Shareholders approve N1.4b Conoil dividend

Shareholders of Conoil Plc at the weekend approved payment of N1.39 billion as cash dividend for the 2019 business year. Shareholders will receive a dividend per share of N2.

At the virtual 50th annual general meeting (AGM) held by proxies in Lagos, shareholders unanimously approved the dividend payment while commending the board and management for consistency in the payment of dividend.

Key extracts of the audited financial results for the year ended December 31, 2019 showed that Conoil’s gross revenue grew by 14.4 per cent to N139.8 billion. Profit before tax grew by 10.4 per cent to N2.83 billion while profit after tax also grew by 9.8 per cent to N1.97 billion. Total assets rose by 4.4 per cent to N63.6 billion while interest expence dropped by 26 per cent to N1.1 billion.

Conoil stated that the modest dividend payout was predicated on the need to consolidate its cash management effort in the face of the liquidity squeeze in the economy and also to continue to ensure improvement in its overall performance in order to meet the expectations of the shareholders.

In his address to the shareholders, Chairman, Conoil Plc, Dr. Mike Adenuga (Jr.), said the financial results recorded by the company against the background of the tough challenges that marked the operating environment of the downstream oil sector, was in fulfillment of the promise to shareholders of better execution of value-added products and services especially in the areas of marketing and growing the bottom-line.

He said the company had set an ambitious growth strategy for the next five years, driven by innovation and market penetration.

“Thus far, significant investments have been made in strengthening the company’s retail network and important progress recorded on all fronts for the benefit of all stakeholders. We are proud of the attainments of the management. It was a challenging year with impressive results,” Adenuga said.

He assured Conoil shareholders that the company would consolidate on its achievements to deliver a strong and sustainable performance that enhances juicy returns on their investment, stating that the company has strategically positioned its business to take advantage of emerging opportunities in the downstream oil sector.

President, Pragmatic Shareholders Association, Mrs. Adebisi Bakare praised the company for being able to reward shareholders despite the tough time faced by all fuel-marketing companies in the last financial year.