ConOil Plc To Pay Shareholders N1.73bn Cash Dividend As Profit Increases By 13.7%

By NewsBits

Shareholders of Conoil Plc, at the weekend, 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 (AGM), which held in Lagos, represents an increase of 66.7 per cent over the approved dividend payment of N1.04 billion in the 2020 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 Chairman, Conoil Plc, Dr. Mike Adenuga (Jnr), 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. He said 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. 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,” the chairman stated.

According to the audited financial results for the 2021 financial year, Conoil Plc recorded a gross profit of N11.16billion, an increase of 13.7 per cent from N9.82billion 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.

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