Julius Berger Plc has declared to pay a final dividend of N2.00 per 50 kobo share for the financial period ended Monday, December 31, 2018. This is subject to shareholders’ approval.
Withholding tax will be paid to shareholders whose names appear in the Register of Members as at close of business on Friday, May 31, 2019.
The register of shareholders will be closed from Monday, June 3, 2019, to Friday, June 7, 2019. Also, shareholders who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts will receive their dividends.
A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, the corporation is able to re-invest the profit in the business (called retained earnings) and pay a proportion of the profit as a dividend to shareholders.
Distribution to shareholders may be in cash (usually a deposit into a bank account) or, if the corporation has a dividend reinvestment plan, the amount can be paid by the issue of further shares or share repurchase.
In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.
Good year for Julius Berger?
Going by the company’s financial results for the 2018 financial year, Nairametrics understand that Julius Berger recorded a laudable performance.
The company’s revenue increased from N141 billion in 2017 to N194 billion in 2018, a figure that represented 37.5 per cent increment.
More so, profit before tax jumped from N3.7 billion in 2017 to N10.1 billion in 2018. This amounts to a 172 per cent increase year on year.
Profit after tax also rose from N2.5 billion in 2017 to N6.1 billion in 2018. This represents a 144 per cent increase year on year.
What you should know about Julius Berger
Julius Berger is a Nigerian construction company, headquartered in Abuja, with additional permanent locations in Lagos and Uyo. The company is represented across Nigeria in structural engineering and infrastructure works, and in southern Nigeria through domestic and international oil and gas industry projects.
COVID-19: CACOVID spent N43.27 billion to support 3 key priorities – CBN
The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.
The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.
The breakdown of the expenditure in the aforementioned areas are:
- Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
- Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
- Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.
Why this matters
The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.
What you should know
Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).
The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.
PZ Cusson announces retirement of Chairman, Kola Jamodu
PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.
According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.
What you should know
Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.
He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.
He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.
Abbey Mortgage Bank announces appointment of 6 Directors
The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.
Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.
The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.
What you should know
Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.
The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.
The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.