Julius Berger announces N6.1bn profit for 2018

Construction company, Julius Berger Nigeria Plc has announced a profit of N6.1 billion for the preceding year 2018.

This was disclosed during the presentation of its 2018 annual report at the 49th Annual General Meeting of the company 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.

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Meanwhile, 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 maintained 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, expressed delight that the company 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.”

He added, “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.”

By Babatunde Alao…

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