NIPCO plans to increase market share as shareholders get excited over dividend
The managing director of NIPCO, Sanjay Teotia, has said the target of his company is to increase its share in the market through it growth and development plans.
Sanjay Teotia listed major targets of the company which include: making steady progress to ensure more visibility to NIPCO stations nationwide; ensuring friendly customer care in all its business lines across the nation; aligning with government in providing access to liquefied Petroleum Gas ( LPG) at affordable price and supporting government in providing fuel to motorist through use of Compressed Natural Gas [CNG].
He said this in his maiden address to shareholders at the company’s Plc at the 14th annual general meeting [AGM) held in Abuja. He 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 in transforming the company’s systems and processes to deliver meaningful value to its stakeholders, among whom the shareholders rank high.
He said the management of the company is not oblivious of the fact that to take the organization to the next level, it must improve on its core competencies and explore other business ventures and opportunities.
“We are upbeat of improving performance taking into consideration the organization highly motivated and skilled employees as well as exemplary customer service at all our strategic business units” he declared.
He expressed appreciation to the support of stakeholders, most of whom are fuel marketers since the inception of the company and particularly in the 2017 financial year, saying that his immediate challenge on assumption of office was fashioning the most adequate focus to channel NIPCO’s energies by my management team”
According to him, his team was able to achieve an improved performance as management settled for a strategic standpoint that was hinged on all inclusive administration.
His style he said also resulted in high quality engagement with the company’s numerous publics with organization’s operations being better from it.
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.
A shareholder, Sani Yau commended management for its consistent payment of dividends since the company started operations in 2004 notwithstanding the economic headwinds stressing “we are excited about the dividends”
He said the company has also shown a lot of concern in the area of social investment through its plethora of interventions in the areas of education, donations for the upkeep of children in orphanages and sports promotion.
Olusola Bello