Shareholders of NIPCO Plc have approved payment of N563 million as cash dividends for the 2018 business year as the downstream oil and gas company recorded net profit of N1.58 billion. Shareholders will receive a dividend per share of N3.
At the Annual General Meeting (AGM) in Abuja, NIPCO Plc Chairman Chief Bestman Anekwe said the company recorded total turnover of N254 billion in 2018 as it deepened petroleum products outlets and doubled its Liquefied Petroleum Gas (LPG) market share in Nigeria.
He said the company has continued to record outstanding achievements despite the prevailing difficult environment in the last few years.
He noted that NIPCO has maintained its culture of outstanding performance and industry leadership by focusing on pursuing its major objectives.
“We are yet improving on our core competencies and remain committed to our vision of being the first choice company in the oil and gas industry to all stakeholders. We have maintained a constant expansion of our retail outlets and furthermore our company has maintained the lead in the LPG subsector by doubling the number of LPG skids and plants all over the country,” Anekwe said.
According to him, the company’s strategic venture in the upstream sector will hopefully give it competitive advantage to explore new frontiers in the business environment.
NIPCO Plc Managing Director Mr. Sanjay Teotia said the company plans to go into production of Liquefied Petroleum Gas (LPG) in its new investments surge.
He said conscious efforts are being made in preparation for the take off of the LPG production.
“Your company is thinking of venturing into LPG production against the background of the nation’s richness in natural gas. In the near future, we are going into its production,” Teotia said.
According to him, the strategy to diversify and grow the streams of income through the expansion of the company’s oil and gas business will gain momentum in the period ahead.
He pointed out NIPCO currently possesses the largest and the most active LPG storage facility and it has remained the supplier of choice.
“Our shareholders will continue to smile with good returns on their investment year in year out but with a caveat that challenges in the sector are addressed headlong by concerned stakeholders,” Teotia said.
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