Julius Berger’s total assets cross N1trn milestone in 2024

Julius Berger Nigeria Plc recorded a historic financial milestone in 2024, as its total assets soared to over N1.023 trillion, underscoring the company’s financial strength and operational momentum despite Nigeria’s volatile economic climate.

The disclosure was made during the company’s first strategic performance forum under its new Managing Director, Dr. Peer Lubasch, who assumed office in October 2024. He was joined by the Executive Director of Finance, Christian Hausemann, at the briefing.

According to Lubasch, Julius Berger delivered record-setting results in 2024, driven by disciplined execution, operational resilience, and a forward-looking growth strategy.

“We achieved strong revenue growth, rising by 27.8% to N567.7 billion, supported by robust project execution and enhanced contributions from subsidiaries,” he said.

The company also posted a 34.1% increase in profit before tax, reaching N29.6 billion, a performance buoyed by prudent cost management, effective FX hedging through its German subsidiary, and solid investment returns.

One of the year’s standout figures was the 48.9% increase in total assets, which crossed the N1 trillion threshold for the first time, reinforcing the company’s financial stability and growth prospects.

Reflecting its improved earnings and strong cash position, Julius Berger declared its highest-ever dividend of N3.25 per share, amounting to N5.2 billion in total payout, highlighting a strong commitment to shareholder value creation.

Additionally, credit rating agency Agusto & Co. upgraded the company’s rating from A- to A (Stable Outlook), citing strong corporate governance and financial performance.

Lubasch disclosed that Julius Berger secured its second international contract in the Republic of Benin during the year, cementing its ambition for regional expansion. He also noted that the company’s shareholding structure remained diversified, with 44.63% of shares held by a mix of institutional, pension, and retail investors.

On sustainability and digital transformation, he revealed significant strides, including major investments in solar power installations, real-time digital fuel monitoring, and the full adoption of SAP S/4HANA ERP—an enterprise resource planning system to boost operational efficiency.

“Despite macroeconomic headwinds like high inflation, currency devaluation, and surging material costs, Julius Berger maintained its growth trajectory and delivered record results,” Lubasch said.

The Managing Director emphasised the contribution of the company’s subsidiaries to both technical excellence and revenue diversification. Julius Berger International GmbH, the group’s German arm, played a key role in generating foreign exchange earnings and facilitating client acquisition in Europe.

Meanwhile, Julius Berger continued to ramp up investments in clean energy, with multiple sites transitioning to solar power and reduced reliance on diesel generators. The company also committed N555 million to community initiatives focused on education, healthcare, rural infrastructure, and reforestation, as part of its growing ESG (Environmental, Social, and Governance) efforts.

Executive Director of Finance, Christian Hausemann, highlighted the company’s strong liquidity, with cash reserves of N162 billion, and a low-leverage model that provides capital stability and flexibility for future investments.

“The 2024 results reinforce Julius Berger’s reputation as one of Nigeria’s most investible companies. Achieving record revenue, record profit, and a historic dividend in such a difficult economic environment is a testament to the company’s operational excellence,” Hausemann said.

With over 750 completed projects in Nigeria and more than 60 years of industry leadership, Julius Berger continues to position itself as a trusted engineering and construction partner, combining innovation, sustainability, and regional diversification to deliver long-term value.