NIPCO Plc’s Managing Director and CEO, Mr. Suresh Kumar, announced the company’s plan to expand its Liquefied Petroleum Gas (LPG) outlets across Nigeria from the current 70 to 100 by the end of 2024.
During the company’s 20th Annual General Meeting (AGM) held at the Abuja Continental Hotel, Kumar highlighted the company’s impressive turnover of N780 billion in 2023. He emphasized that the expansion of LPG outlets is part of NIPCO’s strategy to increase the accessibility of cooking gas across the country.
Kumar attributed the company’s significant turnover in 2023 to its strong performance within the Nigerian oil and gas sector. “This remarkable financial result reflects NIPCO’s strategic initiatives and operational efficiency, which have solidified our market position and fueled our growth,” he said.
In line with these financial achievements, NIPCO has proposed a dividend payout of N938.3 million for 2023, which translates to N5 per 50K share. Kumar noted that this dividend proposal underscores the company’s commitment to rewarding its shareholders and maintaining investor confidence.
“The dividend is a testament to NIPCO’s financial stability and its ability to generate substantial returns for our stakeholders,” Kumar added. He further remarked that the event marked a significant milestone in NIPCO’s history, highlighting the company’s ongoing efforts to meet the expectations of its promoters.
Kumar also noted NIPCO’s progress in expanding its LPG infrastructure, which saw over 70 outlets established in 2023. He reaffirmed the company’s goal of increasing this number to 100 by the end of 2024, with a focus on enhancing access to LPG at competitive prices across several states through extensive skid deployment and additional infrastructure investments.