July1 , 2022

Julius Berger, Lars Richter, Julius Berger reduces dividend payout to prepare for Covid-19 hit

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Julius Berger, Lars Richter, Julius Berger reduces dividend payout to prepare for Covid-19 hit

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Julius Berger Plc has released a progress statement regarding its first diversification activity. The statement disclosed that regarding its first Agro-processing activity, a Cashew processing plant will be due for commissioning in the second quarter of 2022.

According to the statement, the company had announced on September 23, 2020 to the Market, the Board approval of the diversification opportunity for the Company in Agro-processing.

The company released a disclosure to this effect, signed by the secretary, C. E. Madueke, and filed with the Nigerian Exchange Limited (NGX).

The statement added that the company’s agro-processing activities will benefit from its existent leading technical expertise, as well as “innovation with a proven record of reliably delivering construction solutions to the highest standards”.

It further stated that, “with respect to its first Agro-processing activity, Cashew processing which shall form the cornerstone of Juliu·s Berger’s activities in the sector, that the pioneer cashew processing plant located in Epe, Lagos State would be commissioned in the Second Quarter of the financial year 2022”.

The company expressed pleasure and excitement over this recent development and the progress observed with the initiative.

In addition, Julius Berger Plc believes that its direction towards diversification would contribute to and support the continued success of the Group in the future and also “align with the strategic objectives of the Government to stimulate value creation in Nigeria”.

What you should know
Prior to diversifying into agriculture, in November 2019, it was reported that Julius Berger announced its diversification into the oil and gas industry, with the acquisition of a 20% equity stake in Petralon Energy Limited.
Petralon Energy Limited (PEL) announced its decision to offer for subscription, 20% of its equity share capital in Petralon 54 Limited, its wholly-owned subsidiary to Julius Berger Investments Limited (JBIL).
The Board stated that the investment is in line with the strategic goals of Julius Berger on diversification, and would enable the acquisition of know-how and experience in the oil and gas sector.

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