Conoil to pay shareholders N1.73bn dividend

Conoil Plc is to pay N1.73bn as dividend to its shareholders. This translates to N2.50 per share for the 2022 financial year.

The major oil marketer in a statement issued at the weekend after its 53rd Annual General Meeting held in Uyo, Akwa Ibom State, said that despite the developmental challenges in the country and the tough operating environment, its Profit Before Tax grew by 60.1 per cent to N6.13bn in 2022 from N3.83bn in 2021, while Profit After Tax increased by 60 per cent from N3.08 bn to N4.96 billion in the same period.

Conoil Plc’s gross earnings rose by 5.1 per cent to N145.8bn for the 2022 financial year from N138.2bn in the corresponding period of 2021.

With the improvement in profitability in the petroleum-marketing subsector, Conoil’s earnings per share rose to N7.14, representing a 60.8 per cent increase over the N4.44 earned in 2021.

Shareholders at the company’s AGM unanimously approved the proposed final dividend payout of N1.73bn.

The Chairman, Conoil Plc, Dr. Mike Adenuga, in his address to the shareholders at the meeting, said that the company remained motivated to create excellent value for its shareholders, while also ensuring that its share price remains on the rise.

He said, “We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energised and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded.

“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. Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuingly positions its business to take advantage of key opportunities.”

Looking ahead, the Conoil Chairman noted that while there might be challenges posed by the rapidly changing geopolitical and socio-economic environment, Conoil would, however, concentrate on the strategies that have given it the greatest dividend.

The Federal Government, he said, had begun critical reforms such as the elimination of the petrol subsidy and reforms in the foreign exchange market.

Based on these, Adenuga said Conoil would concentrate on the strategies that have given it 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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