Julius Berger Posts 142.4% Profit For 2018

• Julius Berger Posts 142.4% Profit For 2018

Julius Berger Nigeria Plc more than doubled its profit in 2018, according to the report released during the company’s Annual General Meeting in Abuja on Thursday.

At the 49th AGM, the company disclosed it grew profit by 142.37 percent from N2.5 billion in 2017 to N6.1 billion in 2018.

Company revenue rose by 37.16 percent in the same year to N194.62 billion, up from the N141.89 billion recorded in 2017.

Profit before tax grew by 172.73 percent to N10.19 billion when compared with the N3.74 billion recorded in 2017.

However, the company posted a comprehensive income of N899.12 million, 59.27 percent lower than the N2.21 billion recorded in the preceding year.

The company’s share capital remained unchanged at N660 million, while its shareholders’ fund rose 17.68 per cent to N35.42 billion in 2018.

The Chairman, Julius Berger, Mutiu Sunmonu, 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.”

Therefore, the board of directors recommends “a dividend of N2 per 50 kobo share, resulting in a total gross dividend pay out of N2.64bn.”