Managing Director of Julius Berger, Mr. Wolfgang Goetsch, yesterday stated that the construction giant recorded a total turn over of N148.43 billion in its 2009 operating year as against of N112. 48 billion in 2008.

He said the company's performance was therefore impressive.

Addressing the company's shareholders during its 40th Annual General Meeting (AGM), he said the performance weathered the global financial slowdown with an impressive performance of 32 per cent over its 2008 performance.

He added that the company's profit before tax in 2009 stood at N9.37 billion against N5.17 billion in 2008.

This. he said, represents about 81 per cent, adding that the company has proposed a dividend of 200k per each ordinary share because of its impressive performance while declaring 40 kobo per share to mark its 40th Anniversary. The 40 kobo amounted to N2.88 billion.

According to the company's 2009 audit report, the company's share valuation at the end of the year 2008 was put at N55. 60 compared to the 2009 value, which stood at N25.79.

However, the company's liability doubled against the previous year's by almost 50 per cent. This amount was put at N8.10 billion against N4.3 billion. The reason for the increase in liability, Goetsch said, was due to the massive investment of about N33 billion on asset procurement to enable it maintain its set standards as well as service awarded contracts.

Goetsch refuted the N2 billion allegation of over-invoicing in the procurement contracts for the expansion of the Abuja Airport road and outer northern expressway project, arguing that there was noting inflated or trick in the contract.

According to him, the contract was in conformity with with Due Process followed and also in full compliance with the Public Procurement Act. He also debunked the claim that the company has pulled out of the Niger Delta region, explaining that it only suspended two projects in the region for the safety of its employees.

In a remark, Chairman of the company, Mr. Nura Imam said that the company's positive performance indicated that it has thus far withstood the global economic crunch without any major impacts.

He added that there was an improvement in the macro-economic condition of the country in 2009 with stability in naira.

He said "Although the real-side effects of the global economic crisis in 2009 have been large and serious, Nigeria has continued on a positive, but reduced, growth trend.

Despite this optimistic news and projections of continued expansion in 2010, there are risks."

He said, the combination of declining activity in 2009 and the projection of a modest rate of global cognizant of continued challenges in funding, potential delays to project planning and an economic growth rate that is below the true potential of the nation.

He acknowledged the fact that the Niger Delta amnesty process had a substantial impact on companies' success during the year. He expressed happiness that during the two quarters of 2009, the region did not witness a single militant attack.