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Julius Berger grows profit by 142.4% to N6.1bn


Image result for Julius Berger grows profit by 142.4% to N6.1bn Julius Berger Nigeria Plc on Thursday announced that it made a profit of N6.1bn in 2018, up from the N2.5bn recorded in the preceding year.

It disclosed the 142.37 per cent rise in profit in its 2018 annual report, which was presented at the 49th Annual General Meeting of the construction giant in Abuja.

The company said its group revenue also grew by 37.16 per cent, rising from N141.89bn in 2017 to N194.62bn in the year under review.

It also noted that the group’s profit before tax was N10.19bn in 2018, indicating a 172.73 per cent rise when compared to the N3.74bn recorded in 2017.

However, other comprehensive income for the Julius Berger group decreased, as the group posted a comprehensive income of N899.12m, in contrast to N2.21bn in the preceding year. This represented a decrease of 59.27 per cent.

The group’s share capital stayed at N660m for both 2017 and 2018, while its shareholders fund increased by 17.68 per cent to N35.42bn in 2018, up from the N30.1bn in 2017.

The Chairman, Julius Berger, Mutiu Sunmonu, stated that in the light of the success recorded by the company, Julius Berger Nigeria Plc ended the year profitably, adding that “consequently, the board of directors are pleased to recommend a dividend of N2 per 50 kobo share, resulting in a total gross dividend pay out of N2.64bn.”

Sunmonu noted that although the construction industry was still sluggish in 2018, the company was able to advance its project portfolio by means of a proactive and strategic approach to project acquisitions.

He said, “In the year under review, the company succeeded in securing significant public and private sector projects including the main contract for Second River Niger Bridge in Asaba/Onitsha and the Abuja-Kano Road, on which innovative cold recycling methodology is being implemented for the first time in Nigeria.”

Sunmonu said the company also saw excellent performance across active project sites, adding that works for ongoing projects where funding was available progressed well.

He outlined this category of ongoing projects to include the Lagos-Shagamu Expressway, permanent site of the National Institute of Legislative Studies in Abuja, Famfa Office Tower in Lagos, Town Roads Rehabilitation Project in Port Harcourt and the Itakpe-Ajaokuta-Warri Ore Rail Line, among others.

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