The listing of the shares of Global Spectrum Energy Services (GSES) Plc added N4 billion to the market capitalisation of the Nigerian Stock Exchange (NSE). A total of 800 million shares of GSES were listed on the NSE yesterday at N5 per share amounting to N4 billion.
Speaking at the listing ceremony, the Managing Director/CEO of GSES, Mr. Colm Doyle said the company is embarking on expansion and diversification of its product base to further strengthen the business capacity and profitability of the company.
Doyle said that apart from the expansion, the firm has also decided to give out minimum of 30 per cent of its profit before tax as dividend to its shareholders.
According to him, the company has acquired a prime waterfront site in Port Harcourt for the development of a 50 million litres capacity tank farm with storage capacity for refined petroleum PMS, AGO, DPK and a 6.000 metric tonnes LPG storage facilities.
He also added that the company in conjunction with its partners, Aegean Marine Petroleum in Greece will develop 10,000 metric ton ultra-modern lubricants blending plant as well as a state of the art laboratory situated at the tank farm site in Port Harcourt.
Doyle stated that GSES is the local supplier of Aegean marine lubricants in Nigeria, saying Aegean Marine Petroleum, apart from being a leading global bunker physical supplier has also been trading marine lubricants for more than 16 years, supplying vessels worldwide from carefully selected major marine brands.
Furthermore, he noted that the company is seeking to build capacity in its Nigerian owned and flagged vessels, because they have a distinct competitive advantage in the maritime sector.
Speaking on the Company’s performance in the last five years, the CEO said turnover grew from N986.45 million in 2013 to N934.62 million in 2017, while profit before grew from N165.31 million in 2013 to N347.13 in the 10 months of 2017.
He said the company is targeting a turnover of N3.88 billion in 2018 and N8.1 billion in 2022. In similar vein, net operating income will grow from N2.04 billion to N4.43 billion in 2022, while profit before tax to increase from N847.87 million to N2.62 billion in the next five years, just as company’s asset base to grow to N14.09 billion from N5.46 billion.
The areas of focus include gas production, establishment of steel plant for the production of pipes and allied products, as well the establishment of a lube plant for lubricants.
