Shareholders of Julius Berger Nigeria Plc, have approved N2.88bn dividend to be paid to them for the 2011 financial period.

The approval was given in Abuja on Thursday during the company’s 42nd Annual General Meeting.

The amount represents a dividend pay-out of N2.40 per share and it is 20 per cent higher than the N2.00 paid in the 2010 financial period.

Speaking at the event, the Chairman of the Company, Dr. Mohammed Imam, said that despite the challenging operating environment, the company was still able to maintain a consistent level of turnover.

This, he said, was made possible owing to the consolidation of resources as well as the successful implementation of a diversified business strategy.

For instance, he said the company recorded a profit after tax of N4.87bn, indicating an increase of 74 per cent over the N2.79bn recorded in 2010.

He said, “While our project portfolio in 2011 remained robust, we must also recognise that there was a slow down in project acquisition within the public sector.

“Inaddition, increased security concerns put pressure on investment decision of potential clients. Despite these circumstances, Julius Berger was still able to maintain a consistent level of turnover and lower operational costs.”

He said the economic reforms being carried out by the Federal Government in key sectors of the economy was an indication that the country was on the right path to achieving more stable investment environment.

On the implication of the security challenges on projects being handled by the company, he said, “I can report that Julius Berger has experienced no serious security incidents in 2011.

“Nevertheless, we cannot ignore that security issues require our company to remain vigilant. While the Niger Delta amnesty programme continues to prove effective, Boko Haram’s activities are an increasing concern.

“In the light of this, Julius Berger has implemented further risks assessment structures within our security management system, which allow for continuous review of threats and adjustment of security plans.”

Source: Punch