NIPCO PLC has reported a robust financial performance for the year ended December 31, 2024, with a total turnover of N1.458.46 billion and a profit after tax of N11.50 billion.

  Chairman,NIPCO Plc , Chief (Dr) Bestman Anekwe disclosed  this during  the 21st Annual General Meeting of the company held at Abuja Continental Hotel ,FCT ,Abuja

He said the steady growth is a testament to its strategic investments and commitment to sustainable business practices.

The chairman said the company’s Earnings Per Share (EPS) stood at N61.26, and the Board of Directors has proposed a final dividend of N7 per share,  representing a total payout of N1.31 billion which was unanimously approved by shareholders .

Equally proposed by the Board  and  approved is  the retention of N10.18 billion to strengthen the company’s working capital.” he pointed out .

According the hum., the company’s growth trajectory is driven by its focus on maximizing long-term value for shareholders.

He told the exited shareholders that the company’s strategic investments in its core business lines have yielded positive results, positioning it for continued success in Nigeria’s downstream sector.

Anekwe said that despite the myriad of  challenges in the sector ,  NIPCO  has continued  to adapt  new strategies to capitalize on emerging opportunities and create value for its stakeholders.

” The company’s commitment to sustainability and good corporate governance principles has fostered improved business practices. NIPCO PLC remains focused on enhancing profitability through diversified revenue streams and advancing sustainability ” he noted

Anekwe explained that the  company’s vision aligns with the Federal Government’s goal of promoting gas as a transition fuel. NIPCO PLC recognized the potential of Compressed Natural Gas (CNG) over 15 years ago and is committed to upscaling investments in all verticals of its operations.

He  said that the company’s performance in 2024 is a testament to its resilience and effective revenue strategies ,  a feat The company’s Board of Directors is pleased with and  confident that NIPCO PLC will continue to drive long-term value for its shareholders.

” As the company looks ahead, it remains committed to its vision of being the first-choice company in Nigeria’s oil and gas industry for all stakeholders. With its robust financial performance and strategic investments, NIPCO PLC is well-positioned for continued success “