By Chinwendu Obienyi
Conoil Plc has reiterated its resolve to maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders especially in the next financial year.
At its 51st Annual General Meeting held on Friday in Lagos, the Company assured its shareholders that conscious efforts will be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.
While noting that there are challenges ahead given the current state of the nation’s economy, it however, expressed optimism that it would strive hard to maintain profitability.
Spurred by shareholders’ words of encouragement after the meeting had seen ratification from shareholders towards a total dividend cash payment of N1.04 billion, which translates to 150 kobo for every 50 kobo share held, the Company promised to explore opportunities in the coming years to deliver solid financial results and increase competitive returns on its shares.
Addressing the shareholders, the Chairman, Conoil Plc, Dr. Mike Adenuga, said it was fully charged to consolidate its competitiveness in the different segments of its business by exploring and developing emerging markets while holding its grounds in areas where it has competitive advantage.
He hinted that with the changing dynamics in the downstream petroleum industry, Conoil is poised to ensure improvement in its overall performance that would translate to meeting the expectations of all its stakeholders.
“We plan to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders.
“Our overriding goal is to ensure the continued delivery of excellent services to our customers. The company will grow its earnings, improve profitability and asset quality and deliver competitive returns to our esteemed shareholders,” he stated.
The company expressed gratitude to its stakeholders for their support for the modest progress it recorded in spite of the odds and the unfriendly business environment it operated last year.
Going forward, it promised to re-channel its resources with a view to strengthening its business and exceeding the expectations of its shareholders.