Japaul Records N22.5bn Loss, Seeks Shareholders Support

Japaul Oil and Maritime Services (JOMS) Plc has reported revenue of N3.079 billion, down from N8.148 billion and ended the 2016 year with loss of N22.5 billion, as against N8.0 billion in 2015.

The management of the company attributed the N22.5 billion loss to the challenging operating landscape in 2016, worsened by the impact of the naira devaluation by the Central Bank of Nigeria (CBN).

Explaining the loss, JOMS Plc said that the devaluation of the naira against the United States dollar by the CBN from N196.50:$1.00 in 2015 to N304.5.00:$1.00 in 2016, resulted in significant foreign exchange losses accounting for over 70 per cent of the group’s loss.

According to the company, weak economic fundamentals and its effect on the oil and gas sector with similar impact on the maritime industry further hampered topline growth, leading to poor revenue generation for the company.
The poor performance notwithstanding, the company reaffirmed that with improved business environment in 2017, the current restructuring efforts within the group, evidenced by the recent sale of its foreign subsidiary and the continued support of shareholders, the fortunes of the company will be transformed.

It further stated that the repositioning initiatives being undertaken, would continue in order to achieve improvements in its underlying asset quality, cost efficiency and enhanced revenue generation across the group.
As part of the restructuring, the company recently appointed a new Group Managing in the person of Mr. Kayode Olusegun-Ojo; an acting Deputy Managing Director, Mr. Akinloye Oladapo and Executive Director, Finance and Planning, Mr. Olubunmi Falua.

Olusegun-Ojo started his career with Lafenwa Osiberu & Co. as an Audit trainee before he joined Aba Ogunsola & Associates. He assumes duty as the Deputy Group Managing Director of JOMSin November 23, 2015 and elevated to Acting Group Managing Director of JOMs. Prior to his initial appointment with JOMS, he worked as the MD at Nigerian Aviation Handling Company Plc.

On the other hand, Oladapo holds HND in urban and Regional planning from the Polytechnic of Ibadan and postgraduate diploma and MSC. Degree in Transport from Ogun State University, Ago-Iwoye. He worked for years with Dapkol Engineering Nigeria limited where he rose to the post of project manager before he resigned in 1997. He is a member of Chartered Institute of transport, london and a fellow of the Nigerian Institute of Shipping. Prior to his present position, he was the Executive Director and Chief Operating Officer of JOMS.