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Conoil assures shareholders of improved returns

By Peter Egwuatu

SHAREHOLDERS of Conoil Plc have expressed optimism over a possible improvement in the company’s returns on investment, in line with its tradition of delivering good dividend.

Conoil
Conoil

In his address to shareholders at the 49th Annual General Meeting, AGM, of the company in Uyo, Akwa Ibom State, the Chairman, Dr. Mike Adenuga, stated that despite the challenges of a tough operating environment in the downstream petroleum sector, Conoil continued to record progress towards delivering superior shareholder value.

“Every segment of our business will continue to receive the desired attention with a view to maintaining world class levels of operating and capital discipline. We believe that the future holds a lot of promise for our shareholders, the company will surely reward them for their steadfastness and unwavering faith in its prospects,” Adenuga said. For the financial period ended December 31, 2018, Conoil profit before tax rose by 11.4 percent to N2.6 billion from N2.3 billion in 2017, while profit after tax soared to N1.8 billion from N1.6 billion, representing 13.8 percent increase. Turnover rose by 5.8 percent to N122 billion from N115 billion.

At the meeting, shareholders ratified a total dividend cash payment of N1.4 billion, which translates to 200kobo for every 50kobo share held.

Adenuga attributed Conoil’s achievement in the financial year under review to the commitment of the Board and management of the company to deliver solid financial results, in spite of the enormous challenges that confronted operators in the downstream oil sector, including the prohibitive cost of procuring petroleum products.

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