By Favour Nnabugwu
Hit by the country’s economic recession and the devaluation of the nation’s currency which paralysed most projects last year, Julius Berger recorded a loss of N3.8 billion in 2016 financial year.
This represents a 256.4 percent decline compared to a profit after tax of N2.4 billion gained in 2015.
Addressing shareholders at the company’s 47tth company’s Annual General Meeting (AGM) in Abuja, Julius Berger Board Chairman, Mr. Mutiu Sunmonu reflected on operating business environment, which he described as the worst year in three decades.
According to him, “For Nigeria, the past year was one of the economically most difficult in close to three decades. Naira devaluation and a shortage of foreign currency magnified the hardship, making economic turnaround increasingly tough.”