Geo-Fluids Nigeria records N2.1bn turnover

Geo-Fluids Plc has recorded a turnover of N2.1 billion in its financial year end, December 31 2010.

Speaking during the firm’s pre-Annual General Meeting press conference in Lagos, Group Managing Director of the company, Dr Ala Ibanibo said the company has already increased its turnover by about 100 percent compared to N1.1 billion in 2009.

He said the increase in turnover is an offshoot of a rise in activities and opportunities which translate to improvement in its profitability.

The company also known for its oil servicing is projecting huge profits in the 2011 financial year.

Outlining the achievements made by the company in the 2010 financial year, Ibanibo, explained that the company has increased its number of rigs from about eight to fifteen.

According to him, the company is currently having huge contract portfolio which is much higher than it had ever got, and is expected to translate into greater profitability.

Explaining further, he said that the company has taken delivery of two marine vessels which have greater quality than those of other local marine companies in Nigeria.

Ibanibo noted that its marine subsidiary which had in previous years suffered losses had started making profit, thus boosting the bottom line of the group.

He lamented the challenges posed by the meltdown of the capital market and the negative impact of the Niger Delta on the company’s activities.

“The global meltdown and the insecurity in the Niger Delta affected the company’s fortunes in 2009 and 2010,” he said.

Speaking further, he said the company is being hampered by shortage of operating funds, stating that the bank and the Federal Government is leaving nothing to the shareholders. “There is therefore need to shore up its funds so that it can harness the opportunities before it,” he pointed.

“We need working capital and this one thing we are going to highlight in the AGM, this will be brought to the shareholders.  We will inform them that the company does not have money.  If you look at the value added of the company,, you will see that we make money for the bank and do not have money in our purse and much to pay out to shareholders as dividend

The company, therefore, will at the next annual general meeting to be held in Port Harcourt, seek the approval of shareholders to raise more funds to boost its operational capacity.

The company said the shareholders will determine whether it will be a public offer or rights issue.

Meanwhile, Ibanibo, said that the bonus declared by the company in the 2009 financial year had been posted to shareholders, urging those who have not gotten their certificates to contact the company’s registrars, Afribank registrars Limited.

Vanguard.