Shareholders of NIPCO Plc at the 15th annual general meeting (AGM) in Abuja have applauded the board and management for the consistent payment of dividend since the company commenced operations in 2004.
The managing director, NIPCO, Mr Sanjay Teotia in his maiden address to shareholders since he assumed office said “even though the present operating environment is very challenging, my management remain focused on pursuing its major targets, primacy of which is growing our market in petroleum products marketing.”
Nipco management, he said, would continue to place emphasis on transforming the company’s systems and processes to deliver meaningful value to its stakeholders, among whom the shareholders rank high.
“We are not oblivious of the fact that to take the organisation to the next level, we must improve on our core competencies and explore other business ventures and opportunities,’’ the MD told the investors.
Sanjay also listed other major targets of the company which include: making steady progress to ensure more visibility to NIPCO stations nationwide; ensuring friendly customer care all its business lines across the nation; aligning with government in providing access to LPG at affordable price and supporting government in providing fuel to motorist through use of Compressed Natural Gas [CNG].
“We are upbeat of improving performance taking into consideration the organisation’s highly motivated and skilled employees as well as exemplary customer service at all our strategic business units,” he declared.
Appreciating the support of stakeholders, most of whom are fuel marketers since the inception of the company and particularly in the 2017 financial year, Sanjay said “my immediate challenge on assumption of office was fashioning the most adequate focus to channel NIPCO’s energies by my management team.”
NIPCO’s turnover for the 2017 financial year grew by 35% from N170billion in 2016 to N205billion, profit after tax rose from N1.8billion in 2016 to N2.1billion in 2017. The board therefore recommended a cash dividend of 300kobo amounting to total dividend payout of N563million which was unanimously approved by the shareholders.
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