Conoil Shareholders Approve N1.39bn Dividend Payment     

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Shareholders of Conoil Plc have approved the payment of N1.39 billion dividend, amounting to 200 kobo on every 50 kobo ordinary share for the year 2019.

The Shareholders gave the approval during the virtual 50th Annual General Meeting (AGM) of the company attended by proxies.

A statement quoted Chairman of the company, Dr Mike Adenuga (Jr.) as saying the dividend payment was “a promise kept to shareholders’’.

Conoil Plc posted a gross revenue growth of 14.4 per cent to N139.8 billion

Profit before tax increased by 10.4 per cent to N2.83 billion while profit after tax  grew by 9.8 per cent to N1.97 billion.

The companyf also grew its total assets by 4.4 per cent to N63.6 billion while interest expense dropped by 26 per cent to N1.1 billion in its audited financial results for the 2019 financial year

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

Adenuga said: “The impressive results recorded by the company was in fulfilment of its promise to shareholders for better execution of value-added products and services, especially in the areas of marketing and growing the bottom-line.

“This is against the background of the tough challenges that marked the operating environment of the downstream oil sector.

“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,’’ he added.

The chairman also assured shareholders that the company would consolidate on its achievements to deliver a strong and sustainable performance that would enhance juicy returns on their investment.

“The company has strategically positioned its business to take advantage of emerging opportunities in the downstream oil sector.’’

The National Coordinator, Pragmatic Shareholders Association, Mrs Adebisi Bakare lauded Conoil for rewarding shareholders against all odds in the fuel marketing sector of the economy.

“We congratulate the board for the impressive financial results and especially being able to reward shareholders when we consider the tough times faced by all fuel marketing companies in the country in the last financial year.’’