J’Berger’s Assets Surpass N1tn in 2024

Julius Berger Achieves Major Financial Milestone in 2024

Julius Berger has achieved a significant financial milestone in 2024, with its total assets surpassing the N1 trillion mark. This achievement marks a major turning point for the company, reflecting robust growth and strategic management under the leadership of its new Managing Director, Dr. Peer Lubasch.

Record Financial Performance

During the company’s first forum under Dr. Lubasch, who took over in October 2024, along with Executive Director of Finance Christian Hausemann, the company announced impressive financial results. The performance was driven by disciplined execution, operational resilience, and a forward-thinking approach to growth.

The group revenue surged by 27.8% to N567.7 billion, fueled by increased project execution and stronger contributions from subsidiaries. Profit before tax also saw a notable rise of 34.1%, reaching N29.6 billion. This increase was supported by prudent cost management, foreign exchange hedging through its German subsidiary, and favorable investment returns.

Strong Balance Sheet and Dividend Payout

The company’s asset base expanded significantly, climbing by 48.9% to over N1.023 trillion. This growth reinforced the strength of the balance sheet and demonstrated the company’s financial prudence. Additionally, Julius Berger paid its highest-ever dividend of N3.25 per share, totaling N5.2 billion, which highlighted its commitment to creating value for shareholders.

In August 2024, the company received an upgraded credit rating from A- to A (Stable Outlook) by Augusto & Co., reflecting strong governance and financial health. The diversified shareholding structure, with 44.63% of shares held by institutional, pension, and retail investors, further underscored the company’s broad appeal and stability.

Regional Expansion and Strategic Investments

Julius Berger made progress in its cross-border expansion efforts, securing a second international contract in the Republic of Benin. This move solidified its regional expansion agenda and demonstrated its growing influence beyond Nigeria.

The company also focused on ESG (Environmental, Social, and Governance) initiatives and digital transformation. Significant investments were made in solar power, digital fuel monitoring systems, and the adoption of SAP S/4HANA ERP. These steps reflected a strong commitment to innovation and sustainability.

Resilience Amid Economic Challenges

Despite a challenging macroeconomic environment in 2024, marked by high inflation, exchange rate volatility, and rising material costs, Julius Berger maintained strong performance. The company’s ability to navigate these challenges while delivering record results showcased its resilience and strategic leadership.

Subsidiaries such as Julius Berger International GmbH (Germany) played a key role in enhancing technical capacity and revenue diversification. They contributed foreign exchange earnings and led client acquisition in Europe, further strengthening the group’s global footprint.

Sustainability and Corporate Responsibility

Sustainability remained a core focus for Julius Berger in 2024. The company transitioned to solar energy across multiple sites, reducing reliance on diesel. Real-time fuel monitoring systems were deployed, and the migration to SAP S/4HANA was completed. The company is progressing toward ISSB-aligned sustainability reporting, with the first full report expected by 2027.

Julius Berger also committed N555 million to initiatives in education, healthcare, rural infrastructure, and reforestation, demonstrating its dedication to corporate social responsibility.

Strong Financial Position and Future Outlook

Christian Hausemann, Executive Director of Finance, emphasized that the company’s low-leverage model, supported by N162.0 billion in cash reserves, provided strong capital stability and flexible funding capacity. This financial foundation enabled the company to maintain a strong balance sheet while delivering historic dividends.

The 2024 performance confirmed Julius Berger’s position as one of Nigeria’s most investment-worthy companies. Its ability to achieve record revenue and profit in a difficult economic climate, along with a steadfast commitment to sustainability and innovation, highlights its operational excellence and prudent management.

With over 60 years of expertise and more than 750 completed projects in Nigeria, Julius Berger continues to be the country’s most trusted engineering and construction group. Its forward-looking strategy, focused on diversification and regional expansion, positions it as a compelling vehicle for long-term value creation.