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Nigerian billionaire Mike Adenuga has received a N1.01-billion ($1.5 million) dividend from his stake in Julius Berger Nigeria Pl, a company listed on the Nigerian Exchange (NGX).
Julius Berger Nigeria offers construction solutions. The company is engaged in planning and construction of various civil engineering works.
In April, the company’s board of directors proposed a final dividend of N2.50 ($0.0038) per share for the financial year ended 31 December 2022 after it released its 2022 audited full-year results.
Last Friday, shareholders approved the dividend at the annual general meeting in Lagos. The dividend was paid on June 16, 2023.
Julius Berger’s 2022 financials, filed with the NGX, showed that sales increased dramatically to N440.98 billion ($672-million) from N338.81 billion ($516-million) at the end of the 2021 fiscal year, showing a robust 30.16-percent increase.
This is due to rising inflation, which the economy is still dealing with.
Following inflationary pressure, the company’s cost of sales increased by 34.53-percent to N366.36 billion ($558.4-million) in 2021 from N272.3 billion ($415-million).
The company posted a pre-tax profit of N15.54 billion ($23.7-million), a 9.60-percent increase from the N14.18 billion ($216-million) the company reported during the same period in 2021.
Adenuga, the founder of the founder of Nigeria’s third largest telecom services provider, Globacom Limited, is the largest shareholder in Julius Berger.
He holds a 25.1-percent stake, or 405,893,428 ordinary shares in Julius Berger, through an investment vehicle called Goldstones Estates Limited. He is represented on the company’s board by his daughter, Bella Disu.
Adenuga, Nigeria’s richest man, has a net worth Forbes pegs at $4.3 billion as at Monday.
