Global Spectrum Energy Services Plc (GSES) is re-strategising its operations to leverage on new opportunities in the oil and gas industry. The company at its 15th annual general meeting held in Lagos, said it will take advantage of its current positioning in the industry to explore other opportunities that will boost growth in the fortunes of the organisation.
Osahon Idemudia, chairman of Global Spectrum Energy Services Plc said current developments in the industry of operation had made it imperative to take proactive steps that will ensure the continued growth of the company.
According to him, the business of the company was impacted negatively due to continued COVID 19 flare-ups, diminished policy support, and lingering supply bottlenecks.
He noted that during the year, under review, there has been continued recovery in the price of oil, with average oil price at $70 and a year high of $85. However, he said the company was unable to benefit from this upswing due to the off hire on some vessels in the IOC contracts following dormancy of activities that has remained in the industry.
A review of the company’s performance for the year ended December 31, 2021, showed a marginal growth of 1.89 percent in total assets to N5.87 billion from N5.76 billion accounted for in the previous period of 2020. Revenue dropped by 12percent to close at N1.95 billion from N2.22 billion, just as profit for the year fell by 39.5percent to end the year at N127 million down from N209.8 million accounted for in the previous year.
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Shareholders, at the AGM commended the management for being on the profit line, although a significant drop from what was achieved in the previous year. They made a point that it was good news as many companies faced with similar harsh economic conditions recorded losses. They urged the management to take all necessary steps to ensure the company remained profitable
The chairman noted that it was quite commendable that the company has continued to operate without any loans, but funds its operations with revenue generated from its activities. This he said is an indication of management efficiency which should give comfort to its investors and shareholders.
Global Spectrum Energy Services Plc is a maritime security and logistics company, with added operational competencies in energy and engineering services in the oil and gas sector. The company was incorporated in on March 14, 2006 and converted to a public limited company in 2013 in continued pursuit towards the achievement of its strategic growth objectives. The company was listed on the main board of the Nigerian Stock Exchange in 2017 and its shares are actively traded on the floor of the Exchange. It currently has over 600 shareholders in its register of members.
