Julius Berger Transiting Into Conglomerate, Says MD Richter

Bennett Oghifo

Julius Berger is transiting to a conglomerate, the Managing Director, Engr Dr Lars Richter has said.

Richter stated this recently while providing participants at Julius Berger’s Group Investors Forum with an update on the company’s business performance, strategy and operations in 2023, as well as speaking to the outlook for the business of the company. 

He said: “The company is transiting to a conglomerate by continually driving growth across our core businesses and our subsidiaries, through which we deliver value-added services along the entire value chain of the construction industry.”

The Managing Director assured all of management’s determination to ensure positive transition of the company to “a conglomerate,” stating: “At the heart of our conglomerate transition is our diversification pillar, which we successfully kick-started in 2020 through the cashew processing business. We expect to reap significant benefits from our diversification efforts in the medium to long-term. We have achieved notable success so far, including exporting processed cashews to the international market. We are also looking at other sectors like healthcare, where we can create added value.”

The 2023 edition of the Julius Berger Group Investors Forum held recently via zoom with stakeholders and shareholders satisfied with the growth trajectory of the leading engineering construction company, officials said in a statement.  

According to Richter, “our core business, which is our first pillar, continues to achieve stable growth and upholds our standards as Nigeria’s leading and most innovative construction company. We continue to drive economic growth and expansion in the country through our infrastructure projects, as well as development of industries through our building arm.” 

On the transnational expansion of the company’s business operations, the Managing Director said, “We are expanding our value delivery to other regions of the continent, and we will continue to maintain our performance standards and drive innovation in the construction industry,” adding that, “the projects in our core business significantly contribute to economic growth and expansion, creating more efficient routes that drive trade and commerce and foster industry development.”

He said Julius Berger has a proven history of consistent performance and value delivery, stating that it “has progressed with our diversification efforts through the launch of our cashew product, which is export market driven, coupled with growth in our subsidiaries.”

He said within the period, there was growth and was confident of greater performance beyond the period, saying, “Our top and bottom lines grew in the first half of the year, building on a very strong 2022 performance where we achieved record growth in turnover. On the back of this, we have sustained shareholder value delivery through the payments of dividends, alongside having a sound and robust governance as a key pillar of our business. We have achieved broad-based progress, notwithstanding the challenging environment, which speaks very highly of our resilience as a company.”

He said Julius Berger’s “over 50 years of operation has consolidated with it a reputation for renowned quality delivery in the country and beyond, creating value for its stakeholders,” adding that “the company’s strategy has been resilient, expanding its portfolio over the decades.” 

Representatives of Julius Berger at the Investors Forum were: Managing Director, Lars Richter, Director, Administration, Zubairu Bayi, Director Corporate Development, Tobias Meletschus, Company Secretary, Mrs Cecilia Mahueke, Finance Manager, Miss Joy Isen and Chief Risk Officer, Mrs Shakira Mustapha, with shareholders, including Oluwatosin Kalejaiye and Dele Akande actively participating.