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    JBERGER   NGJBERGER009

JULIUS BERGER NIGERIA PLC

(JBERGER)
  Report
End-of-day quote. End-of-day quote Nigerian Stock Exchange - 08/02
24.5 NGN   +8.89%
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Julius Berger Nigeria : Lawmakers Commend Julius Berger On Lagos-Shagamu Expressway Project

06/03/2021 | 11:06am EDT

Members of the House of Representatives Committee on Works have lauded Julius Berger Nigeria Plc for "the excellent work" being executed by the company on the Lagos-Ibadan Expressway, which they vowed would be completed as projected come 2022.

The Committee members, who are currently on tour of relevant federal capital projects under the Committee's oversight functions, visited Section 1 of the Lagos-Shagamu Expressway awarded to Julius Berger Nigeria Plc Tuesday.

Led by its Chairman, Hon. Abubakar Kabiru Bichi, the Committee members were conducted round the entire stretch of the project by a team of Engineers from the Federal Ministry of Works and Housing led by its Controller (South West), Eng. Olukayode Popoola.

The House Committee Chairman on arrival at the site, said, "Lagos- Ibadan road is the busiest road in West Africa. This is Section 1 of the entire length and Julius Berger is handling it. We hope the company is doing well and doing what is right because of pressure from the Executive and National Assembly, we do not expect to hear any delay."

After the full inspection of the ongoing project works, however, and after necessary technical explanation of detailed project drawings at points along the project route by the Project Manager Engr. Olaf Tham, the Committee chair was full of appreciation for the good quality and tremendous progress thus far accomplished by Julius Berger on the Lagos-Shagamu Expressway project.

"From what we are seeing on the project site in the course of our committee's visit and inspection of the ongoing works, Julius Berger has done a lot and is almost completing the job. We will go back to Abuja to work on the issue of pending compensation for full acquisition of project right of way to enable the contractor complete the approximately eight kilometres remaining to fully deliver the LSE project as scheduled in 2022," Hon. Kabiru said.

The Director, South West, Federal Ministry of Works and Housing, Engineer Adedamola Kuti, at the end of the inspection exercise said, "Operationally speaking, Julius Berger is doing excellently well and working to the planned schedule of works to deliver the LSE on time despite obvious challenges. We are all aware of the fact that the road carries heavy and steady traffic 24/7. Also, vehicles breakdown oftentimes at diversion points and cause traffic gridlocks; that is not the fault of Julius Berger; and it is only when the traffic outward Lagos gets to Shagamu that it diverts to Ibadan, Benin and Abeokuta."

Engr. Kuti informed the media that the project contract, which was originally awarded in 2013, later got adjusted and augmented with tollgates, bridges and the Shagamu interchange, by 2018.

On Julius Berger's team during the National Assembly's (House of Representatives Works Committee) visit to the LSE project site were the Project Manager, Engr. Olaf Thamm, Commercial Manager, Loic Cognard, Project Coordinator, Engr. Mrs. Fatima Kosemani, Group Head, Media Relations Office, Prince Moses Duku and Media Liaison Officer, Emmanuel Isibor.

Copyright Daily Trust. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials
Sales 2021 274 B 667 M 667 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 11,1%
Capitalization 39 200 M 95,3 M 95,4 M
Capi. / Sales 2021 0,14x
Capi. / Sales 2022 0,13x
Nbr of Employees 12 221
Free-Float 4,46%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 1
Last Close Price 24,50 NGN
Average target price 37,99 NGN
Spread / Average Target 55,0%
Managers and Directors
Lars Richter Managing Director & Director
Martin Brack Financial Director & Director
Mutiu Sunmonu Chairman
Zubairu Ibrahim Bayi Executive Director & Administration Director
Karsten Hansel Independent Non-Executive Director
Sector and Competitors