November 29, 2022

Shareholders of Conoil Plc at the weekend unanimously approved 66.7 per cent increase in cash payouts as the energy company reassured on its commitment to enhance shareholders’ value.

At the annual general meeting in Lagos, shareholders approved increase in dividend payout from N1.04 billion paid for the 2020 business year to N1.73 billion for the 2021 business year. This implied a dividend per share of N2.50 for the 2021 business year.

Key extracts of the audited report and accounts for the year ended December 31, 2021 showed that gross profit grew by 13.7 per cent to N11.16 billion in 2021 as against N9.82 billion in 2020. Turnover rose by 7.9 per cent to N126.73 billion. After taxes, net profit jumped by 114 per cent from N1.44 billion in 2020 to N3.08 billion in 2021.

Chairman, Conoil Plc, Dr. Mike Adenuga, in his address, assured shareholders of the company’s commitment to continue to deliver strong and sustainable performance that would enhance returns to the shareholders.

He 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.

He assured that the company 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.

“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 the growth strategy.

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

He 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,” Adenuga said.

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