Nigeria’s leading construction company, Julius Berger Plc, won 8 new major construction projects for 2021, its company annual financials revealed. The company makes money by taking on construction projects from state and federal governments as well as corporations and private individuals.
According to information contained in its latest annual report, Julius Berger Plc won projects spanning the construction of flyovers, bridges, roads and buildings. These projects are expected to drive the company’s revenue growth for Full-Year 2021. Currently, the company has 13 ongoing projects and has secured 8 new projects, which are:
1. Department of Petroleum Resources, New Headquarters, Abuja which is estimated to cost a total of N35 billion.
2. Office rehabilitation, Bill & Melinda Gates Foundation, Abuja.
3. Construction of Flyover at New GRA Junction and Dualization of Tombia Road, Port Harcourt – Estimated to cost N36.8 billion.
4. Reconstruction of Oro-Abali and Rumuola Flyovers, Port Harcourt.
5. Construction of Access Roads to the Second River Niger Bridge, which is estimated to cost N208 billion.
6. Rehabilitation of Township Roads at New GRA, Woji Road, Port Harcourt.
7. Regency Hotel, Lagos.
8. Maintenance of Governor’s Residence, Lagos.
The company made a recovery in the first quarter of this year, reporting a 590.24% growth in net profit from N412.45 million in the corresponding quarter of 2020 to N2.83 billion. Profits were mostly driven by topline revenue growth from N55.9 billion in Q1 last year to N71.2 billion same period this year.
What they are saying
According to the Chairman of the company, Mutiu Sunmonu, CON, during the year, the Board of Directors approved the Company’s first diversification case. In his words, “The company will continue to progress Julius Berger Nigeria Plc’s corporate development activities to achieve long-term diversification strategy regarding client mix and business areas – assessing, exploring and activating opportunities beyond core construction business to strategically reduce risk, promote growth and strengthen cashflow and profitability.”
Julius Berger share price closed at N20.03 at the time of writing this report, up 35% in the last one year.
Vitafoam shares gain 9.6%, as company reports N4.11 billion as profit in 2020
Vitafoam Nigeria Plc profit revealed 72.10% increase when compared with the N2.39 billion reported in the corresponding period of 2019.
Vitafoam Nigeria Plc has reported in its audited financial statement for 2020 that it made a profit of N4.11billion for the year ended 30 September 2020.
This represents a 72.10% increase in profit when compared with the N2.39billion profit reported in the corresponding period of 2019.
- Revenue increased to N23.44 billion in 2020, 5.21% Y-O-Y.
- Cost of Sales decreased to N12.43 billion in 2020, 8.06% Y-O-Y.
- Gross Profit increased to N11.01 billion in 2020, 25.68% Y-O-Y.
- Other income increased to N638.97 million in 2020, 63.91% Y-O-Y.
- Distribution costs increased to N1.05 billion in 2020, 8.13% Y-O-Y.
- Administrative expenses increased to N4.13 billion in 2020, 10.57% Y-O-Y.
- Operating profit increased to N6.47 billion in 2020, 45.58% Y-O-Y.
- Finance income increased to N106.51 million in 2020, 5.39% Y-O-Y.
- Finance Costs decreased to N930.17 million in 2020, 11.39% Y-O-Y.
- Profit from continuing operations increased to N3.92 billion in 2020, 58.88% Y-O-Y.
- Profit from discontinued operations increased to N191.63 million in 2020, 345.68% Y-O-Y.
- Profit for the year increased to N4.11 billion in 2020, 72.10% Y-O-Y.
What you should know
- Shares of the company have gained 9.6% within the first one hour of trading, largely at the backdrop of news of the company’s impressive performance as the current valuation of the company in the light of its results suggests that the shares of the Company are undervalued at the current price.
- Checks by Themoneymetrics as of 11:10 am today confirmed that the company is on a full bid, as 4,930,245 bids from 23 investors have been placed at the highest price for the day, without a single offer at a price lower than N8.55.
The profitability of the company was beefed up in 2020 on the back of the decrease in the cost of raw materials coupled with the increase in sales from the core segment of the company which led to the 5.21% increase in revenue in 2020.
However, it is important to note that the impressive performance of the Vitafoam Group was also strengthened by the increase in other profit owing to improvement in sales, this helped the company to also grow its revenue from services provided to customers’ after-sales.
Zenith Bank’s Profit After Tax in H1,2020 rises with the aid of using 16.8% to N103.8 billion
Zenith’s gross earnings grew by 4.4 % from N332 billion in H1,2019 to N346 billion in H1,2020.
