By Dipo Olowookere
A new firm was on Monday, November 27, 2017, listed on the trading platform of the Nigerian Stock Exchange (NSE).
The company, Global Spectrum Energy Services Plc, is an integrated oil & gas offshore support vessel services firm with operations in West Africa.
About 800 million ordinary shares of 50 kobo each at N5 per share were listed on the NSE yesterday, adding N4 billion to the capital market value.
Speaking at the listing on Monday, CEO of the NSE, Mr Oscar Onyema, stated that, “This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend Global Spectrum for this bold and strategic step.”
He thanked the management of Global Spectrum Energy Services Plc for taking the strategic step to join the Main Board of the NSE and the prestigious club of quoted companies in Nigeria.
“Today’s listing is a promising development in the country’s downstream sector and we encourage more local players to explore the different opportunities in the capital markets for raising long term capital.
“We believe that increased participation of domestic energy companies in the capital markets will increase investors’ confidence (both local and international) and entrench good corporate governance, transparency and sustainability in the downstream sector,” he said further.
On his part, Managing Director of Global Spectrum Energy Services Plc, Mr Colm Doyle, stated that the company plans to increase its profit over a five-year period from N847.87 million in 2018 to N2.62 billion by 2022.
According to him, as the company continues to implement its expansion plan that will ensure year-on-year increase in profit, the firmhas decided to give out minimum of 30 percent of its profit as dividend to its shareholders.
A five-year review of the company’s performance showed that turnover declined from N986.45 million in 2013 to N934.62 million in 2017 while profit before tax grew from N165.31 million in 2013 to N347.13 million by October 2017.
The company financial projection in the next five years showed that turnover is expected to grow from N3.88 billion in 2018 to N8.1 billion in 2022 while net operating income will grow from N2.04 billion to N4.43 billion in 2022.
Also operating expenses will move from N1.19 billion to N1.8 billion, Profit before tax to increase from N847.87 million to N2.62 billion in the next five years while company’s asset base will grow to N14.09 billion by 2022 from N5.46 billion in 2018.
Adedapo Adesanya