NIPCO Plc profit grows by 13% in 2016
The Group Managing Director[GMD] ,NIPCO Plc, Mr. Venkataraman Venkatapathy has 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.
“Year 2016 has remained a very challenging period in the annals of petroleum products marketing in the country with the mirage of issues plaguing the sector amidst the general economic recession announced by the Federal government “,the GMD noted
NIPCO Plc had a turnover of N170.504billion for the year ended Dec 31, 2016 over N114.724billion recorded in the corresponding period of 2015 representing an increase of 48 per cent
Profit before tax rose marginally from N2.014billion in 2015 to N2.031billion in 2016 .Similarly profit after tax jump from N1, 419billion to N1, 603billion in the same period.
He recalled that NIPCO took the entire industry by storm in October,2016 with the announcement of the acquisition of ExxonMobil’s 60% equity, in Mobil Oil Nigeria Plc, which had remained a major turning point in the history of the organization and the industry at large .
Earlier the shareholders had approve a dividend payout of N563.004million translating to 300k per share for the year ended December 31,2016 as proposed by the board of directors .
The Chairman of NIPCO Plc, Chief Bestman Anekwe told the shareholders that the results demonstrate the aggressive sustenance of the inroads the company had made in the downstream sector of the nation’s oil industry.