Shareholders of Conoil Plc have approved the payment of N1.39 billion dividend proposed by the board after an impressive performance recorded in the 2019 financial year.
The approval was unanimously given at the virtual 50th Annual General Meeting (AGM) of the company held by proxies at the weekend in Lagos where it was decided that the shareholders would get 200 kobo on every 50 kobo ordinary share.
The National Coordinator of 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.”
The audited financial results for the 2019 financial year show the firm’s gross revenue grew by 14.4 per cent to N139.8bn. Profit Before Tax grew by 10.4 per cent N2.83bn, while Profit After Tax rose by 9.8 per cent to N1.97bn.
The Chairman of Conoil Plc, Dr. Mike Adenuga (Jr.), said the impressive financial result came despite the tough challenges in the operating environment of the downstream oil sector.
Dr. Adenuga said the dividend was to fulfill his promise to shareholders of better execution of value-added products and services, especially in marketing and growing the bottom-line.
He explained that, “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.”
Adenuga assured the shareholders that the company would consolidate on its achievements to deliver a strong and sustainable performance.