Conoil shareholders okay N1.73 billion total dividend payout

Shareholders of Conoil Plc, at the weekend, approved a final dividend payout of N1.734 billion, culminating to N2.50 per share to every investor of the firm for the 2021 financial year.

The dividend represents an increase of 66.7 per cent over N1.04 billion approved in the 2020 financial year.

Reviewing its performance at the company’s yearly general meeting held in Lagos at the weekend, the Chairman, Dr. Mike Adenuga (jnr), disclosed that the company’s five-year growth strategy had started yielding dividends, leading to the improved performance recorded in the 2021 financial year, amid harsh operating environment.

He assured shareholders of its commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders.

According to him, the firm has strategically positioned its business to take advantage of key opportunities in the execution of the growth strategy.

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

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

He said the company recorded gross profit of N11.1 billion, an increase of 13.7 per cent from N9.82 billion achieved in the corresponding period in 2020 while revenue rose by 7.9 per cent to N126.7 billion.

The company also recorded 114 per cent growth in profit after tax, to N3.08 billion from N1.44 billion recorded in 2020.

Adenuga stated that while the challenges experienced during the review period persist in 2022 and beyond, with economic recovery from the Covid-19 pandemic still fragile across the globe, the firm 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 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.