Shareholders of Arco Petrochemical Engineering Company Plc, an indigenous player in Nigeria’s oil and gas sector, had cause to smile after a dividend of 20 kobo was paid to them by the company .
The company’s management also declared a profit of N1.7 billion for the year ended March 31st 2013 which represents an increase of over 100%, compared to the previous year during the 31st Annual General Meeting held in Lagos,.
The company revealed that it will also embark on a five-year development plan to strengthen the growth already experienced across its subsidiaries.
The Chairman of the Board of Directors, Mr Joseph Akpieyi noted that for the first time, Arco’s financial statement was prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
Akpieyi informed shareholders that the IFRS adjusted profit before tax jumped from N636.79m in the previous financial year to N1.7bn for the period. This, he said represented 166.96 per cent increase over the preceding year.