Julius Berger shares N2.88 billion dividend

SHAREHOLDERS of Julius Berger Nigeria Plc are to share N2.88 billion as dividend arising from year 2011 business transactions.At the company's 42nd yearly general meeting held in Abuja, yesterday, shareholders approved the sum earlier recommended by the Board of Directors, headed by AVM (Dr.) Mohammed Nuruddeen Imam.Also, the construction giant announced that it has concluded plans to adopt the International Finance Reporting Standard (IFRS), which the government has directed to be adopted by both the public and private sector organisations in the preparation of financial statements aimed at enhancing a regime of transparency in the conduct of transactions in the country.Imam told shareholders that the company posted a turnover of N169.413 billion for the 2011 financial year, representing a three per cent drop of the year 2010's result. Yet, he said the company was able to declare a dividend because of the retained profit of last year.His words: ' Although in 2011 Julius Berger achieved a turnover of N169.41 billion, which was a decrease of 3 per cent of the previous year's performance, the retained profit increased this increased profitability is a confirmation that our consolidation efforts have positively affected our company's efficiency and utilization of resources.'The Nigerian Stock Exchange share valuation of the Company on December 31st 2011, the last trading day of the year, was N31.60k which is lower the N50.00 per share in 2010. This reduction in the Company's stock value is reflective of the overall trend across all sectors, especially in the second half of 2011.'In light of the Company's increased profitability in 2011, the Board of Directors are pleased to be able to recommend an increased dividend of N240 kobo (N2.40) resulting in a total dividend payment of N2.88 billion. You will recall that the proposed dividend for 2010 was 200 kobo per each ordinary share,' the Chairman reminded them.Meanwhile, Kollermann, the Company's Financial Controller told reporters yesterday that in preparation for the adoption of the IFRS Accounting model, the Company has already carried out a capacity building package for it's staff to acquaint them of the requirement of the IFRS.He said: ' We have begun steps to move to the IFRS . We have also already trained our staff on the new model. We partnered with reputable accounting experts from the United Kingdom who were here for the training.'We are well prepared and well ahead of time because we are aware of the deadline given by the Nigerian Government.
Click here to read full news..