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Japaul to pay N501 million dividends

By Michael Eboh
Japaul Oil and Maritime Services Plc is proposing a dividend of N501 million for its shareholders in its 2009 financial year.

This, according to a statement by the company, was in spite of the global financial crisis coupled with the lost of confidence by investors in the Nigerian capital market.

The company noted that the dividend is in fulfilment of its promise to continually reward its shareholders with attractive dividends and bonuses.

In its audited financial statement for the year end, December 31, 2009, the company posted a turnover of N4.659 billion as against N3.97 billion recorded in 2008, profit before tax stood at N1.025 billion, compared to N1.01 billion recorded in 2008, while its profit after tax rose to N730.9 million compared to N641.42 million in 2008.

The statement, signed by Mr. Jegede Paul,  Group Managing Director and Chief Executive Officer of the company, noted that in order to ensure improvement in its bottom line, while providing quality and prompt service delivery to its clients, the company has acquired till date, more than 10 vessels, costing over N12 billion.

The vessels, according to Paul, when fully deployed, will earn the company about N14.85 million ($100,000) per day.
He added that some of the vessels have already been deployed for the purpose of the contract won with the Nigerian Liquified Natural Gas (NLNG) for three years.

“Beside, the dredging division of the company”, according to him, “is still handling contracts for Shell, worth over N6.68 billion ($45 million).”

He said that in view of its business growth, the company has just completed the construction of a jetty in Lagos and it is in the process of completing a six storey office complex, which when completed will be a befitting head office for the company and a source of income in the short run, before the whole floor will be fully occupied by the company’s staff.


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