Conoil Plc has reaffirmed its resilience and strategic focus as a leading force in Nigeria’s downstream petroleum sector, with a dividend payout of N2.428 billion for the 2024 financial year.
The dividend payment which translates to 350 kobo per 50 kobo share and approved at the Company’s 55th Annual General Meeting held in Uyo, Akwa Ibom was received with delight of shareholders who applauded the Company’s unwavering capacity to deliver value despite an unrelenting economic climate.
The Company’s revenue surged by 60.5 percent climbing from N201.4 billion to N323.1 billion, a performance that underscored the effectiveness of its strategic initiatives and the agility of its operations. Equally noteworthy was the growth in total assets, which rose from N97.5 billion to N114.9 billion, reflecting a robust 18 percent expansion.
Shareholders’ funds also increased by 19.1 percent, reaching N39.5 billion, thereby strengthening the Company’s financial base. Conoil’s balance sheet resilience was further evidenced by a 10 percent reduction in borrowings, bringing total liabilities of that category down from N32 billion to N28.7 billion.
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In his address to shareholders, Mike Adenuga Jnr., chairman of the Board noted that the year under review was defined by acute macroeconomic pressures. Nigeria grappled with a confluence of fiscal and structural challenges, including sustained inflationary pressures, infrastructural gaps, exchange rate instability, and an economy adjusting to the aftermath of fuel subsidy removal. These issues combined to squeeze purchasing power, heighten operational costs, and dampen business prospects across multiple sectors. Yet, within this difficult environment, Conoil Plc not only navigated the turbulence but concluded the year with commendable financial outcomes.
The Chairman attributed these achievements to a combination of proactive decision-making, prudent resource management, and an unwavering commitment to operational excellence. He emphasised the pivotal role of human capital in sustaining the Company’s progress, affirming that Conoil’s success rests on the dedication, professionalism, and innovative spirit of its employees. The Company continues to invest in talent, nurturing a culture that values productivity, equality, and personal fulfilment, irrespective of background, gender, or creed.
Beyond its internal strengths, Conoil reaffirmed its steadfast adherence to ethical business conduct and responsible corporate governance. The Chairman reiterated that the Company remains fully aligned with the Nigerian Code of Corporate Governance (2018), ensuring accountability, transparency, and sustainable growth. He acknowledged the growing global expectations for responsible corporate citizenship and noted that Conoil had continued to support social development initiatives, using its influence and resources to positively impact the communities in which it operates.
Looking to the future, the Chairman expressed cautious optimism, highlighting opportunities arising from Nigeria’s ongoing economic reforms and the anticipated expansion of both oil and non-oil sectors. The Company is poised to deepen its footprint in critical product segments, expand its lubricants and LPG markets, and strengthen its aviation fuel delivery infrastructure, ensuring it remains competitive in a deregulated downstream environment.
He concluded by thanking shareholders, customers, employees, and partners for their steadfast support, assuring them that Conoil remains committed to innovation, disciplined execution, and sustained value creation. With a clear mission, the right leadership, and well-calibrated strategies, the Company is positioned not only to maintain its trajectory of growth but to define new performance frontiers in the years ahead.
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