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Conoil Shareholders Approve N2.15b Dividend

By Dipo Olowookere

Shareholders of Conoil Plc have approved the payment of N2.15 billion dividend proposed by the board of the oil firm.

At the 47th Annual General Meeting (AGM) of the company held at the weekend in Uyo, Akwa Ibom State, the shareholders praised the management for the impressive performance recorded in the last financial year.

President of Renaissance Shareholders’ Association, Ambassador Olufemi Timothy, remarked that shareholders were elated that despite the downturn in the economy; with the attendant sharp increase in operating costs, Conoil still recorded impressive growth in all key areas.

“Conoil’s performance for the year ended December 31, 2016 was very encouraging. Against the backdrop of a volatile and tough operating environment, the company still recorded strong margins which in turn impacted shareholders positively,” Mr Timothy enthused.

Also, Grand Patron of Nigerian Shareholders’ Solidarity Association, Chief Timothy Adesiyan, in his reaction, noted that “the management and board of the company have not only performed excellently well but have also fulfilled their promise of maintaining consistent returns to shareholders”.

“Given the tough operating environment in 2016 characterized by tight liquidity, rising cost of funds and the inability of petroleum marketing companies to import fuel in the face of little or no supply from the domestic refineries, Conoil still braved the odds, recorded profits and is able to pay dividend to its shareholders,” said Mr Adesiyan.

In his own comment, Alhaji Kazeem Olayiwola, Chairman, Alheri Shareholders’ Association, Kaduna, praised the resilience of Conoil in the face of a tough operating environment.

According to him, “Conoil has continually set standards in fuel retailing with world-class facilities and ground-breaking marketing initiatives that endear it to customers and place it far ahead of competition.

“I am therefore delighted that this has translated to good dividends to shareholders at a time like this, we sure do have a bright future.”

Conoil, in a statement, expressed its gratitude to all those who made it possible to achieve the excellent results; including shareholders for their confidence, customers for their unalloyed patronage, and staff for their dedication and hard work.

It assured its stakeholders of bigger and better business prepositions with an eye on the future to continue to deliver excellent results.

“The company’s overall strategy will continue to positively impact its current size, and our investments in the required areas will continue to ensure effective and efficient delivery of our avowed goals,” the leading oil firm in Nigeria said.

In the last financial year, the nation’s foremost indigenous petroleum marketer declared a profit before tax of N4.28 billion from N3.4 billion in 2015, an increase of 24 percent.

Overall, the company’s financial performance shows persistent resilience amidst challenging economic conditions in the country.

The result also shows growth across all key financial indices. Its profit after tax increased from N2.30 billion in 2015 to N2.84 billion, representing a 23 percent rise. Its revenue increased from N82.9 billion to N85.02 billion.

The company’s earnings per share increased sharply by 23 percent from 333 kobo in 2015 to 409 kobo in 2016.

In the opinion of capital market operators, this performance has further raised the bar of the strategic positioning of Conoil as truly the nation’s marketer of choice.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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