Management of leading civil engineering and construction company, Julius Berger Plc yesterday in Abuja hailed the management, staff and directorate of the firm for what they saw as a wonderful performance in 2015 inspite of the turbulent economic conditions.
At the company’s Annual General Meeting, AGM held at Yar’Adua Centre, one shareholder after the other seized the opportunity to underscore the fact that with the N1.50 dividend declared for last year, the company would hopefully deliver not less than N3.00 dividend at the next AGM. They aligned with Julius Berger’s staff reduction of 39% in the year under review saying that current economic realities no doubt caused it. But they hoped that as soon as the business environment improves, laid off staff would be recalled.
However, the shareholders were united in calling on the federal government and its relevant agencies to pay up the huge debts owed the company that are now threatening its abilities to performance as avenues for obtaining loan facilities from banks and conditions attached are becoming more stringent by the day. Reducing the bank indebtedness of the company, they argued would free the company to deliver on any pending contracts.
Also, the Lagos-Ibadan highway that is under construction was a subject of deliberations yesterday with shareholders urging the management to emplore all relevant strategy to get the work done so as to minimise car accidents on that highway.
Chairman of the Board, AVM Mohammed Nurudeen Imam, rtd; told shareholders that the realities of the challenging business environment negatively affected the company’s projected targets in 2015 resulting in a considerable decline compared with the previous reporting year. Accordingly, Imam said, “the Board of Directors is therefore of the opinion that the present circumstances do not allow to maintain the same dividend level as in previous years. The Board of Directors is proposing a dividend of N1.50 per ordinary share, resulting in a total dividend payout of N1. 98billion.”
According to the audited accounts of the group of companies, Julius Berger made a turnover of N133.9billion compared to N196.8billion recorded in 2014 resulting in Profit attributable to company amounting to N1.76billion compared to N8.3billion made in 2014. The company posted retained earnings of N22.7billion a little shortfall from the 2014 figure of N23.4billion.

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