By Goddy Egene
Shareholders of Geo-Fluids Plc have approved the listing of the company on the Nigerian Stock Exchange (NSE) even as they hailed the company’s return to profitability.
A statement from the company said the shareholders gave the approval for the listing of shares on the Nigerian bourse at the 4th annual general meeting held in Port Harcourt, Rivers State last Thursday.
“We are happy that our company has bounced back to profitability from a loss position and we are supporting the Board for the proposed restructuring of our business into four distinct companies. We also support the listing of our company’s shares on the NSE,” the shareholders said.
Speaking at the AGM, Chairman of the company, Mr. Odoliyi Lolomari, said the impact of the global economic meltdown and domestic political challenges seemed to be simmering down considerably.
This development, he said, led to an enhanced exploration activities by the oil operators in more peaceful and stable environment.
“Consequent upon improved situation, the profit and loss account of the company showed recovery from a loss before profit of N118.6 million and loss after tax of N210.3 million in the year 2010 to a profit before tax of N116.8 million, while profit after tax also showed a position of N15.2 million in the year 2011,” he said.
He explained that the proposed restructuring of the business units was meant to ensure greater efficiency in the deployment of resources within the group and also create an internal integration designed to ensure robustness in revenue/profit base.
According to him, the planned injection of $100 million by the foreign technical partners of the company, would assist to deepen the firm’s pockets to take advantage of the huge business opportunities and also position Geo-Fluids Plc as a formidable and foremost player in the sub-sector.
Also speaking, the Managing Director, Geo-Fluids, Dr. Ala Ibanibo, said: “We are optimistic that the process of navigating out of years of recession will continue. 2012 is already showing exciting signs of recovery and greater profitability. We are sure stakeholders will smile in 2012 business year.”