NGX places Global Spectrum Energy Services’ shares on full suspension ahead of delisting
Ahead of its delisting the Nigerian Stock Exchange (NGX) on Tuesday, April 4, placed on suspension the trading in the shares of Global Spectrum Energy Services Plc.
The suspension, Oracle News Today gathered, is necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company in line with the approval obtained from NGX.
Global Spectrum Energy Services Plc is an integrated PAN Africa Oil and Gas Offshore Support Vessel Servicing Company involved in many of the key Oil and Gas producing areas in West Africa. Its range of services covers complimentary offshore support vessel services, maritime security, logistics, and energy and engineering services.
The company was in January, this year reportedly said to have decided to call it quits with the NGX after five years of trading on the floor of the exchange.
The firm company the local stock exchange in November 2017, by listing 800 million ordinary shares of 50 Kobo each at N5 per share on the NGX’s trading platform, boosting the value of the market by N4 billion. But after five years of being in the kitchen, it could no longer withstand the heat and has opted to leave the scene for others.
In a regulatory document, it was observed that Global Spectrum Energy Services exited the stock market of its volition.
It was learnt that the company’s application to voluntarily delist its entire 800 million ordinary shares from the daily official list of the Nigerian bourse was approved on December 29, 2022.
Reports said that the request for the company to part ways with the Nigerian exchange was filed by its stockbroker, Compass Investments and Securities Limited.
Recall that five years ago, when it joined the exchange, its Managing Director, Mr Colm Doyle, was reported to have said that the company planned 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 a year-on-year increase in profit, the firm has decided to give out a minimum of 30 per cent of its profit as dividends to its shareholders.
A look at the performance of the company on the stock market showed that as of January 5, 2023, when it recorded the last transactions, its share price closed flat at N2.48 per unit, which is 50.4 per cent or N2.52 lower than its listing price of N5.00.
The audited results of Global Spectrum Energy Services for 2021 showed that revenue went down by 11.96 per cent to N1.954 billion from N2.220 billion, as profit-after-tax dropped 39.46 per cent to N127.0 million from N209.8 million.
In the first quarter of 2022, the firm grew its revenue to N670.8 million from N346.4 million, while the net profit jumped to N89.9 million from N15.2 million.
In the second quarter of the year, this feat was repeated as revenue rose to N699.2 million from N445.7 million, leaving the half-year earnings at N1.4 billion versus N786.3 million in H1 of 2021, while the post-tax profit dropped to N56.5 million in Q2 from N65.7 million in Q2 of 2021, though the HY of 2022 jumped to N146.4 million from N90.9 million in HY of 2021.
In the third quarter of last year, its earnings rose to N861.2 million from N506.1 million, with the nine months at N2.2 billion versus N1.3 billion in the corresponding period of the preceding year, while the net profit from July to September 2022 stood at N54.4 million, in contrast to N37.5 million in the same months of 2021, leaving the nine-month profit at N200.7 million versus N128.3 million.
In 2017, the organisation made a projection that by 2022, its turnover was expected to grow from N3.88 billion in 2018 to N8.1 billion. A five-year review of the company’s performance before joining the bourse 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
