By Elohor okagbare
WITH a declared profit of about N1.837 billion recorded in the year 2008, NIPCO Plc, one of the major players in the downstream sector of the nations economy has announced that it also dispensed 1.2 billion litres of petroleum products representing 100 percent of its installed capacity.
This was the position of the Chairman of the company Chief Bestman Anekwe while delivering his address at the 5th annual general meeting of the company.
According to him figures shows that the business environment in the year 2008 witnessed a turn around in social political and economic development of our dear nation.
â€œAlthough the company was faced with some major problems of inadequate maintenance of the refineries and reception facilities for imported petroleum products and many more. it still manage to arrive at a tremendous profit.
Nevertheless, the present administration of president Umar Yar Adua stemmed up the tide by thesustained resuscitation of the refineries and increased an increased in their capacity utilization.
The company has spent 54 months in the industry and during the year review the operating environment was highly impressive.
Our annual dispensing capacity on a single shift operation is 1.2 billion litres and during the year under review, I have the pleasure to inform you that we fully utilized the facility thus making it 100 percent utilization of our installed capacity.
It started with an initial storage capacity of about 35 million litres of petroleum products and in keeping with its policies of expansion, it refurbished its old tanks and constructed other storage tanks to bring the total storage capacity now to about 60 million litres.
The company announced the turnover of N 40.21 billion, and a profit after tax of N1.79 billion and during the year under review it made a turnover of about N43.50billionÂ and a profit after tax of N1.83billion.â€
The chairman also stated that it is a very significant improvement and rather delightful considering the harsh environment the company had to operate in.
He added that due to numerous marketing strategies and purposeful management prudence, the operating results for the year has shown remarkable improvement in the company.