Construction giant Julius Berger Nigeria Plc has abandoned its Agro-diversification plans after failure to gain traction from it and as such has opted to lease out its cashew processing plant in the Epe area of Lagos.
Julius Berger on September 23, 2020, had informed the Market of its Board’s approval to explore a diversification opportunity in Agro-processing.
However, the firm now says it is focused on being more thematic to its core business by strengthening its capacity in Nigeria and exploring opportunities regionally and globally.
“The Board of Julius Berger, at its meeting of September 24, 2025, took the decision to lease out its cashew processing facilities, upon mutually agreed terms, to Eko Organic Food Industries Limited, whose core business would ensure the continued relevance of Julius Berger and its strategic intent to take value from opportunities in Agro-processing,” Julius Berger said in a filing to the NGX.
Julius Berger’s Operating Profit fell by 47% to N9.4 billion in the six-month period to June 2025, from N17.8 billion as at June 2024.
The firm reported a loss of N2.4 billion from its diversification efforts in the six months to June 2025 period.
Julius Berger Nigeria Plc has four core business segments, civil engineering – encompassing infrastructure and related construction projects within Nigeria; Building involving residential, commercial, and industrial building projects within Nigeria, services, provided to third parties in Nigeria and in Europe.
There is also Diversification which comprises of the business unit Cashew Processing in Epe, Lagos and the Groups expanded Construction Business into new regional Markets in West Africa.
Julius Berger diversification began in 2022 with the commissioning of its Cashew Processing Plant.
Julius Berger stock is listed on the Nigeria Exchange (NGX) and has returned -5.89% year to date. It closed trading at N146.1 per share on Thursday for a market capitalisation of N233 billion.
“The goal of the Board of Directors and the Executive Management of Julius Berger remains to deliver on the strategy of maintaining and strengthening the Company’s competitive advantages in the Construction sector,” the Company Secretary, C. E. Madueke, said in the statement.
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