Conoil plc, has declared a 23 percent increase in profit after tax of N2.84 billion for the financial year ended December 31, 2016, showing persistent resilience amidst challenging economic conditions in the country.
On account of the company’s financial performance obtained on Wednesday 21 June from the Nigerian Stock Exchange, the directors have also recommended for shareholder approval a dividend of N2.84 billion, representing N3.10 per share, an increase of 3.3 percent compared to N2.08 billion which amounted to N3 per share, paid as dividend in the previous year.
An overview of the financials, shows growth across all key financial indices as the company recorded Profit before tax of N4.28 billion compared to N3.45 billion in 2015, representing an increase of 24 percent.
Conoil’s revenue increased from N82.9 billion to N85.02 billion, while the company’s earnings per share increased sharply by 23 per cent 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.
In a statement, the company attributed the performance to its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.
It would be recalled that at the last annual general meeting of the company, its Chairman, erudite business mogul, Dr. Mike Adenuga had assured shareholders that in the face of the gloomy economy, the company will always strive to be one of the fastest growing and profitable companies in the country.
He assured that it will consolidate its gains and ensure greater returns on investment for its teeming shareholders.
While promising that the company’s ultimate goal to its customers will always be excellent service and quality products, he maintained that its promise for its shareholders remains maximum value.
“We will drive our business to greater heights by re-establishing commanding presence in the retail business, lubricants, aviation, liquefied petroleum gas, specialized products and non-fuel retail services “, Adenuga assured.
Leave a Comment
You must be logged in to post a comment.