Shareholders of Conoil Plc get N1.7 billion dividend

• Shareholders of Conoil Plc get N1.7 billion dividend
• The company Statements

Conoil Plc’s shareholders have approved the proposed final dividend payout of N1.734 billion, or N2.50 per share, for the fiscal year 2021.

The approved dividend payment of N1.04 billion for the 2020 fiscal year increased by 66.7% to be approved at the company’s 52nd Annual General Meeting, which was held in Lagos.

Conoil had promised the shareholders that it would keep up the strong and reliable performance that would increase returns.

The company Statements

Speaking at the AGM, Conoil Plc Chairman Dr. Mike Adenuga Jr. noted that the company’s five-year growth strategy had begun to pay dividends, resulting in the results shown in the 2021 fiscal year despite the challenging operating environment. Adenuga claims that Conoil is still driven to produce top-notch value for its stockholders.

“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 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.”

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Adenuga reassured the shareholders that despite the difficulties encountered during the financial year under review continuing into 2022 and beyond, Conoil is in a good position to increase operating margins and volume across all of its operating locations. This is especially true given the fragile global economic recovery from the Covid-19 pandemic.

“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 added.

What you must know

Conoil Plc reported a gross profit of N11.16 billion for the full year ending December 2021, up 13.7% from N9.82 billion the previous year, according to the company’s certified financial reports. Up 7.9% to N126.73 billion, revenue increased.

The oil and gas marketer also saw an increase in earnings after tax, which went from N1.44 billion to N3.08 billion, a 114% increase.