Beco Petroleum FY’14 revenue declines by N293m

Beco Petroleum Products plc, a major player in the downstream and upstream sectors of the petroleum industry in Nigeria reported N293million decline in full year 2014 revenue at N395.201million, which represents about 42.65percent decline from N689.180million in 2013.

The company’s core business is petroleum products marketing, distribution, maritime operation and product transportation.

Owing to the challenges and competition that characterise the energy and maritime sectors and the opportunities and returns that await investment therein, the management and staff of the Company restated position to ensuring that the company has an edge over other players and always delivers on its promises to the satisfaction of all stakeholders.

But the company’s statement of profit or loss and other comprehensive income for the year ended December 31, 2014 released to investors at the Nigerian Stock Exchange shows that the company’s gross profit declined to N47.206million from N38.276million in 2013.

The Company said it has over the years continuously expanded its structures and operations in response to the increase in global demand for energy and the call for indigenous players to take charge of the Nigerian oil & gas industry.

Beco operates a chain of service stations strategically located across the Nigeria. All stations are self accounting profit centers so operated to achieve maximum returns. Each “full service” station consists of a car wash, retail store and a vehicle repair shop.

The company recorded N22.307million loss on disposal of asset against 2013 profit of same transaction at N3.687million. Beco Petroleum Products plc reported Loss before taxation (LBT) of N355.653million as against LBT of N114.118million in 2013. The company’s loss from continuing operation rose to N344.130million as against loss from continuing operation of N142.308million in 2013.

The Company owns and operates 2 Nos. Marine Vessels (MT. BECO I and MT. BECO II) for coastal transportation and deliveries to designated offshore tank farms.

The Company operates a fleet of twenty-five (25) heavy duty trucks used for the haulage of petroleum products across the country. The trucks also double as rental trucks for other marketers for local products transportation. The Company’s projection on trucking is to double her fleet by year end 2008 to accommodate the ever growing demand.

The Company said it has concluded plans for the construction of a tank farm on a large expanse of land in Akwa Ibom State. “This storage facility, when completed will house Petrol (PMS), Diesel (AGO), Kerosene (DPK), LPFO (Black Oil) and a Liquified Petroleum Gas plant (LPG).” 

Iheanyi Nwachukwu