Shareholders of
Shareholders will receive a dividend per share of N2 after net profit rose by 9.8 per cent from N1.79 billion in 2018 to N1.97 billion in 2019.
Key extracts of the audited report and accounts for the year ended
Operating profit on ordinary activities before taxation and exceptional items grew by 10.4 per cent from N2.56 billion to N2.83 billion. The company also recorded an increase of 10.2 per cent in net assets from N15.26 billion to N16.82 billion.
In a statement,
'We repositioned our retail stations by embarking on massive upgrade of the outlets thereby boosting sales,' the company stated.
According to the company, it maintained leadership position in the industry, reaping bountifully from the huge investments in its business portfolios.
The company explained that the modest dividend proposal was due to the need to consolidate its cash management effort considering the liquidity squeeze in the economy.
'We look forward to opportunities in the coming years to continue to deliver solid financial results and increase competitive returns and shareholder value,' the company stated.
It stated that it had launched far-reaching initiatives to strengthen its income base in core business segments of retail, lubricants, aviation, and specialized products.
At its last annual general meeting held in Uyo, Akwa Ibom State, Chairman,
He had promised that the company would embark on strategic cost reduction while ensuring that the future growth potential of its business was not sacrificed.
© Pakistan Press International, source