Julius Berger, a renowned construction corporation tied to Nigerian business executive Bella Disu, has paid out a final dividend of N4.8 billion ($3.25 million) to its stockholders for the fiscal year 2023. The 54th Annual General Meeting, held on June 20, 2024, at the Shehu Musa Yar’Adua Center in Abuja, approved a dividend of N3 ($0.002) per share.
The dividend, paid on Friday, June 21, is a significant increase over the previous year’s payout of N2.5 ($0.0017) per share, or N4 billion ($2.7 million). This significant dividend payout represents Julius Berger’s great financial performance in 2023, demonstrating the company’s commitment to compensating investors despite good economic conditions.
Julius Berger reported a significant 58.61 percent increase in profits, from N7.91 billion ($5.34 million) in 2022 to N12.55 billion ($8.5 million) in 2023. Despite a marginal revenue growth of 56 basis points from N440.98 billion ($298.2 million) to N443.44 billion ($300 million), the company’s profitability was boosted by a large N6.99 billion ($4.72 million) increase in interest income during the year.
Under the strategic direction of key executives and directors, notably Bella Disu, Julius Berger’s retained earnings increased significantly, rising from N39.89 billion ($26.97 million) at the end of 2022 to N48.82 billion ($33.01 million) by the end of 2023. Total assets also increased significantly, from N506.27 billion ($342.3 million) to N686.94 billion ($464.5 million), indicating continued growth and operating efficiency.
Bella Disu, Executive Vice Chairperson of Globacom Limited, Nigeria’s second-largest telecoms group, is a major shareholder in Julius Berger and has profited from the company’s high dividends.
Disu, born Belinda Ajoke Olubunmi Adenuga, owns an indirect 25.37 percent ownership in Julius Berger through Goldstone Estates Limited (19.87 percent or 317,893,428 shares) and Ibile Holdings Limited (5.5% or 88,000,000 shares).
This stock has paid out N2.23 billion ($1.5 million) in dividends during the last two years, compared to Julius Berger’s total dividend distribution of N8.8 billion ($5.95 million).
Disu, who has been a director at Julius Berger since June 30, 2017, actively develops the company’s strategic direction, controls remuneration practices, and participates in board audit tasks. Her primary focus, however, is on leading Globacom’s expansion and developing strategic initiatives to accelerate technology developments in Nigeria and Africa.
Nigerian business executive Dr. Mike Adenuga Jr., Africa’s fifth-richest billionaire with a net worth of $6.7 billion, is driving her family’s multibillion-dollar empire in telecoms, property development, manufacturing, and construction to new heights of success.
