Julius Berger Nigeria PLC, Nigeria’s largest civil construction company is sinking into more debt. If the company’s 2016 result is anything to go by, then last year was its worst year ever.
The company has just reported a net loss of NGN3.8 billion for the full year 2016 compared to NGN2.4 billion recorded in 2015. However, other income which might be recovered debt came in at NGN6 billion compared to NGN600 million for the previous year.
On a year on year basis, gross income rose to NGN138 billion compared to NGN133 billion in the previous year.
On of the biggest hole in its finance for the year was the NGN14 billion foreign exchange loss the company made on acquisitions which in the previous year was zero.
Total asset rose to NGN259 billion compared to NGN245 billion in the previous year. However, total liabilities rose to NGN233 billion compared to NGN220 billion in the previous year.