Nigeria’s leading construction company, Julius Berger Plc, won 8 new major construction projects for 2021, its company annual financials revealed. The company makes money by taking on construction projects from state and federal governments as well as corporations and private individuals.
According to information contained in its latest annual report, Julius Berger Plc won projects spanning the construction of flyovers, bridges, roads and buildings. These projects are expected to drive the company’s revenue growth for Full-Year 2021. Currently, the company has 13 ongoing projects and has secured 8 new projects, which are:
1. Department of Petroleum Resources, New Headquarters, Abuja which is estimated to cost a total of N35 billion.
2. Office rehabilitation, Bill & Melinda Gates Foundation, Abuja.
3. Construction of Flyover at New GRA Junction and Dualization of Tombia Road, Port Harcourt – Estimated to cost N36.8 billion.
4. Reconstruction of Oro-Abali and Rumuola Flyovers, Port Harcourt.
5. Construction of Access Roads to the Second River Niger Bridge, which is estimated to cost N208 billion.
6. Rehabilitation of Township Roads at New GRA, Woji Road, Port Harcourt.
7. Regency Hotel, Lagos.
8. Maintenance of Governor’s Residence, Lagos.
Company results
The company made a recovery in the first quarter of this year, reporting a 590.24% growth in net profit from N412.45 million in the corresponding quarter of 2020 to N2.83 billion. Profits were mostly driven by topline revenue growth from N55.9 billion in Q1 last year to N71.2 billion same period this year.
What they are saying
According to the Chairman of the company, Mutiu Sunmonu, CON, during the year, the Board of Directors approved the Company’s first diversification case. In his words, “The company will continue to progress Julius Berger Nigeria Plc’s corporate development activities to achieve long-term diversification strategy regarding client mix and business areas – assessing, exploring and activating opportunities beyond core construction business to strategically reduce risk, promote growth and strengthen cashflow and profitability.”
Julius Berger share price closed at N20.03 at the time of writing this report, up 35% in the last one year.
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