The management of Kajola Integrated Investment Plc has announced a shift in its investment focus, stressing that it will focus on the oil and gas sector in the coming year.The Chairman, Kajola Plc, Prof. Wale Omole, who disclosed this in the companys Annual General Meeting report for the 2010 financial year, said the new move was one of the strategies to diversify the financial base and strength of the company.According to him, the investment firms involvement in supporting credible indigenous oil servicing companies will receive a greater boost in the areas of equipment leasing and project financing in 2012.Kajola Plc specialises in providing financial, real estate and business development services.Omole stated that the refocusing would be part of the firms future plans of venturing into other sectors of the economy, which, according to him, was in a bid to make greater returns on investments on the shares of its investors.He said the companys attempt at developing one of its facilities in Lagos would be achieved next year, stressing that when completed, it would tremendously impact on the firms earnings in 2012 and 2013.He said, The board understands the unprecedented dynamism of the business environ and therefore our strategy direction will further be unleashed to proactively envisage possible opportunities in the economy and mitigate against threats that may adversely affect our operations, he said.In the light of the above, we have identified Information Technology as a veritable tool to build competitive edge in the industry. We are also aware of the rapid changing nature of our clients expectations. We are much aware of the imperative of embracing sound innovations and leveraging on deepening our investment in critical sectors of the nations economy.It recorded a net profit after tax N750,779 for the 2010 financial year.Omole said the PAT was a vast improvement over the loss of N2.356m recorded in the preceding year. The firm had noted that the overall increase generated during the period under review stood at 132 per cent, stressing that the slight decrease in the firms results of operations was largely due to over-burdened share diminution.He said, The gross earnings slightly decreased by 5.2 per cent from N130.281m in 2009 to N122.784m in 2010. On the other hand, operating expenses for the company in 2010 declined by 10.27 per cent, from N129.109m to N115.851 per cent.He noted that the marginal improvement in profitability grew shareholders funds by 0.06 per cent, from N1.214bn in 2009 to N1.215bn.
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