Conoil shareholders approve N1.73bn dividend

Conoil shareholders approve N1.73bn dividend

Shareholders of Conoil Plc have unanimously approved the proposed final dividend payment of N1.734 bn.

A statement from the company said the dividend payment translates to N2.50 per share, for the 2021 financial year.

It explained that the dividend ratified at the company’s 52nd annual general meeting in Lagos, represents an increase of 66.7 per cent over the approved dividend payment of N1.04bn in 2020 financial year.

The Chairman, Conoil Plc, Dr. Mike Adenuga, while delivering his address to the shareholders at the meeting, said the company’s five-year growth strategy had started yielding dividends, leading to the impressive performance recorded in the 2021 financial year despite the tough operating environment.

According to Adenuga, Conoil remained motivated in creating excellent value for its shareholders.

He said, “Much ground was covered and major strides taken in 2021 as further investments have been made in strengthening the company’s retail network, and important progress recorded on all fronts for the benefit of all other stakeholders.

“Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders.

“The company has strategically positioned its business to take advantage of key opportunities in the execution of the growth strategy.

“Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded.”

The audited financial results for the 2021 financial year showed Conoil recorded a gross profit of N11.16bn, an increase of 13.7 per cent from N9.82bn recorded in the previous year. Revenue rose by 7.9 per cent to N126.73bn.

According to the statement, the company’s profit after tax jumped by 114 per cent to N3.08bn from N1.44bn.

Adenuga assured the shareholders that while the challenges experienced during the financial year in review persisted even in 2022 and beyond, with economic recovery from the COVID-19 pandemic still fragile across the globe, Conoil was well positioned to improve on its operating margin and grow volumes across all its operating locations.

He said, “We acknowledge the challenges that may be posed by the rapidly changing geopolitical and social-economic dynamics; hence, we will concentrate on the strategies that have given us the greatest dividend. The company will grow its earnings, improve profitability and asset quality and deliver competitive returns to its esteemed shareholders.”

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