Julius Berger Shareholders Agreed N2.00 Dividend At The Annual General Meeting

Must Read

Jumia is battling with $17 million fraud alongside several US lawsuit

Jumia has revealed some shocking revelations this week, Africa’s largest e-commerce operator has suspended some staff over an $18m...

How ₦50 Entry Strategy impacted Oride Bike Hailing Success in Ibadan

One would have thought that the introduction of ORide, a bike hailing system backed by its specialized application (Opay...

Africa’s fastest train line completely operational

Africa’s fastest train line is fully operational. Railway infrastructure constructor Colas Rail, who built the project announced the reports. Al Boraq...
- Advertisement -
- Advertisement -

The shareholders of Julius Berger Plc has signed N2.00 dividend at the company’s Annual General Meeting (AGM) on Thursday in Abuja.

The chairman of Julius Berger, Mr Mutiu Sunmonu said that the company has seen reasons to demonstrate its commitment to the shareholders in the light of the monumental successes recorded and so declared a dividend of N20.00 per N0.50 share.

According to him, “The company remains uniquely positioned as Nigerian’s most reliable construction company, capable of unfailingly delivering higher quality and innovative solutions for even the most challenging of projects.

“The company will persist in implementing it’s long,- term diversification strategy regarding the client mix and business areas. Opportunities in new segments will vigorously be explored, with emphasis on prospects borne out of the Group core competencies and expertise”.

The chairman also affirmed that Julius Berger would continue to stand apart as it’s quality standard has been meticulously maintained, which informed the successful recertification of the company’s Quality Management System to meet the updated standard specifications of the International Organization for Standardization’s ISO  9001:2015.

Read:  TOP 5 WEEKLY STOCK PICK FOR THE PERIOD 06/05/2017 - 06/12/2017 & WATCH LIST

He, however, pointed out some macroeconomic policies challenges that impacted negatively on the company operations and construction sector, ranges from unsubstantiated lateness in the yearly budget passage of the federal budget, ineffective implementation, inconsistent and unpredictable releases of schedules for capital expenditure, all which negatively impacted on the company’s Cash flow and profit.

Other similar policies the chairman outlined includes undue losses from induced utilization of bank’s overdrafts to leverage unavoidable gaps all which substantially mutilated the company profits.

Sunmonu, however, remained optimistic that the current company’s forecasts and possible external market influences inculcated in its 2019 performance planning will attract upward adjustment to leverage anticipated incremental growth rate.

Read:  TOP 5 WEEKLY STOCK PICK FOR THE PERIOD 06/05/2017 - 06/12/2017 & WATCH LIST

The leading International Construction Company in Nigeria had declared N10.2 billion profit before tax and  N7 billion net profit during its 2018 operations in Nigeria compare to N4.7 billion in 2017.

According to the chairman, the Group profit before tax (PBT) of N10.2 billion in 2018 recorded an impressive 172.7 per cent increase over the N3.7 billion in 2017 financial year, just as the construction company alone also posted N6.6 billion at 472.4 per cent increase above N1.2 billion in 2017.

Read:  "5G is not the future anymore, It's here' says Nokia's CEO Rajeev Suri

While the Group net profit of  N7 billion profit in 2018 far exceeded N4.8 billion in 2017 by 46.5 per cent, the giant construction company alone posted an impressive net profit of N4.8 billion above that of N400 million at over a thousand per cent increase in this financial year.

The Financial Statement, however, showed the Group’s tax liability of N4.2 billion and N1.2 billion for the 2018  and 2017 financial year respectively, while the construction giant alone incurred a tax obligation of N2.1billion and N1.2 billion for 2018 and 2017 financial year.

The highlights of the presentations of the 2018 Annual Financial Statement were the dividend declaration of N2.00 per N0.50 share, the appointment of Auditors and fixing their remuneration, the reappointment of 13 directors on board of the company and re-election of three members on the statutory audit committee, which includes, Engr. Heinz Stockhausen, Dr Ernest Nnaemeka Azudialu Obiejesi and Mt. George Marks respectively.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Jumia is battling with $17 million fraud alongside several US lawsuit

Jumia has revealed some shocking revelations this week, Africa’s largest e-commerce operator has suspended some staff over an $18m...

Prices Of Tomatoes, Rice, Yam reduce in July – NBS

The average price of major food items in Nigeria, like yam, rice and tomatoes, reduced in July, the National Bureau of Statistics (NBS) has...

Nimbus Media introduces new “in-house” digital screen technology

Nimbus Media, a frontline in-house advertising company has introduced a new look digital screen display technology saying that the new innovation is targeted at...

Kano, Zamfara and Cross River residents paid highest transport fares in July – NBS

Residents of Kano, Zamfara and Cross River paid the highest intra-city bus journey fares in Nigeria in July, the National Bureau of Statistics (NBS)...

More Articles Like This