Shareholders of Conoil Plc have approved a final dividend payout of N1.734 billion proposed by the board of directors for the 2022 financial year.

The dividend which was endorsed by the shareholders at the company’s 53rd Annual General Meeting held in Uyo, Akwa Ibom State, at the weekend translates to N2.50 per share.

Addressing shareholders at the AGM, the Chairman, of Conoil Plc, Dr. Mike Adenuga (Jnr) said that the company remained motivated in creating excellent value for its shareholders, while also ensuring that its share price remains on the rise.

Said he:

• “We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energized and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded.
• “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. Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuingly positions its business to take advantage of key opportunities,” Adenuga assured the shareholders.

Challenges ahead

Looking ahead, the Conoil Chairman noted that while there might be challenges posed by the rapidly changing geopolitical and socio-economic environment, Conoil would, however, concentrate on the strategies that have given it the greatest dividend.

The Federal Government, he said, has started critical reforms, such as the elimination of the petrol subsidy and reforms in the foreign exchange market.

Towards this end, Conoil according to Adenuga, would concentrate on the strategies that have given it the greatest dividend.

“The Company will grow its earnings, improve profitability and asset quality, and deliver competitive returns to its esteemed shareholders,” he said.

Financial performance

Conoil Plc increased its gross earnings by 5.3% to N145.8 billion for the 2022 financial year, from N138.2 billion in the corresponding period of 2021.

The oil marketer in a statement at the weekend on its audited results for the year ending December 31, 2022, said despite the massive developmental challenges in the country and the tough operating environment, its Profit Before Tax grew by 60.1% to N6.13 billion in 2022 from N3.83 billion in 2021, while Profit After Tax increased by 60.1% from N3.08 billion to N4.96 billion in the same period.

“With the significant improvement in profitability in the petroleum-marketing subsector, Conoil’s earnings per share rose to N7.14, representing a 60.8% increase over the N4.44 earned in 2021. The company also recorded an increase of 22% in net from N53.98 billion to N65.91 billion,” the chairman said.

He assured the shareholders of its commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders.