Regency Assets Management Limited has sold Julius Berger Nigeria Plc for N1.54 billion, representing a 2.65% share.
Julius Berger’s warning, which Nairametrics saw, was sent to the Nigerian Exchange Limited (NGX) and the investing public.
According to the construction behemoth, Regency Assets Management Limited has ceased to be a meaningful stakeholder of the company with the disposal of 42,404,724 units of shares, or 2.65% of Julius Berger’s issued share capital.
The note, which the company secretary, Mrs. C. E. Madueke, signed, stated:
“Julius Berger Nigeria Plc hereby notifies the Nigerian Exchange Limited and the investing public that Regency Assets Management Limited gave notice of its Cessation as a substantial shareholder by its divestment of 42,404,724 (Forty-Two Million Four Hundred and Four Thousand, Seven Hundred and Twenty-Four) units of shares representing 2.65% of the issued share capital of Julius Berger”.
Read Also: AIICO Joins Leadway Acquires 5% Stake In InfraCredit
The construction company declared N272.4 billion cost of sales in nine months of 2023 from N259.67 billion in nine months of 2022, while foreign exchange acquisition losses closed nine months of 2023 at N6.17 billion from N4.63 billion in nine months
The N6.17 billion foreign exchange acquisition losses are on the Backdrop of the depreciation of the Naira and volatility in the spot exchange rate.
Also, from profit & loss figures, Julius Berger Nigeria declared N46.3 billion in total operating expenses in nine months of 2023, an increase of 24% from N11.2 billion in nine months of 2022.
Meanwhile, administrative expenses and marketing expenses advanced by 22.4% and 580% to print at N42.4 billion and N612.0 million in nine months of 2023 respectively.
Julius Berger Nigeria’s Profit Before Tax (PBT), thus, appreciated by 23.8% to N15.1 billion in nine months of 2023 from N12.16 billion, while profit before tax stood at N9 billion in nine months of 2023 from N6.96 billion in nine months of 2022.
Read Also: NADDC DG Charges Stakeholders On Local Content In Auto Industry
Meanwhile, the company revenue climbed by 7.6% to N333.4 billion from N309.81 billion in nine months despite economic challenges and expected construction delays due to seasonal rains.
The primary catalyst for the positive performance was an upsurge in public sector contracts in the period under review.
What you should know
Checks at the Company’s Q3 2023 financial report showed that as of September, this year, Regency Assets controlled 80 million shares which is 5% of the 160,000,000 issued share capital of Julius Berger.
Godstone Estate Ltd is the largest single majority shareholder of Julius Berger with 317.89 million shares or 19.87% of the issued share capital.
Neptunehill Company Ltd controls 18.22% of the issued shares of Julius Berger while Watertown Energy Ltd controls 160 million shares or 10% of the issued share capital
