Investors in Starcomms Plc have commended the management of the company on its sound performance in spite of the harsh operating environment.
Speaking at the Company’s 11th Annual General Meeting on Wednesday, the shareholders said that it was commendable that the company, which was listed in July last year, had incrised its net revenue by 80.3 per cent in the 2008 financial year.Net revenue increased from N19.1bn in 2007 to N34.5bn in 2008.
Shareholders in the company also approved the company’s management decision to set up a five per cent share incentive scheme to be allotted to employees of the company based on value contribution to the growth of the company.
The President, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, commended the company on its sound strategy aimed at survival in spite of the various challenges faced by companies operating in the Nigerian environment.
While calling on investors to take advantage of the low-priced share, Nwosu expressed the hope that the company would perform better in the coming years and post better results that would be more favourable to investors.
Also speaking, another shareholder, Chief Timothy Adesiyan, asked the management of the company to continue its prudence and effective management to ensure that shareholders enjoyed good returns on investments.
The Managing Director/Chief Executive Officer, Starcomms, Mr. Maher Qubain, in his address told shareholders that a lot of improvement had been recorded by the company in its first quarter results, ended March 31, 2009.
According to him, the company’s operating profit as at the first quarter had increased to N409m from a loss position of N683,000 in the similar period of 2008, while the net revenue had grown by 15 per cent from N7.4bn in 2008, to N8.52bn in the similar period of review.
He explained that the company believed that Nigeria’s investment atmosphere remained one of the best globally, owing to the huge potentials and market which necessitated the company widening on capital expenditure in the last two years.
He also explained that the company’s expansion exercise in the last years has placed it on the path of profitability, with the acquisition of 10 per cent of the market share among its peers.