By Favour Nnabugwu

Bilfinger SE, a minority shareholder with a holding of 33.4 per cent in Julius Berger Nigeria Plc (JBN) has expressed its decision to divest its stake to Nigerian investors. In a statement, the construction giant said Billfinger has notified the Board of Julius Berger of its decision to dispose of its remaining stake in JBN to long term Nigerian investors on or before the end of June 2015.

AGM: From left, HRH Igwe Peter Nwokike Anugwu discussing with former Managing Director of Julius Berger, Engr. Wolfgang Goetsch during the 45th AGM of Julius Berger Plc in Abuja. Photo by Gbemiga Olamikan.

JBN states that this proposed transaction will lead to the exit of the representative of Bilfinger SE from the Board of JBN. The Company added that the decision is based on Bilfinger’s strategic realignment from a construction company to an engineering and services group in the last decade which saw Bilfinger SE divest totally from its construction activities.

The Board of Julius Berger Nigeria Plc and the Executive Management strongly believes that the exit of Bilfinger SE will not impact on JBN in view of the strategic business directions being undertaken by the Board and Management of the Company which would sustain and increase JBN’s efficiency and responsiveness as well as set basis for a future of long lasting success.

The conglomerate at its 45th Annual General Meeting for the year ended December 31, 2014 held in Abuja on Wednesday, announced a whopping N196 billion income. The company’s revenue for the period under review stood at N196 billion from N212 billion recorded in 2013, representing a loss of 7.49 per cent.

Profit before tax also dropped to N13.134 billion from N16.220 billion posted in the previous years while its profit after taxation increased to N8.239 billion in 2014 from N7.853 billion announced in 2013 representing 4.92 percent rise.

The company offered a dividend of 270 kobo per ordinary share of 50 kobo each in the sum of N3.564 billion to its shareholders while its Shareholders’ funds rose to N26.095 billion in 2014 from N21.034 billion in 2013 while earning per share went down by 8.81 percent from N6.72 in 2013 to N6.13 in the year under consideration.