NDEP pays N363.816million dividend

The directors of Niger Delta Exploration & Production Plc (NDEP) got shareholders approval to pay a dividend of N2 per share which amounts to N363.816million for the year ended December 31, 2015, a remarkable decline from N1.088billion the company paid in 2014.
Niger Delta Exploration and Production Plc is among the admitted securities currently trading on the platform of the NASD Plc, the promoter of a Trading Network that eases secondary market trading of all securities of unquoted public companies in Nigeria.
The audited financial statement of the company for the year ended December 31, 2015 is on the NASD website. Meanwhile, NDEP held its 21st Annual General Meeting on Thursday the 28th July 2016.
In the review financial year, Niger Delta Exploration & Production Plc reported a decline in revenue to N17.055billion from N19.384billion in 2014.
NDEP also reported Loss before Taxation of N1.614billion, from N12.186billion profit before taxation in 2014. Profit After Taxation stood remarkably low at N2.112billion from N12.185billion in 2014.
The write-back of redundant provisions including deferred tax and an accumulation of capital allowances, allowed the Company to maintain a modest profit before tax position.
“It was a mixed year for NDEP Plc, reflected in the financial results. While the Company’s corporate objectives of increasing production and reserves were achieved, this resulted in a loss directly related to the price of oil. Yet without the timely planning and foresight demonstrated by the NDEP Plc Board and Management, your Company would have fared worse. Many oil and gas companies worldwide are in distress; however, we are still forging ahead. Careful spending reviews and cost cutting initiatives have ensured that your Company is operating efficiently, with marked year-on-year increases in oil, gas and diesel production in 2015”, Goodie Ibru, chairman, Niger Delta Exploration & Production Plc told the shareholders.
He said, “As stated, 2015 was a mixed year for the company, and the collapse in oil prices affected the Company’s financial results. Revenue dropped by 12% from N19.3billion in 2014 to N17billion in 2015. While production was at a high level, crude proceeds were low, given reduced oil and gas prices. Profit before tax was down compared to last year, from N12.1billion to N1.6billion, again due to the oil price collapse.”
“Currency devaluation also pushed up the cost of doing business for your Company. Fortunately, your Company was cushioned in part by diesel production, which provided a much needed revenue stream. This demonstrated the value of being an integrated operating company, with a diversified income stream”, Ibru stated.