The shareholders of Conoil Plc on Friday, October 28 unanimously approved the proposed final dividend payout of N1.734 billion, which translates to N2.50 per share, for the 2021 financial year.
The dividend payment ratified at the company’s 52nd Annual
General Meeting held in Lagos represents an increase of 66.7 percent over the
approved dividend payment of N1.04 billion in the 2020 financial year.
Conoil, Nigeria’s total energy provider had assured the
shareholders of its commitment to continue to deliver strong and sustainable
performance that would enhance returns to its shareholders.
Mike Adenuga (Jnr), Chairman, Conoil Plc in his address to
the shareholders at the meeting, disclosed that the company’s five-year growth
strategy had started yielding dividends, leading to the impressive performance
recorded in the 2021 financial year despite the tough operating environment.
According to Adenuga, Conoil remains motivated in creating
excellent value for its shareholders.
“Much ground was covered and major strides taken in 2021 as
further investments have been made in strengthening the Company’s Retail
Network, and important progress recorded on all fronts for the benefit of all
other stakeholders,” he said.
“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. The Company has strategically positioned its
business to take advantage of key opportunities in the execution of the growth
strategy.
“Our overriding goal is to ensure the continued delivery of
excellent services to our customers and ultimately ensure that our shareholders
are rewarded,” the chairman stated.
According to the audited financial results for the 2021
financial year, Conoil Plc recorded a gross profit of N11.16 billion, an
increase of 13.7 percent from N9.82 billion recorded in the previous year.
Revenue rose by 7.9 per cent to N126.73 billion.
The major marketer also recorded a whopping growth in profit
after tax, which jumped by 114 per cent to N3.08 billion from N1.44 billion.
Adenuga assured the shareholders that while the challenges
experienced during the financial year in review, persist even in 2022 and
beyond, with economic recovery from the Covid-19 pandemic still fragile across
the globe, Conoil is well positioned to improve on its operating margin and
grow volumes across all its operating locations.
“We acknowledge the challenges that may be posed by the rapidly
changing geopolitical and social-economic dynamics hence, we will concentrate
on the strategies that have given us 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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