Julius Berger: Board meets, set for higher shareholders’ returns

Julius Berger Nigeria Plc is positioning for increased returns on shareholders’ funds, as its board’s audit committee meets on October 28th, 2017, as the company consolidates on recovery path from its loss position in H1.

While it is expected that interim dividend may not be considered at the meeting, experts have expressed the view that though the scheduled meeting will center on approval of the company’s third quarter unaudited result, wiping off negative retained earnings ,greater earnings opportunities, cost savings and rewarding shareholders better with profitable performance for the 2017 financial year will be touched.

The company announced through the Nigerian Stock Exchange (NSE) that its board audit committee has scheduled meeting for 26th October to consider the company’s result for third quarter ended 30th September, 2017.

Julius Berger Nigeria Plc’s Company Secretary, Mrs. Cecilia Madueke announced that following the scheduled meeting, the company has declared 12th to 27th October, as closed period when members, board/management and related or connected persons are barred from transacting in the shares of the company.

“In this period, all who receive the notice of the closed period including insiders in Julius Berger Nigeria Plc; and all its subsidiaries, under the provisions of the Companies and Allied Matters Act Cap C20 LFN2004 CAMA, the rules of the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (“The Exchange”) are under restriction not to trade or deal in the equities of the company,” the company’s secretary revealed in a statement.

For the 2016 financial year, the company could not sustain the dividend payment tradition, based on weak performance in the financial year.

However, Julius Berger Nigeria rewarded shareholders with 150 Kobo for the 2015 financial year, as approved by shareholders at the 2016 AGM held on 16th June, 2016.
Also, for the 2014 financial year, the company paid N2.70 dividend to shareholders, having been approved by shareholders at 17th June 2015 AGM, while for 2013 financial year, it paid N2.70 dividend as approved by shareholders on 19th June, 2014 company’s AGM.

Daily Times Nigeria recalls that the firm reported H1’17 loss of ₦364.7 million, a modest improvement from the ₦426.9m loss recorded in the first quarter of the year.
The company said, “The reported bottom line also came in better than our estimated loss of ₦1.3bn, driven by stronger-than expected Q2’17 PAT of ₦72m vs. our ₦711m loss estimated for the period.

Bonny Amadi