Shareholders of Niger Delta Exploration & Production Plc (NDEP), at the 25th Annual General Meeting (AGM) last week, unanimously approved a dividend of N17 per share, the Company’s highest in its 13th year of consistent dividend payment.
Speaking at the event, which held virtually in line with the COVID-19 protocol, the company’s Chairman, Mr Ladi Jadesinmi, said the company would record further significant achievements in the next 10 years and assured rewards for shareholders.
The interim Chief Executive, Dr. ‘Layi Fatona, reassured shareholders of the strong positioning of the Company, adding that “NDEP is on a solid growth track and is well-positioned to weather the current challenges of the operating environment” including a low oil price regime, reduced OPEC production quotas and the uncertainties surrounding COVID-19 pandemic.
Highlights of the Company’s Financial performances include its revenue growth of 16%, from N39 billion to N46 billion, the highest in the past decade due to its strong asset quality and operational processes.
It recorded a profit of N9.0 billion from its associate, ND Western Ltd, while its Crude Oil revenue rose to N38.3 billion as against ¦ 29.4 billion in 2018, a 24% year-on-year improvement resulting from an increase in production despite the market’s price volatility.
The Company also had a lot of positives in its Operational highlights for the 2019 financial year, recording 10MM Man-hours with no Loss Time Injury (LTI), despite a significant increase in activity levels, while average daily production at its Ogbele Field increased to a record 7,500 bbls/d, during the year.