Nipco declares N1.4bn gain, with cars to run on gas

Nipco Plc, an integrated oil and gas company, has declared a turnover of about N115bn and a profit after tax of N1.4bn for the year 2015 in spite of the challenges in the industry during the period.

The company also disclosed that it had converted over 4,000 vehicles to run on Compressed Natural Gas.

The company said in a statement stated that its  Chairman, Chief Bestman Anekwe, made this known at the company’s 12th Annual General Meeting in Abuja.

According to Anekwe, the company’s turnover is moderate enough, considering the prevailing difficult environment in 2015, adding, that  it’s entry into the CNG market in a joint venture with Nigerian Gas Company had continued to grow with over 4,000 vehicles currently running on gas.

Anekwe said, “The impressive increase in patronage from industries is also evident as more of them are converting to CNG to power their plants. The surge is gathering momentum and we will not stop until appreciable number of vehicles in Nigeria runs on natural gas.”

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He noted that the company’s 2015 performance showed a 20 per cent decline in turnover from the 2014 figures of N145bn, while the profit after tax dipped by 30 per cent from N2.314bn to N1.419bn in 2015.

He said, “We are well prepared to weather this rather grim period in our industry”.

Anekwe said the Board of Directors was proposing a total dividend of N563m, translating into 300k per share from the profit after tax, while management had retained N1.2bn profit to strengthen the company’s working capital requirement.

NIPCO Plc formerly called IPMAN Petroleum Marketing Company Limited (IPMCL) was incorporated by members of the Independent Marketers Association of Nigeria (IPMAN) on January 8th, 2001 as a Private Limited Liability Company to participate in the distribution of White Petroleum Products business across the nooks and crannies of the nation .

 

 

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