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Conoil shareholders approve N1. 39bn dividend

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Dr. Mike Adenuja Jnr.

By Peter Egwuatu

 

Shareholders of Conoil Plc have unanimously endorsed  the payment of N1.39 billion dividend proposed by the board of the Company, coming on the back of an impressive performance recorded in the 2019 financial year.

This meant that shareholders will get 200 kobo on every 50 kobo ordinary share.

At the virtual 50th Annual General Meeting (AGM) of the Company held by proxies at the weekend in Lagos, Mrs. Adebisi Bakare said, President, Pragmatic Shareholders Association, said, “We congratulate the Board for the impressive financial results and especially being able to reward shareholders when we consider the tough times faced by all fuel marketing companies in the country in the last financial year,”

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According to the audited financial results for the 2019 financial year, Conoil Plc Gross Revenue grew by 14.4 percent to N139.8 billion. Profit Before Tax grew by 10.4 percent to N2.83 billion while  Profit After Tax also grew by 9.8 percent to N1.97 billion.

In his address to the shareholders, the Chairman, Conoil Plc, Dr. Mike Adenuga (Jr.), said the impressive financial results recorded by the company against the background of the tough challenges that marked the operating environment of the downstream oil sector, was in fulfillment of his promise the shareholders of better execution of value-added products and services especially in the areas of marketing and growing the bottom-line.

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