Julius Berger Nigeria Plc has notified its shareholders, the Nigerian Exchange (NGX), and the investing public that its wholly owned subsidiary, Julius Berger Investments Limited, will establish a new subsidiary in the Benin Republic.
This announcement was published on the NGX disclosure page on December 23, 2024, and signed by Company Secretary Cecilia Ekanem Madueke, ESQ.
The newly formed subsidiary will be incorporated and registered as a company limited by shares in accordance with the laws of the Benin Republic.
Its primary mission will be to engage in the planning and construction of a diverse range of civil and engineering works throughout the region.
The disclosure states:
“Julius Berger Nigeria Plc wishes to notify its shareholders, the Nigerian Exchange Limited, and the investing public that its wholly owned subsidiary, Julius Berger Investments Limited (“JBIL”), has resolved to establish, incorporate, and register a wholly owned subsidiary company, limited by shares, under the laws of the Benin Republic.”
Furthermore, it revealed that this initiative will enhance Julius Berger’s ability to capitalize on emerging business opportunities in the Republic and its neighboring regions.
What to know
- Julius Berger Investments Limited (JBIL) is a wholly owned subsidiary of Julius Berger Nigeria Plc.
- A new subsidiary is being established in the Benin Republic as a share-limited company, compliant with local laws.
- This subsidiary aims to engage in the planning and construction of various civil and engineering projects in the Republic.
- The Board of JBIL has approved the establishment, which will be located at Lot 3251, Les Cocotiers, Cotonou, Benin.
- Mr. Christophe Fierens will be the Resident Executive Director, with Engr. Goni Musa Sheikh and Mr. Jochen Stolle serving as Non-Executive Directors. Mrs. Cecilia Ekanem Madueke will take on the role of Company Secretary.
Performance and squabbles with the Senate
Julius Berger Nigeria Plc recently unveiled its financial report, revealing an impressive 74.04% year-over-year surge in pre-tax profits, totaling N26.1 billion for the nine-month period ending September 30, 2024.
- However, the third quarter saw a decline in pre-tax profit, dropping to N1 billion compared to N3.7 billion in the same quarter of 2023.
On the revenue front, the company showcased strong growth, with a 53.03% increase from N105.3 billion in Q3 2023 to N161.2 billion in Q3 2024.
- Notably, civil works contributed a significant 73.3% of the total nine-month revenue amounting to N330.8 billion, while building projects made up 19.2%.
In the Nigerian stock market, Julius Berger has seen its share price soar over 200% year-to-date, climbing from N43 at the beginning of January to N140.00 by December 23, 2024.
This remarkable performance comes despite ongoing legal disputes with the Federal Government.
- The company’s Managing Director was recently issued a warrant in early December, to appear before the Senate Committee on Works.
- According to the Nigerian senate, the decision was due to the company’s non-compliance with previous summons related to an abandoned project, despite having received federal funds for its completion.
