeria’s greatest building agency, Julius Berger Nigeria has seen its revenue dropped N7.4bn to N1.35bn in the 2020 monetary interval.

The firm disclosed this in its unaudited monetary assertion despatched to the Nigerian Stock Exchange.

The nation’s largest contractor had in 2019 declared Profit After Tax of N8.75bn.

The Abuja headquartered agency’s income additionally fell to N242.45bn, towards the N266.4bn it recorded in the twelve months of 2019.

The firm blamed the detrimental affect of the Coronvirus pandemic for the huge drop in revenue.

“The whole world and therefore the whole group is affected by the Covid-19 which started to impact on its operation as from the middle of March 2020,” it mentioned.

The firm mentioned because of authorities lockdown directive, its companies had been down in March final yr.

The building agency mentioned, “After a phased and gradual easing of the lockdown, operations across all Julius Berger sites and subsidiaries have resumed.”

According to the agency, the pandemic affected the Group’s skill to obtain funds as and when due, which has resulted in vital improve in its credit score threat.

Berger mentioned it was working to make sure enterprise continuity and safety of its earnings from the affect of the Covid-19 pandemic.

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