ARCO posts N6.41bn earnings, declares 25k dividend

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ARCO Group Plc has declared 25 kobo dividend after posting gross revenue of N6.41 billion in its fiscal year which ended last March.

Its Chairman, Joseph Akpieyi, stated this in his address to the shareholders at the company’s 33rd Annual General Meeting in Lagos, an event that also featured the unveiling of the company’s new logo.

According to him, the figure represents 10.14 per cent rise over the previous year’s performance.

He added that total assets of the company increased from N12.09 billion in the 2014 to N13.01 billion in 2015.

Providing detailed insights into the company’s present and future operation, Akpieyi said it was being repositioned to enable it be the toast both in professionalism and financial performance.

He disclosed that the implementation of the recommendations of Arco Strategic Enterprise Transformation project had necessitated the development and launching of the new Arco Group logo.

The Group Managing Director of the company, Mr. Alfred Okoigun, said that the logo represented Arco’s accent which was a celebration of the present achievements as well as an expression of hope for its future involvement in other areas such as agriculture, real estate and a Nigerian conglomerate that would outlive its founders.

“We have long recognised that obtaining international ISO Certification will enhance our business and enable us to compete outside the shores of this country. We are delighted to report that subsequent to year end, our subsidiary, Arco Pipeline Solutions Limited, which is ISO certified, secured a contract in the emerging oil and gas industry in Ghana. We believe that this is a great opportunity that will enable us to establish ourselves as a company of choice in the areas we operate in Ghana.”

He stated that the ongoing process of re-engineering of the company’s subsidiary, Arco Marine and Oilfield Services Limited, would enable it raise additional capital for the purpose of supporting the increasing volume of business of the company.

A recommendation by the board for payment of 25 kobo dividend, for every share outstanding in the company’s books as at March 31 2015, was unanimously endorsed by the shareholders at the AGM. The meeting also approved the proposal that Akpieyi and Godwin Omene, whose tenure on the board had just expired should continue to serve for another term

Akpieyi took a long term view of the oil and gas sector and announced to the shareholders that Arco Group was evolving a policy that would focus on diversification of its revenue base from oil and gas sector to other sectors of the economy.

“I would like to emphasise once again that as a board and with cooperation of the management team, we shall continually remain focused and we shall utilise the resources at our disposal efficiently and effectively leveraging on the Nigerian Content Policy of the Federal Government as well as our industry recognized professionalism to deliver top-level performance. We shall continually seek to create blue oceans to achieve value innovations and post superior results on your investments,” he stated.

Source: Daily Sun