Shareholders of Conoil Plc have approved the payment of N1.39 billion dividend proposed by the board of the major oil marketing company, coming on the back of an impressive performance recorded in the 2019 financial year.
With the approval, 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, the shareholders were unanimous in their commendation for the Board and Management for the wonderful performance and for the consistency in the payment of dividend.
Commending the company, the National Coordinator, Pragmatic Shareholders Association, Mrs Adebisi Bakare, 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.
Earlier at the event, the company stated that the modest dividend payout was predicated on the need to consolidate its cash management effort vis-à-vis the liquidity squeeze in the economy and also to continue to ensure improvement in its overall performance in order to meet the expectations of the shareholders.
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 to the shareholders of better execution of value-added products and services, especially in the areas of marketing and growing the bottom-line.
According to Adenuga, the company had set an ambitious growth strategy for the next five years, driven by innovation and market penetration.
“Thus far, significant investments have been made in strengthening the company’s retail network and important progress recorded on all fronts for the benefit of all stakeholders and so we are proud of the attainments of the management,” he said.
Adenuga further assured the shareholders that the company would consolidate on its achievements to deliver a strong and sustainable performance that enhanced juicy returns on their investment, stating that the company has strategically positioned its business to take advantage of emerging opportunities in the downstream oil sector.