Construction firms in Nigeria have seen their profit before tax grow by N3.97bn in the first six months of 2022, according to figures obtained by The Punch.
Despite growing concerns over the continuous increase in inflation rate, of Julius Berger Plc and Arbico increased their profit before tax to N3.97bn from January to June of 2022.
Both firms had recorded N6.114bn in the same six months of 2021.
In contrast to what was recorded in 2021, Julius Berger and Arbico added over N3.97bn as profit before tax in 2022, with the former taking N3.864bn.
Contrary to the N6.01bn Julius Berger recorded in 2021, the company had a 64 per cent increase in 2022, earning N3.864bn as profit before tax.
Also, Arbico had a 14.4 per cent growth, topping N708m it recorded in the first six months of 2021 to N811m in the same months of 2022.
Meanwhile, UPDC Real Estate Investment had its PBT dip by 7.3 per cent.
The company had recorded N583m from January to June of 2021, only to fall short of N42.59m, from N583.2m to N540.6m in 2022.
In a move to douse inflation, the Central Bank of Nigeria raised its benchmark lending rate by 150 basis points to 15.50 per cent, the highest since 2006 when the rate was introduced.
Speaking with The PUNCH, the National President, Estate Rent Commission Agents Association of Nigerian, Mr Godwin Alenkhe, said the construction industry would not be analysed within the prism of economic indices.
Alenkhe explained that the building of infrastructure was a major component of development in any country.
“The fact is that when you look at the sector, it cannot be predicted on the premise of statistics and economic indices,” he said.