In a clean demonstration of its robust marketplace percentage in Nigeria’s banking space, Zenith Bank Plc has published a Profit After Tax (PAT) of N103.826 billion in its 1/2 of yr 2020 result, up from N88.882 billion recorded in H1 2019. This confirmed an boom of 16.8%.
This turned into introduced with the aid of using the economic group in a declaration despatched to the Nigerian Stock Exchange on Thursday.
Despite the terrible disruption of financial sports resulting from the COVID-19 pandemic, the Tier-1 financial institution’s gross profits grew with the aid of using 4.4 % from N332 billion in H1,2019 to N346 billion in H1,2020
The financial institution additionally recorded nice boom throughout key economic metrics as follows, Profit Before Tax (PBT) multiplied to N114.124 billion in H1,2020 as towards N111.677 billion said in H1 2019.
As a testomony to its dedication to its shareholders, Zenith financial institution additionally introduced a proposed intervening time dividend 30 kobo according to regular percentage.
About per week ago, Mr. Ebenezer Onyeagwu the Group Managing Director/Chief Executive of Zenith Bank, entreated gamers withinside the non-oil export value-chain which include exporters and economic establishments to play their element withinside the power closer to increasing the nation’s non-oil export base.
Zenith Bank inventory rate recorded a tremendous benefit in its percentage rate after the discharge of this incredible H1,2020 result, gaining 1.47% to shut at N17.20.
Zenith Bank additionally prints a dividend yield of 16.28%, with profits according to percentage currently status at 7.12 and a marketplace capitalization of over N540 billion.
GTBank sales for H1, 2020 rises to N225.14 billion
Profit After Tax stood at N94.3 billion in H1, 2020.
Guaranty Trust Bank’s sales for the half-yr of 2020 stood at N225.14 billion as in opposition to 221.87 billion recorded withinside the identical corresponding length of 2019.
However, Nigeria’s main lender’s Profit Before Tax for H1,2020 stood at N109.7 billion as in opposition to N115.eight billion recorded withinside the identical corresponding length of 2019, displaying a decline of approximately 5.2%.
Its Profit After Tax stood at N94.three billion in H1, 2020 as in opposition to N99.1billion recorded withinside the identical corresponding length of 2019.
These had been disclosed withinside the announcement issued via way of means of the tier-1 financial institution to the Nigerian Stock Exchange (NSE) on Wednesday.
It need to additionally be mentioned that the Board of Directors of Nigeria’s maximum treasured financial institution via way of means of marketplace price proposed an period in-between dividend charge of 30 kobos in keeping with regular proportion at the issued capital of 29,431,179,224 Ordinary Shares of fifty Kobo every payable to Shareholders at the sign up of shareholding on the closure date.
Just lately the N755 billion marketplace capitalized financial institution indexed at the Nigerian Stock Exchange and additionally at the London Stock Exchange, disclosed in a notice to its GDR holders that the organization which serves as custodian for this stocks similar to those certificates (Citibank Nigeria) is watching for authorization from the Central Bank to switch dividends for the 2019 economic yr in greenback terms.
Shortly after the discharge of Guaranty Trust Bank incomes end result for H1, 2020, the proportion fee rose barely better via way of means of 0.20% to shut at N25.65
What you need to know; A dividend is a charge made via way of means of a enterprise to its shareholders, normally as a distribution of profits.
When a enterprise earns a earnings or surplus, it reinvests a part of the earnings withinside the business (retained earnings) at the same time as paying a component as dividends to the shareholders.
Follow us on Twitter
Building learning culture is difficult when the environment is not conducive – Nestle Nigeria
Cardano partners Chainlink to help developers build secure smart contracts
Tesla expected to build 300,000 vehicles in the first 9 months of 2021
Ethereum whales increase their Ether holdings by 84%
How to register for FG’s N75 billion MSME survival funds
Cardi B accidentally leaks her nude photo amid whirlwind birthday festivities (18+)
Subscribe to Blog via Email
ENERGY2 days ago
Power: Nigeria committed to electrifying 5 million households – Buhari
SPORTS2 days ago
Anthony Joshua to earn up to £15 miliom against Oleksandr Usyk
Business News2 days ago
Insecurity: Presidency commends U.S support in fight against terrorism
CURRENCIES2 days ago
UBA publishes names, BVN and account numbers of forex defaulters
COMMODITIES2 days ago
World’s biggest independent oil trader says prices will rise above $80 due to gas crisis
Cryptocurrency News17 hours ago
Cardano partners Chainlink to help developers build secure smart contracts
Business2 days ago
Nigeria Railway: FG leveraging alternatives to fund railway development – Amaechi
Business17 hours ago
The future lies in a knowledge-based economy – Sanusi