Julius Berger has paid a dividend a total dividend of N5.2bn at its 55th Annual General Meeting held recently in Abuja.
It was the first AGM presided over by the newly appointed Board Chairman, Goni Sheikh and the new Managing Director, Dr Peer Lubasch.
Shareholders actively engaged throughout the meeting, with many expressing their confidence in the company’s future under the new leadership.
One shareholder from the Southwest remarked, “The leaders we had did well and performed admirably. With the new combo of Goni Sheikh and Peer Lubasch, things will get even better for Julius Berger, our dear company.”
Demonstrating their strong support, shareholders overwhelmingly passed all resolutions put forward by the Board. These included the approval of a total gross dividend payout of N5.2 billion, the appointment of new Executive and Non-Executive Directors, the re-election of several Directors, and the formal appointment of Goni Sheikh as a Director of the company.
In his address to shareholders, Dr. Lubasch reflected on the challenges and achievements of the past year since assuming office. He noted that the company has been navigating a difficult operating environment shaped by numerous factors, including currency devaluation, ongoing foreign exchange scarcity, rising construction costs, surging inflation, increased fuel prices, high lending rates, global market uncertainties, and domestic security concerns.
“These factors combined to create a tough and unpredictable business landscape, especially for the construction sector in Nigeria,” Lubasch said.
“However, in line with our mission, we continue to transform these challenges into tangible opportunities.”
He further stated, “As a company, we have continued to demonstrate resilience, navigating headwinds by adapting with an eye towards efficiency and sustainable growth.” He reported that Julius Berger achieved record-high revenue in the year under review, expanded its asset base, and maintained stability across both new and ongoing projects.
Lubasch attributed the company’s success to a well-established, forward-looking strategy that integrates core business strengths with contributions from the company’s growing group of subsidiaries and a deliberate diversification policy.
On the company’s regional diversification efforts, he revealed, “We are already making significant steps forward with our regional diversification strategy, with two contracts secured in the Republic of Benin.” Addressing shareholders, he assured them of continued success even in these challenging times, thanks to “the well-disciplined execution of our strategy, our agile leadership, the dedication of our teams, and the power of our fundamental values of excellence, responsibility, courage, and collaboration.”
Concluding his remarks, the Managing Director said, “While the future holds many unknowns, we remain certain that no matter the challenge, Julius Berger will continue to be defined by excellence and innovation, and will operate in a sustainable manner that aligns with our ethos and values, in line with global standards.”