Conoil shareholders approve N2.15bn dividend

Shareholders of Conoil Plc, at its 47th Annual General meeting (AGM), held last Friday, approved a total dividend of N2.15bn for the 2016 financial year, which translates to N3.10 per share compared to N3 per share paid in the preceding year.

The dividend paid, which represents about 76 per cent of a total profit of N2.84bn declared for the 2016 financial year, is in line with the company’s history of progressive dividend policy, and testament to its unwavering commitment to continue to deliver a healthy performance by providing exceptional service to its customers and adding value to its shareholders’ investment.

At the AGM held in Uyo, Akwa Ibom State, the energy provider assured shareholders that the company has laid a strong foundation to enhance its overall efficiency and ability to deliver outstanding results in the years ahead.

The company, in a statement made available to our correspondent at the weekend, gave details on its 2016 financial results and how it was able to achieve positive growth across all key financial indicators.

The major oil marketer noted that it proactively capitalized on every emerging opportunity in the sector and explored new income streams to continually boost its relevance and constantly grow its market share.

“We launched initiatives to strengthen our income base in the core segments of the business, especially retail, lubricants and aviation. We also reinforced our sales force with core competencies and consolidated on our dominance in the aviation business while investing in modern equipment and bringing in more strategic customers”, the company said.

Whilst expressing gratitude to all those who made it possible to achieve the excellent results; including shareholders for their confidence in the company, customers for their unalloyed patronage, and embers of staff for their dedication and hard work, it assured its various stakeholders of relentlessly evolving bigger and better business propositions 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 investments in the required areas, will continue to ensure effective and efficient delivery of its avowed goals”, the statement added.
Overall, the company’s financial performance shows persistent resilience amidst challenging economic conditions in the country.

Afolabi Adesola