January 2, 2018
MD’s New Year’s Speech
Happy New Year Everyone!
Welcome to 2018, a year pregnant with possibilities for us as a company.
2017 was another eventful year for the company. It started off on a very uncertain note with the 4 patrol boats stuck at the ports for several months due to some bureaucratic bottle neck while our first 60 meters vessel for which we had made a down payment was on the verge of being lost because of the scarcity of foreign exchange in Nigerian banks. Thankfully, the boats were eventually released and the 60 meters AHTS- MV Bello 2015 was financed by Bank of Industry (BOI) with a formal launch done for her. All the boats are now deployed to NLNG and Shell respectively.
The delays in deploying the assets coupled with some other factors impacted negatively on our cash flow.
Despite the challenging start, the business is set to post its best profit ever in 2017. This is a demonstration of the opportunities for sustainable growth available to the company and the resilience of the C&I team who have believed in the company. This resilience is noted across board from front office to operations and back office staff. We also acknowledge the help of our ever supportive Board. The challenging business environment brought out the best initiatives in us and saw us thinking up out of the box solutions to problems.
We will not rest on our laurels of the past year, as 2018 will require a lot more than a casual approach to business as the margins in all the business units are under further threat. This is evident in the marine, fleet management and outsourcing units. With our focus on Fortune 100 we need to work on continuously improving our people, processes and services which will positively affect the fortunes of the business and reward all stakeholders including staff, shareholders and clients.
Some of our plans for the year include;
- Fund raising to support our growth, driven primarily from the growth in the marine sector.
- Digitizing most of our operations and improving efficiency and process flow.
- Reforming our recruitment and performance management system to ensure we attract and retain the best in the market.
- Better treasury management which will positively affect our cost of operations, asset utilization and profitability.
- Improve visibility for investors and potential business partners.
- Improve on our safety records.
These plans, and more, require the full buy-in and support of all parties involved, both functionally and strategically. Buoyed by our efforts, capabilities and renewed commitment coming into 2018, we are confident that we will successfully execute and surpass our goals for the year.
We therefore welcome new ideas from all to propel the company to greater heights.