Shareholders of Conoil Plc have cause to cheer as the major oil marketing company has expressed optimism about juicy returns on investment, in line with its tradition of delivering increasing dividend.
In his address to the shareholders at the 49th Annual General Meeting of the company at the weekend in Uyo, Akwa Ibom State, its 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.
“We managed the challenges properly and ended the year creditably. We embarked on strategic cost reduction, while ensuring that the future growth potential of our business was not sacrificed.”
Adenuga pledged assured that the company would not relent in its efforts to maintain its leading position in the downstream petroleum sector, through new initiatives in product development, service delivery and best practices, while delivering value to all its stakeholders.
For its financial period, which ended on December 31, 2018, profit before tax rose by 11.4 per cent to N2.56 billion from N2.30 billion posted in 2017, while profit after tax soared to N1.79 billion from N1.57 billion, representing a 13.8 per cent increase.
At the meeting, shareholders ratified a total dividend cash payment of N1.4 billion, which translates to 200 kobo for every 50 kobo share held.
Commenting on the company’s performance, the shareholders expressed satisfaction with the overall performance and the growth path which the Board and management have charted for sustained profitability , and adding that they were pleased that the company sustained its tradition of paying dividends even in the face of daunting challenges.