NIPCO : Its shareholders laud efforts on N3 dividend

In view of the improved performance of NIPCO Plc and its consistent dividend payout, shareholders of the company have lauded the board and management on the 2016 results even as they approved a dividend of 300k per share.

NIPCO Plc had a turnover of N170.504billion in 2015 to N2.031billion in 2016. Similarly profit after tax jumped from N1.419 billion to N1. 603 billion in the same period.

Speaking at the 13th Annual General Meeting (AGM) in Abuja, its Chairman, Chief Bestman Anekwe, said the results demonstrated the aggressive sustenance of the push the company had made in the downstream sector of the nation’s oil industry.

He described 2016 as one of the most difficult years ever witnessed in the socio-economics development of the nation, but the proactive nature of the company made her stand shoulder high among its peers to be able to sustain its growth pattern during the year.

Chief Bestman Anekwe recalled the company’s giant and audacious stride of acquiring ExxonMobil’s 60 per cent equity in Mobil Nigeria Plc (MON) a feat that has further strengthened its position in the industry and widened its retail footprints.

He recommended the unflinching support and constructive partnership of the shareholders over the years to enable it attain this enviable height in the industry amidst a very tough operating environment.

In his remarks, the Group Managing Director, Mr. Venkataraman Venkatapathy, attributed the improved performance of the company in the 2016 financial year to increased sales drive, effective management of resources and adjustment of business model to the changing market variables.

He stated that although the year was tough on the economy, NIPCO made spirited efforts to reduce the impact on its customers without having any negative effect on shareholders’ return on investment.

“We prepared ceaselessly for the expected harsh operating environment by focusing on effective management of resources with a special focus on cost containment without jeopardizing quality in our entire operations”, he noted.

– NIPCO shareholders get N563m dividend –

Shareholders of NIPCO Plc yesterday approved the distribution of N563 million as cash dividend for the 2016 business year as shareholders applauded the strides by the company to increase its dominance in the Nigerian downstream oil sector.

NIPCO had through its wholly-owned subsidiary acquired the 60 per cent majority equity stake in Mobil Oil Nigeria Plc from ExxonMobil Oil Corporation.

The breakdown of the dividend implies that shareholders will receive a dividend per share of N3. Key extracts of the audited report and accounts of NIPCO for the year ended December 31, 2016 showed that turnover dropped from N170.50 billion in 2015 to N114.72 billion in 2016. Profit after tax meanwhile rose from N1. 42 billion in 2015 to N1.60 billion in 2016.

Speaking at the 13th annual general meeting (AGM) yesterday at Transcorp Hotel, Abuja, chairman, NIPCO Plc, Chief Bestman Anekwe said the results demonstrated the aggressive push the company had made in the downstream sector.

He described the year 2016 as one of the most difficult years ever witnessed in the socio-economic development of the nation but noted that the proactive nature of the company made it to stand shoulder high among its peers by being able to sustain its growth pattern.

He pointed out what he described as the giant and audacious stride of acquiring ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc, which has further strengthened NIPCO’s position in the industry and widened its retail footprints.

Anekwe commended shareholders for their unflinching support and constructive partnership over the years, which has enabled the company to attain enviable height in the industry in spite of a tough operating environment.

In his own remarks, Group Managing Director, NIPCO Plc, Mr. VenkataramanVenkatapathy attributed the improved performance of the company to increased sales drive, effective management of resources and adjustment of business model to the changing market variables.

According to him, although the year was marked by economic constraints, NIPCO made spirited efforts to reduce the impact on its customers without having any negative effect on shareholders’ return on investment.

“We prepared ceaselessly for the expected harsh operating environment by focusing on effective management of resources with a special focus on cost containment without jeopardizing quality in our entire operations,” Venkatapathy said.

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