Shareholders laud NIPCO 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. VenkataramanVenkatapathy, 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.