INSPECTION: From left: Group Executive Director, Corporate Services, NIPCO Plc, Alhaji Abdulkadir Aminu; Group Managing Director, Mr. Venkataraman Venkatapathy; and Chairman, House of Representatives Ad-hoc Committee on the Review of Pump Price of Petrol, Hon. Raphael Igbokwe, during an inspection visit to the company in Lagos.
By Udeme Akpan
THE Group Managing Director, NIPCO Plc, Mr. Venkataraman Venkatapathy, has attributed the improved performance of the company in the 2016 financial year to increased sales drive, effective management of resources and adjustment of business model to the changing market realities.
He said that 2016 was very challenging in the annals of petroleum products marketing in the country, amidst the general economic recession.
Despite the challenges, NIPCO Plc made a turnover of N170.504billion for the year ended Dec 31, 2016, higher than N114.724billion recorded in the corresponding period of 2015, representing an increase of 48 per cent
Profit before tax rose marginally from N2.014billion in 2015 to N2.031billion in 2016.
Venkatapathy said that although the year was tough on the economy, NIPCO made spirited efforts to reduce the impact on its customers without having any negative effect on shareholders return on investment.
‘‘We prepared ceaselessly for the expected harsh operating environment by focusing on effective management of resources with a special focus on cost containment without jeopardizing quality in our entire operations” he noted.
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