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AP posts N7.15bn profit, pays 520k dividend




African Petroleum Plc, has returned a marginal profit rise in spite of the inclement business climate in the 2008 financial year.



The company posted N7.147bn net profit in the 2008 financial year as against N7bn in 2007, representing an increase of one per cent. Gross profit also rose from N16.96bn to N27.01bn, representing an increase of 59.30 per cent, while its operating profit increased from N8.3bn to N12.6bn.



According to a statement signed by the Company Secretary, Mrs. Elizabeth Idigbe, the results were due to sound forecasting.



The statement said this was done through AP’s reinvigorated business intelligence systems; excellent customer service delivery; and adherence to corporate governance as well as industry best practices.



The board’s proposal to pay N5.20 dividend per share has shown its commitment to the investing public inspite of the N5.5bn bank interest paid during the year.



According to the statement, the dividend pay-out is an indication that the current board of AP is determined to grow the company‘s business in order to sustain dividend payment to shareholders who endured the period of “no-dividend”, which AP went through some few years ago, before the coming of the present board and management.



Aside this, the number of shareholders that will benefit from the dividend pay-out have increased from 788,787,383 units of shares to 958,886,610, following the allotment of the last public offer and Rights Issue recently concluded.



The hybrid offer proceeds will assist in providing more working capital and pursue investments that will enable the company to deliver even better returns in future.





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