NIPCO Shareholders Approve 300k Dividend, Hail Board, Mgt

NIPCO Plc has paid a dividend of 300 kobo per share to the shareholders for the year ended December 31, 2016 following improved performance recorded for the year. The company posted a turnover of N170.50 billion in 2016, up from N124.7 billion in 2015, while profit after tax rose from N1.42 billion to N1.60 billion in 2016.

Shareholders of NIPCO Plc approved the dividend and lauded the board and management for the 2016 results at the 13th annual general meeting (AGM) held in Abuja recently. Speaking at the AGM, Chairman of NIPCO Plc, 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 the year 2016 as one of the most difficult years ever witnessed in the socioeconomic development of the nation, saying that the proactive nature of the company made it to stand shoulder high among its peers to be able to sustain its growth pattern during the year.

According to Anekwe, the company’s giant stride of acquiring ExxonMobil’s 60 per cent equity in Mobil Nigeria Plc has further strengthened its position in the industry and widened its retail footprints.

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

In his remarks, Group Managing Director(GMD), NIPCO Plc, 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 said 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 said.

According to him, the company places a lot of premium on its workforce as the most precious and valued asset adding that they were able to key into management directives on the growth pattern of the organisation.

The GMD recently said that as an efficient oil marketing company, NIPCO acquisition of majority shares in Mobil would bring economy of scale to the firm, benefit Nigerians and grow the economy.

“We would be adding new businesses and works towards increasing the production of its lubes which has remained a cherished brand in the lubricant market,” he had said.