Home » Nigerian billionaire Mike Adenuga-linked Julius Berger posts revenue exceeding $410 million

Nigerian billionaire Mike Adenuga-linked Julius Berger posts revenue exceeding $410 million

by Yusuf Abdulfatai
Mike Adenuga

Leading construction firm, Julius Berger, with ties to Nigerian billionaire Mike Adenuga, has reported remarkable financial results, surpassing investors’ expectations during the nine months of its 2023 fiscal year (9M 2023).

The company’s recently published financial statement reveals revenues exceeding $410 million, accompanied by a 29.3-percent increase in earnings. Its profit increased from N6.96 billion ($8.8 million) to N9 billion ($11.4 million) during the nine months of its 2023 fiscal year (9M 2023). 

The impressive double-digit surge in earnings can be attributed to a combination of effective cost-optimization strategies and a significant revenue increase during the review period.

Also, the company’s total comprehensive income for the period amounted to an astounding N32.87 billion ($41.6 million), with N23.3 billion ($29.5 million) attributed to exchange rate differences in foreign operations. This strong financial performance can be partly credited to a well-executed cost optimization strategy and increased revenue.

Julius Berger, a key player in Nigeria’s construction industry, has not only excelled in its core business but also diversified its revenue streams.

Its recent financial performance has translated into a strengthened financial position, evident in the surge of its total assets from N528.78 billion ($668.9 million) at the beginning of the year to N649.93 billion ($822.24 million) as of September 30. 

Additionally, the company’s retained earnings increased from N38.9 billion ($49.21 million) at the start of the year to N44.83 billion ($56.7 million) by the end of September.

To ensure the group’s viability as a going concern, it recently commissioned a cashew-processing plant, marking its entry into the agro-allied industry. This strategic move will enhance the company’s earnings and expand its presence in the market.

Adenuga, the well-known Nigerian billionaire and founder of Nigeria’s third-largest telecom services provider, Globacom Limited, maintains a 25.1-percent ownership in Julius Berger through Goldstones Estates Limited, holding 401,834,494 ordinary shares. 

Belinda Ajoke Disu, Adenuga’s daughter, serves on the company’s board of directors, bringing a strong link between the telecom mogul and the construction giant.

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