Thrilled by Conoil Plc’s impressive performance, its shareholders at the company’s 53rd Annual General Meeting held in Uyo, Akwa Ibom State on Friday unanimously approved for payment, the final dividend of N1.734 billion, which translates to N2.50 per share, for the 2022 financial year.
Conoil had assured the shareholders of its commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders.
The nation’s total energy provider grew its gross earnings by 5.3 percent to N145.8 billion for the 2022 financial year, from N138.2 billion in the corresponding period of 2021.
The major oil marketer noted that despite the massive developmental challenges in the country and the tough operating environment, its Profit Before Tax (PBT) grew by 60.1percent to N6.13 billion in 2022 from N3.83billion in 2021, while Profit After Tax (PAT) increased by 60.1 percent from N3.08billion to N4.96 billion in the same period.
With the significant improvement in profitability in the petroleum-marketing subsector, Conoil’s earnings per share rose to N7.14, representing a 60.8 percent increase over the N4.44 earned in 2021.
Mike Adenuga, chairman, Conoil Plc in his address to the shareholders at the meeting said that the company remained motivated to create excellent value for its shareholders, while also ensuring that its share price remains on the rise.
He said, “We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energized and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded”.
“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. Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuingly positions its business to take advantage of key opportunities,” Adenuga assured the shareholders.
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Looking ahead, Adenuga noted that while there might be challenges posed by the rapidly changing geopolitical and socio-economic environment, Conoil would, however, concentrate on the strategies that have given it the greatest dividend.
According to Adenuga, Conoil would concentrate on the strategies that have given it the greatest dividend. “The Company will grow its earnings, improve profitability and asset quality and deliver competitive returns to its esteemed shareholders.”
He noted that the Federal Government has started critical reforms such as the elimination of the petrol subsidy and reforms in the foreign exchange market