Leading engineering construction company, Julius Berger Nigeria Plc is paying out a gross dividend of N4.8billion to shareholders even as the company is determined to maintain its position as a leader in corporate Nigeria.
At the company’s 54th Annual General Meeting, AGM held in Abuja yesterday, Chairman of the Board of Directors, Mr. Mutiu Sunmonu said, ‘though we have endured formidable challenges, our Company’s financial performance and resilience for the year 2023 was exceptional, resulting in yet another record-breaking year following the highly successful outcomes of 2022.’
Stressing that a greater scenario is projected to play out in the current financial year, the chairman disclosed that the Board of Directors is pleased to recommend a dividend of N3.00 per 50 Kobo ordinary share, resulting in a total gross dividend payout of N4.8 billion.”
He said the pressures were magnified by the 2023 general election lulls, administrative transition periods, and policy shifts at both the State and Federal levels, adding that, thanks to forward-looking cost management, strong contracts management and unmatched efficiencies in procurement, our Company’s financial results have remained largely in line with planning, while earnings before taxes improved. Such positive outcomes were mirrored across our Group, in which rigorous management combined with excellent performance led to a Group revenue of #443 billion, exceeding planning and reaching a historic high.
He further said that Julius Berger has continued to set the benchmark for reliable and high-quality engineering and construction services, through which the positive impact of its operations has been felt across the country.
In the reporting year, he continued, we have commissioned the Second River Niger Bridge Main Contract and Temporary Access Road, as well as the Abuja-Kaduna-Zaria-Kano Road Sections 2 and 3 – both projects of national priority. We have completed key projects including the Lagos-Shagamu Expressway projects for the Office of the National Security Adviser, and the State House Clinic in Abuja – while progressing other significant works.
Mr. Mutiu said in parallel, the company has acquired strategic projects, such as the Port Harcourt Ring Road as well as expanding its footprint into both Delta and Abia States, thus extending its operations into new territories and furthering positive impact in the South-South and South- East zones. The Board chairman also said that the same outcome played out in its various subsidiaries that have continued to perform with excellence, in line with their individual strategic targets.
Julius Berger International GmbH he also said, has continued to progress its growth aspirations in solidifying the Julius Berger brand within the German construction industry, saying that, it has achieved a larger share of technical services with external customers than that within the Group, opened its first regional office in the Ahr Valley, and enlarged its workforce and therefore its expertise -all while increasing revenue, implementing its sustainable design-and-engineering strategy and achieving an Eco Vadis silver rating recertification for excellent environmental, social and governance (ESG) management.
Furthermore, the chairman said, within the Julius Berger Group, diversification has remained high on the agenda – both in regard to risk management and as a driver of sustainable growth providing opportunities to increase our impact and reach beyond construction and beyond Nigeria. Thus, in line with regional expansion targets of the company, a Julius Berger branch office has been opened in Cotonou, Benin Republic, with road rehabilitation contracts already underway.
Going further, he said, maintaining the strong brand, financial resilience and culture of excellence remains central to corporate goals, adding that, with our renewed vision and with our mission and values as guiding principles, together with our business strategy and operational frameworks, we remain determined to achieve the growth of our Group, no matter the challenge.
Sunmonu then declared that notwithstanding the colossal hurdles the company will need to overcome, it will maintain its position as a leader within Nigeria’s corporate landscape, while expanding its reach and impact through existing Group activities and through well-defined diversification agenda.
Speaking in the same light, the Managing Director, Engr. Dr. Lars Richter said the company will continue to prevail as a partner for progress inspite of the challenging operating environment.
In his speech at the august event, the Managing Director gave shareholders of the company’s activities in 2023 stressing that issues like inflation, currency devaluation, insufficient funding of major projects among others constituted challenges the company had to cope with.
He said, that though Julius Berger is very familiar with challenges, the challenges right now have been exceptionally difficult adding however that, with greater challenges come greater zeal to thrive for the company and the country, Nigeria.
We will continue to evolve business continuity measures while adjusting to the challenges in the operating environment, he said.
In the foregoing context, the Managing Director said subsidiaries in the Group are not left out even as diversification remains a key tactic of doing business well, mentioning the launching of Julius Berger, Cotonou, Benin Republic to buttress his position just as he gave a low down on some projects being constructed by the company in Lagos, Abia, Delta and Rivers States.
The Managing Director then declared: “the challenges may be unprecedented, may tough; but there is no doubt that Julius Berger will continue to prevail as a progress.
