Arco Group records N6.41 billion gross revenue
DESPITE the very challenging economic environment, Arco Group Plc posted gross revenue of N6.41 billion in the year ended 31st March 2015, a 10.14 per cent rise over the preceding financial year’s performance.
The chairman of the Board of Arco Group, Chief Joseph Akpieyi stated this in his address to the shareholders of the company at the 33rd yearly general meeting of the company in Lagos.
He also said that total assets of Arco Group increased from N12.09 billion in the year ended 31st March 2014 to N13.01 billion in the year ended 31st March, 2015.
The Chairman said certain ongoing projects would reposition the company to enable it to be the toast of the industry in professionalism and financial performance.
For instance, he pointed out that the implementation of the recommendations of Arco Strategic Enterprise Transformation Project, known as Project ASET would go a long way in repositioning the company.
Unveiling the new logo which is in bold red with a blue arrow pointing northwards, Akpieyi said that it represents Arco accent which is a celebration of the present achievements as well as an expression of hope for its future growth into a Nigerian conglomerate that will outlive its founders.
Akpieyi said: “We have long recognized that obtaining international ISO Certification will enhance our business and enable us to compete outside the shores of this country. We are delighted to report that subsequent to year end, our subsidiary, Arco Pipeline Solutions Limited which is ISO certified, secured a contract in the emerging oil and gas industry in Ghana. We believe that this is a great opportunity that will enable us to establish ourselves as a company of choice in the areas we operate in Ghana.”
Another cheerful news, he stated is the ongoing process of re-engineering of Arco Marine and Oilfield Services Limited that will enable it to raise additional capital in for the purpose of supporting the increasing volume of business of the company.
The chairman took a long term view of the oil and gas sector and announced to the shareholders that Arco Group was evolving a policy that would focus on diversification of its revenue base from oil and gas sector to other sectors of the economy.
Akpieyi, on a note of optimism, said: “I will like to emphasise once again that as a board and with cooperation of the management team of your company, we shall continually remain focused and we shall utilize the resources at our disposal efficiently and effectively leveraging on the Nigerian Content Policy of the Federal Government as well as our industry recognized professionalism to deliver top-level performance. We shall continually seek to create blue oceans to achieve value innovations and post superior results on your investments.”
A recommendation by the board for payment of 25 kobo dividend for every share outstanding in the company’s books as at 31st March 2015, was unanimously endorsed by the shareholders at the meeting.
The meeting also approved the proposal that Akpieyi and Godwin Omene, whose tenures on the board of Arco Group Plc had just expired, should continue to serve for another term.