Nepal Lube oil Ltd has conducted its 30th Annual General Meeting. Despite the ongoing Covid-19 pandemic, the company saw outstanding growth and approved one of the highest dividends in its 37 years history. The company approved the distribution of a 35% dividend (30% bonus+5%cash) to its shareholders through the meeting. The outstanding performance of the company and the Dividend was highly applauded by the shareholders present.
Following the safety protocols, the Annual General Meeting was uniquely held in a mix of physical and virtual presence. The meeting was attended by the company Chairman Mr. Arun K. Chaudhary, Board Members, company secretary, Auditor, Management team and the shareholders. Adequate Covid-19 protocols were followed in the physical meeting. A total of 78.6% of shareholders attended the meeting where 53.12% were present physically and 25.49% were present through the Virtual platform.
Addressing the meeting, Chairman Mr. Arun K. Chaudhary said,” Nepal Lube oil Ltd, despite the challenges put forward by the ongoing pandemic was able to achieve outstanding growth. For the current Fiscal year, we have set forward the target of doubling the current performance and invest in infrastructure to increase the production capacity 3 folds. We have also started a new business component, “Gulf Batteries” and will soon launch a ‘Tyre Brand’. The company will stay true to its commitment of providing uncompromised quality and Human resource development”
Post the meeting one of the shareholders shared his excitement saying,” 15 years ago, we had doubt in the future of the company, but since past 6-7 years the company has been distributing good dividends and now, this year the company has distributed a high dividend of 35% to its shareholders. This is an outstanding performance shown by any company in Nepal.” Nepal Lube Oil Ltd, with direct guidance and partnership from Gulf Lubricant International, produces and distributes Gulf Lubricants in Nepal. Gulf Lubricant is one of the leading lubricant brands in the country with the highest market share and wide product range catering to different automobile segments.