NIPCO Pays N703M Dividend

Yemisi Izuora
Nipco plc, has declared a total dividend payout of N703m, translating into a yield of 375kobo per share to shareholders of the company for the financial year ended 31st December 2014.

Shareholders of the company approved the amount at the company’s 11th Annual General Meeting [AGM].

Chairman, Nipco, Chief Bestman Anekwe who presided at the meeting said the result is a noteworthy improvement over previous year performance with the implication that the company is emerging stronger and more committed to excellent services.

“The industry is replete with average performance by our competitors .That we are able to surpass our performance in the preceding year is a hallmark of commitment, dedication, diligence and prudent management of resources “ ,he noted .

Chief Anekwe also alluded to the numerous marketing strategies and purposeful management prudence as part of the factors that accounted for the tremendous improvements in the operating result of the year under review.

He also announced a turnover of N145.174billion in 2014 as against N137.851billion in the previous   year which represents a five per cent increase over 2013 sales.

According to him, profit before tax also grew from N2.827billion in 2013 to N2.916billion for the financial year ended December 31, 2014, representing an increase of three per cent.

Profit after  tax ,he pointed out, rose  from N2.089billion to N2.314billion ,an increase of eleven per cent in 2013 to 2014 financial year showing that the company is contributing more to the revenue base of government through taxation to relevant government agencies .

Speaking on the sidelines at the event, Managing Director, Nipco, Mr Venkataraman Venkatapathy said the company was able to put in place initiatives which improved its service delivery to stakeholders stressing that the workforce played a key role in this direction.

He pointed out that the company’s operations continued to be in tandem with international best practices with her integrity intact and unassailable adding that the focus will no doubt propel the firm to exceptional performance in 2015.

Mr Venkatapathy stated that Nipco’s passion for safety continued to pay off and earned her scores of recognitions, the most recent being Nigeria Ports Authority [NPA] Best HSE compliant terminal award for the fourth consecutive year.

He assured shareholders that the company’s transformation agenda is on course and shall remain committed to meeting the needs of stakeholders in line with her corporate mission.

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