Construction Giant, Julius Berger Activates Survival Strategy, To Begin Cashew Processing Business

In a move that could be described as a survival strategy, Julius Berger Nigeria is planning to launch its cashew processing plant.

The company which is primarily known for its structural engineering and infrastructure works says it will launch its first Agro-processing activity in Epe, Lagos by September.

Julius Berger revealed in a statement seen by THE WHISTLER that it embarked on the cashew processing plant with the strategic objective of adding value to Nigeria produce.

The construction company said, “The pioneer cashew processing plant located in Epe, Lagos State, Julius Berger’s first Agro-processing activity, Cashew processing, which shall form the cornerstone of Julius Berger’s diversification activities, and in particular in the Agro-sector, would be commissioned in the Second Quarter of the financial year 2022.

“Julius Berger is pleased and indeed excited to announce to the market that the official launch ceremony of the cashew processing plant would be on September 10, 2022.

“Julius Berger reiterates that our diversification direction would support the continued success of the Julius Berger Group in the future and align with the strategic objectives of the Government to stimulate value creation in Nigeria.”

The drive began in September 2020, when Julius Berger Board of Directors approved the diversification plan for the company within the agro-processing sector.

Over the last six months, the company has grown its revenue to N218.2bn, against the N146.3bn recorded in the first six months of 2021.

The company’s market capitalisation is currently N41.4bn.