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Julius Berger Nigeria Plc, the country’s leading construction company, said on Tuesday that its pre-tax profits for the year ended on December 31, 2015, fell 50.5 percent year-on-year.

According to its 2015 financial statements released today at the Nigerian Stock Exchange, Julius Berger’s pre-tax profits fell to N6.5 billion last year, compared to N13.13 billion reported in 2014.

Julius Berger said revenues fell 32 percent to N133.81 billion in 2015, compared to N196.81 billion in 2014.

Construction companies have been hit hard by the slowdown in Nigeria’s economy caused by a slump in oil prices. Nigeria’s economy slowed to 2.82 percent in 2015 from 6.23 percent GDP growth rate in 2014.

For the 2015 full year, Julius Berger said earnings per share fell to N1.33 per share from N6.13 per share declared in the previous year.

Julius Berger’s shares closed at N41.5k per share at the end of trading at the NSE on Tuesday.