NP records $34.9m profit for 2011
Gasoline distributor National Petroleum has posted a profit after tax for its year ended March 31, 2011 of $34.9 million.
This was lower than its $64.9 million profit in 2010, the company stated in published financial statements yesterday.
NP chairman Neil Gosine said the reduced profit included a prior period adjustment following the settlement of employee negotiations.
In his chairman's statement on NP's results for 2011, Gosine said the NP Group was supported by its Dominica branch and its Natpet subsidiary and has "demonstrated stability amidst growing competition and an unsettled global economy".
This year the NP Group will embark on a rebranding exercise which will "distinguish it from the rest", he said.
He said the company will improve its delivery processes and facilities.
Major project include the expansion of the retail network with the construction of new-to-industry multi-fuels service stations that will also offer Compressed Natural Gas (CNG).
The rationalisation of the existing network is ongoing and planned upgrades as well as the full rollout of a franchise model for NP's Quik Shoppes are expected to yield improved financial performance, Gosine added.