Julius Berger

Construction giant Julius Berger Nigeria Plc last week declared a profit after tax of N8.2 billion for the 2014 financial year. The company however, madea turnover of N196.3 billion, about N6 billion less than the N212.7 billion it made in 2013. The Chairman of the company’s board of directors, Air Vice Marshall Nurudeen Imam (rtd), made the disclosure at the firm’s 45th annual general meeting in Abuja. He blamed the dip in revenue on several factors, including the Ebola virus out break in West Africa and fallin price of crude oil. “The economy was hit by various factors simultaneously, the unfortunate, but well managed influx of the Ebola virus, the falling crude oil price on international markets and the adjustment of the naira are but a few,” explained Imam. He added: “Such adversely influenced the business climate, as well as financial budgets and subsequent funding nationwide, and resulted in an overall downward trend which picked up momen tum by the third quarter of the year.” He told shareholders that “the situation led to ongoing delay in payments by major clients, especially in the public sector and therefore negative cash flow issues, causing higher financial costs.”