A famous construction company, Julius Berger Nigeria Plc has commissioned an ultramodern cashew plant in Epe, Lagos State.
In his keynote address, the Chairman of Julius Berger’s Board of Directors, Mr. Mutiu Sunmonu, said the occasion marked a pivotal moment in the company’s history “as we are ready to succeed and move in the right direction tremendously for Nigeria, our employees and shareholders.”
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In a press release early this year, the company had notified the public of its decision to diversify away from construction its core business and major forté following a tough fiscal year in 2020 when the corona virus pandemic disrupted operations.
“This led to an earnings deplete, leading to an after-tax profit crumble by 85 percent to N1.4 billion, the company’s weakest profit in 4 years.
“The initiative got underway when in September 2020, the company’s Board of Directors after meeting gave approval for the company’s proposal to delve into agro-processing.”
Reports according to its unaudited half-year 2022 earnings, revenue jumped by about a half to N218.2 billion and net profit by 26.1 percent to N6 billion.
Currently Julius Berger has a market value of over N41.4 billion while its outstanding shares are 1.6 billion priced at N25.9 per unit.