Julius Berger Nigeria Plc has announced that the official launch ceremony of its cashew processing plant would be held on September 10, 2022.
This is contained in a disclosure signed by C. E. Madueke, the Company Secretary on the commissioning of the cashew processing factory.
According to the company, the diversification direction would support the continued success of the Julius Berger Group in the future.
What Julius Berger is saying
It stated, “Julius Berger Nigeria Plc (“Julius Berger”), on February 14, 2022, had announced to the Market that the pioneer cashew processing plant located in Epe, Lagos State, Julius Berger’s first Agro-processing activity, Cashew processing, which shall form the cornerstone of Julius Berger’s diversification activities, and in particular in the Agro-sector, would be commissioned in the Second Quarter of the financial year 2022.
“Julius Berger is pleased and indeed excited to announce to the market that the official launch ceremony of the cashew processing plant would be on September 10, 2022.
“Julius Berger reiterates that our diversification direction would support the continued success of the Julius Berger Group in the future and align with the strategic objectives of the Government to stimulate value creation in Nigeria. We trust that the Market would accept and react favourably to the information given above.”
What you should know
- The company had earlier reported that Julius Berger Plc 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.
- The company recently released its first half quarter result showing total revenue of N218 billion. The amount is 49% rise from the amount reported in the same period the previous year.
- Similar to this, the profit after tax improved significantly to N6 billion in H1 2022 against the N4.76 billion in H1 of 2021.
Julius Berger’s diversification into the agro-allied industry is a smart strategic move. I’m suspecting that it plans to export most of the processed cashew so as to earn in dollars. This foreign earnings can then be used in the purchase of the heavy machinery and equipment it uses for construction operations. That is a brilliant way to overcome the perennial scarcity of forex faced by industries who import their raw materials, inputs and PPEs into the country.
this is a great insight. Never thought of this that way
Good to know that Julius Berger is giving back to society by diversifying into agro-allied business in Nigeria. This will surely add value to the abundant cashew cash crop in Nigeria and help to create job for our teeming youths.
Julius Berger should plant cashew crop, we need investment in cashew plantation not processing per see.
Julius Berger should come in with different approach which early comers have always shy away from which is to provide inputs support to cashew farmers and merchants such as improved seeds and seedlings, slashers to control weeds, jute bags, agrosacs, scales and capacity building on quality control.
Good news,that’s a Weldon job by Julius berger. We the youth can supply cashew seed to them.thank GOD
Great move JB. We The Procurers Global Enterprise(TPGE) major in sourcing quality grains as well as Seeds looking forward to work with you in this new endeavors.
Thanks
John Elijah A
People saying Julius Berger should plant cashew first obviously forget that a lot of the cashew planted within the country perishes due to lack of processing.
They will plant or aid the farmers in planting cashew, but that would be after mopping up what has been rotting away before now.