By Peter Egwuatu
In its effort to boost stakeholders’ value, Global Spectrum Energy Services (GSES) Plc has disclosed plan to boost its business by seeking new opportunity in other business lines, even as it recorded 31 percent growth in revenue for the financial year ended December 31, 2019.
Specifically, the Company grew its revenue by a significant 31% to N2.6 billion in the financial year ended December 31, 2019, from N1.87 billion in the corresponding period of 2018.
The growth in revenue occurred as the Company continued to expand its operations and grow its contracts portfolio. The growth in revenue however, came as the Company’s profit dipped to N112.7 million in the period under review from N595 million recorded in the preceding year 2018. The Company at the Annual General Meeting, AGM held Monday in Lagos, said it achieved the growth in revenue in spite of very tough and challenging environment as it continues to focus on excellent service delivery to its clients.
Bar. Osahon Idemudia, Chairman of the company, said that strong drive for increased businesses yielded good results that translated to revenue growth. He said, “In addition to strengthening our current businesses, we are also exploring other business lines, one of which is the merchant escort business, an area that we see huge opportunity for growth”.
Some shareholders who spoke at the event said that the performance of the Company shows that its Board and Management are quite focused and understands the operational dynamics of their industry.
William Adebayo, a shareholder said: “The revenue growth of the Company for the period being considered is quite commendable. This is more so as most organisations within the sector that GSES operates are still trying to find their feet in the very uncertain business environment”.