• Friday, September 29, 2023
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Conoil rewards shareholders with N1.73bn dividend as profit surges by 13.7%

Conoil rewards shareholders with N1.73bn dividend as earnings grow

The shareholders of Conoil Plc on Friday, October 28 unanimously approved the proposed final dividend payout of N1.734 billion, which translates to N2.50 per share, for the 2021 financial year.

The dividend payment ratified at the company’s 52nd Annual General Meeting held in Lagos represents an increase of 66.7 percent over the approved dividend payment of N1.04 billion in the 2020 financial year.

Conoil, Nigeria’s total energy provider had assured the shareholders of its commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders.

Mike Adenuga (Jnr), Chairman, Conoil Plc in his address to the shareholders at the meeting, disclosed that 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 remains motivated in creating excellent value for its shareholders.

“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,” he said.

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“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 chairman stated.

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

The major marketer also recorded a whopping growth in profit after tax, which jumped by 114 per cent to N3.08 billion from N1.44 billion.

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

“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,” he said.