Julius Berger Delivers Strong Q3 Comeback with ₦16.7 Billion Pre-Tax Profit, Driven by Forex Gains and Robust Project Activity.
Julius Berger Nigeria Plc has posted a remarkable financial rebound for the nine-month period ended September 30, 2025, reporting a pre-tax profit of ₦29.8 billion — a 14.08% increase from ₦26.1 billion recorded in the same period of 2024. The company’s third-quarter performance stood out, with a pre-tax profit of ₦16.7 billion, a dramatic surge from just ₦1.05 billion in Q3 2024.
The civil engineering and construction giant attributed the turnaround to strong net foreign exchange gains, improved project execution, and steady investment income, which helped offset higher impairment charges and administrative costs.
Solid Revenue Growth Anchored by Civil Works
Revenue in Q3 2025 rose 22.4% to ₦197.37 billion from ₦161.23 billion a year earlier, reflecting increased construction activity, particularly in civil works — which contributed over 79% of total revenue. Building works also maintained steady growth.
However, costs also climbed, with cost of sales rising 24.4% to ₦177.2 billion, narrowing the gross profit margin slightly. Still, the company managed to post a gross profit of ₦20.15 billion, up 7.4% year-on-year.
A major earnings driver was a substantial ₦48.56 billion in “other gains,” fueled largely by foreign exchange gains of ₦45.83 billion — a complete reversal from last year’s forex losses.
Profitability Strength Despite Cost Pressures
While administrative expenses jumped to ₦26.16 billion from ₦18.77 billion and impairment charges on receivables surged to ₦27.68 billion from ₦1.82 billion due to delayed contract payments, Julius Berger still achieved an operating profit of ₦14.78 billion. This marks a significant recovery from an operating loss of ₦3.28 billion in Q3 2024.
Finance costs increased to ₦1.16 billion from ₦711.5 million, but this was cushioned by ₦3.10 billion in investment income. Overall, profit before tax soared 1,481% to ₦16.71 billion, while net profit hit ₦11.14 billion, up from ₦706.7 million a year earlier. Earnings per share also rose sharply to ₦6.91, compared to just ₦0.39 last year.
Strengthened Balance Sheet Position
The company’s balance sheet remains robust, with total assets increasing to ₦1.09 trillion from ₦821.2 billion in the previous year. Property, plant, and equipment accounted for ₦298.5 billion, underscoring Julius Berger’s heavy investment in construction infrastructure, while cash and bank balances rose to ₦188.4 billion.
Shareholders’ equity improved to ₦72 billion from ₦56.4 billion, buoyed by growing retained earnings. Total liabilities also rose to ₦750.8 billion from ₦650.1 billion, mainly due to higher contract liabilities of ₦508.4 billion.
Market Snapshot
As of the close of trading on November 3, 2025, Julius Berger’s stock traded at ₦151.80 on the Nigerian Exchange, reflecting renewed investor confidence in the company’s growth trajectory and its ability to deliver consistent returns amid Nigeria’s evolving construction landscape.