Julius Berger to pay shareholders N4bn dividends in 2022

Shareholders of Julius Berger Nigeria Plc will receive a total dividend of N4 billion for the financial year ending December 2022, representing a total dividend of N2.50.

The announcement was made by Mutiu Sunmonu, chairman of the board, during the 53rd Annual General Meeting held at the Shehu Musa Yar’Adua Centre in Abuja.

Julius Berger Nigeria Plc, the construction giant in its 2022 financials, showed that revenue rose significantly to N440.98 billion from N338.81 billion recorded at the end of the 2021 financial year, representing a 30.16 percent growth.

It also recorded a pre-tax profit of N15.54 billion at the end of its 2022 financial year, representing a 9.60 percent increase from the N14.18 billion the company reported during the same period in 2021.

However, the profit after tax saw a decline of 5.16 percent at the end of the year 2022 to N7.9 billion from N8.34 billion recorded at the end of its 2021 financial year.

According to Sunmonu, though the group’s financial results continue to be heavily affected by rising inflation and persistent exchange rate pressure amid hard-hitting foreign exchange shortages, “as a result of intensive cost reduction programmes implemented throughout the group, the company has achieved positive results across all its operating entities, while sustaining a commitment to excellence.”

Following the inflationary pressure, the company’s cost of sales rose by 34.53 percent to N366.36 billion from N272.32 billion in 2021.

During the meeting, Lars Richter the managing director of Julius Berger, expressed confidence in the company’s future prospects. Richter said that the achievements of subsidiary companies such as Abumet, PrimeTech, and Julius Berger International, attributed to the company’s record successes.

Richter provided updates on some of the company’s notable projects.

He mentioned the Abuja-Kaduna-Zaria-Kano dual carriageway, where Julius Berger was contracted to reconstruct 375.9 km of the highway. The completed sections from Kaduna to Zaria (73 km) and from Zaria to Kano (137 km) were recently commissioned, highlighting the collaboration between the company’s design and engineering offices in Nigeria and Germany.

The Second Niger Bridge, another key national infrastructure project, was also discussed. Julius Berger’s scope of work included the construction of a 1.6 km long bridge, a 10.3 km highway, an interchange in Owerri, and a toll station.

With support from Abumet and Julius Berger International for design works, the bridge has been commissioned, with final completion expected in August. The bridge is set to improve traffic flow, enhance road safety, and stimulate the local economy.