Global Spectrum lists N4bn worth of shares
…Promise to pay 30% of its PBT as dividend to shareholders

 

The management of the Nigerian Stock Exchange (NSE) has admitted N4 billion shares of Global Spectrum Energy Services Plc into its Daily official list.
The NSE listed 800 million shares of Global Spectrum Energy Services on its main board at N5 per ordinary share.
Speaking at the listing ceremony in Lagos, Managing Director/Chief Executive Officer of Global Spectrum Energy Services Plc, Mr. Colm Doyle stated that the company is embarking on expanding and diversifying its product base to further strengthen the business capacity and profitability of the company.
Doyle said apart from expansion plan being put in place by the company in growing its profitability yearly, the company has decided to give out minimum of 30 percent of its profit before tax as dividend to its shareholders.
Also, the company has targeted profit growth of N2.62 billion from N847.87 million in five years, from the year 2018 to 2022.
Doyle stated that the company’s has embarked on expansion strategy in its operations, which are Oil and Gas, refined petroleum products supply and distribution tank farm, while under Marine, blending of lubricants and vessel fleet expansion.
He noted that the company has acquired prime waterfront site in port Harcourt for the development of a 50 million litres capacity tank farm with storage capacity for refined petroleum PMS, AGO, DPK and a 6.000 metric tonnes LPG storage facilities.
He also added that the company in conjunction with its partners Aegean Marine Petroleum in Greece will develop 10,000 metric ton ultra-modern lubricants blending plant as well as a state of the art laboratory situated at the tank farm site in Port Harcourt.
The company is seeking to build capacity in its Nigerian owned and flagged vessels, saying Nigerian owned and flagged vessels have a distinct competitive advantage in the current Maritime sector.
Speaking on the company’s performance in the last five years, he said turnover grew from N986.45 million in 2013 to N934.62 million in 2017, a decline of, while profit before grew from N165.31 million in 2013 to N347.13 in the 10 months of 2017.
The company financial projection in the next five years showed that turnover is expected to grow from N3.88 billion in 2018 to N8.1 billion in 2022, while net operating income will grow from N2.04 billion to N4.43 billion in 2022.