NIPCO Declares N563million Dividend at N3 Per Share

Shareholders of the Nigeria Independent Petroleum Company, NIPCO Plc, lauded the management for declaring N563million as dividend, translating into 300kobo per share from the profit after tax.

The shareholders at the Annual General Meeting which held in Abuja,on Wednesday, April 13, said despite the reduction in turnover of the company when compared with 2014 result, the management achieved so much in the difficult environment within the period.

The NIPCO chairman, Bestman Anekwe, who declared the dividend, said the management of the company had retained N1.2billion profit to strengthen its working capital requirement.

He said the company announced a turnover of N145bn and a profit after tax of N2.3bn in the last AGM, but the prevailing difficult environment which the company worked in for the year 2015 reduced the company’s turnover to N115bn and a profit after tax of N1.4bn.

A shareholder, Sani Ya’u, said the performance of the company was the best when compared with other players in the oil and gas industry for the period.

Also in his remark, another shareholder,Mike Osatuyi, said the management was able to reduce the cost of sales and other liabilities, despite the challenges of the environment within the period.