Julius Berger announces N5.2bn dividend payout amid economic headwinds, reaffirming resilience and strong financial performance at 55th AGM

Julius Berger dividend payout has climbed to N5.2 billion, as the construction giant reaffirmed its resilience during its 55th Annual General Meeting, held recently.

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The announcement was made by Chairman Goni Sheikh, who stated that shareholders would receive N3.25 per 50 kobo ordinary share, highlighting the company’s commitment to value creation despite economic challenges.

Speaking during the event, Sheikh acknowledged the pressures of persistent inflation, currency devaluation, and high lending rates, all of which have significantly driven up construction costs. He also cited security concerns and unrest in some parts of Nigeria as further disruptions to operations.

“The company will continue to mitigate risks and ensure steady operations,” Sheikh assured. He praised Julius Berger’s unwavering “safety first” culture, which he described as a core pillar of the company’s efficiency.

“This culture has effectively reduced risks and improved productivity, allowing the group to keep workplace incidents at a minimum,” he said.

Julius Berger met its revenue and profitability targets for 2024, defying prevailing macroeconomic headwinds. According to Sheikh, the company’s performance reinforced its financial strength and consistency across its project portfolio.

Managing Director Dr Peer Lubasch, who assumed office months ago, echoed the chairman’s sentiments, noting the company’s adaptability and strategic focus amid a volatile socio-economic landscape.

He described the business environment as “tough and unpredictable,” shaped by multiple compounding issues such as forex scarcity, high inflation, surging fuel prices, and global market instability. Despite these, Lubasch said the company transformed challenges into opportunities.

“As a company, we have continued to demonstrate resilience, navigating headwinds by adapting with an eye towards efficiency and sustainable growth,” Lubasch stated.

He revealed that the company recorded its highest-ever revenue, expanded its asset base and maintained operational stability throughout the year.

On regional expansion, Lubasch highlighted the company’s diversification into neighbouring markets with two contracts in the Republic of Benin. He credited the firm’s strategic execution, agile leadership, and values of excellence and collaboration for its continued success.

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“With our skilled workforce, effective management and future-ready operational structure, Julius Berger remains a high-performing company that clients rely on and shareholders trust,” Lubasch concluded.