ARCO Petrochemical deploys fast crew boats, profit up by 41.96%

Kunle Kalejaye

18 June 2012, Sweetcrude, LAGOS – ARCO Petrochemical Engineering Company Plc profit after tax increased by 41.96 per cent from N279.67 million in 2010 to N397.007 million in 2011.

Chairman of the company, Mr. John Akpieyi, made the disclosure at the 29th Annual General Meeting of the company held in Lagos.

According to him the pre-tax profit grew by 23.74 per cent from N378.79 in 2010 to N468.74 million in 2011, noting that the stellar performance was due to significant reduction in interest and bank charges as well as sustained cost reduction program of management.

The company’s assets base stood at N6.6 billion, Akpieyi said, adding that it has maintained a dividend policy that balance the dual objectives of appropriately rewarding shareholders through dividends and reinvesting profit to support future growth of the company.

The board presented to shareholders for approval a dividend pay out of 8 kobo per share out of the profit made by the company as at 31st March 2011, which represents a dividend growth of 300 per cent over that of 2010.

Akpieyi also informed shareholders that ARCO Marine and Oilfield Services Limited, a member of ARCO Group, recently delivered two fast crew boats with speed over 30-knots under the N5.7 billion contracts awarded to the company by Total Exploration and Production Nigeria.

“The boats have since started full operation and a third one is on its way to being deployed to Total operation,” adding that preliminary assessment from operators of the boats in deep water oil and gas sector was satisfactory. Another 70 passenger fast crew boat would be delivered within the next three weeks while additional two boats would arrive in the second quarter of 2013,” Akpieyi said.

He assured the shareholders of ARCO’s determination to invest in the future growth of the organization to enable it to catch up with the huge opportunities brought about by the Nigerian Content Law.

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