TO reposition itself for the challenges in the oil servicing industry in 2010, Geo-Fluids Nigeria Plc has concluded plans to boosts its working capital by N2 billion through the issuance of bond, equities and rights issue from shareholders.
The company‘s managing director, Dr. Ala Ibinabo, who disclosed this on Tuesday during the company‘s yearly general meeting, added that the company recently acquired two new vessels in line with its on-going expansion agenda. The company‘s Chairman, Chief Odoliyi Lolomari, explained that despite stiff competition and challenges in the economy, the company in 2008, acquired, improved and commissioned new operation facility at Government Reservation Area in Port Harcourt.
Other major achievements, according to Lolomari, include, expansion of mud plants capacity from 7500bbls to 22,000bbls, which indicated the company‘s readiness to handle more complex and larger exploration operations.
He also told shareholders that the company developed and commissioned new expanded warehouse facility at East-West Road, Port Harcourt .
For the financial year ended December 31, 2008, Geo-Fluids declared N2.9bn turnover as against N1.2bn recorded in 2007.
Shareholders’ funds also increased from N1.6bn in 2007 to N6.3bn within the period under review. The company said it also diversified its operations as part of measures to face various challenges in the oil and gas sector of the nation‘s economy.
Ibinabo, explained that within the period, gross profit went up from N869.5m in 2007 to N1.6bn in 2007 while profit after tax stood at N544.4m in 2008 as against N373.9m in 2007.
According to him, the company has concluded plans to list its shares on the official list of the Nigerian Stock Exchange, and has applied for the approval of the Securities and Exchange Commission and the Nigerian Stock Exchange for the listing, which would be done in the first quarter of next year. However, a shareholder, Mr. Godwin Anono, advised the company to be patient on the issue of listing, considering the situation in the market.
The company, according to Ibinabo, commissioned a branch in Ghana , adding that plans are underway to begin operations in Angola , Gabon, Cameroon among others, in line with the company‘s policy of becoming a ”truly international company.”