Conoil to Pay N1.4bn Dividend to Investors

• Conoil to Pay N1.4bn Dividend to Investors

Conoil Plc will pay investors a total dividend of N1.4 billion for the financial year ended December 31, 2018.

The company’s shareholders approved the sum at the 49th Annual General Meeting (AGM) held in Uyo, Akwa Ibom State.

The company grew profit before tax by 11.4 percent from N2.305 billion filed in 2017 to N2.567 billion in 2018. While total profit for the period rose by 13.8 percent to N1.796 billion.

Speaking on the performance, the company’s shareholders expressed satisfaction and encourage management to sustain profitability.

Sunny Nwosu, the Founding National Coordinator, Independent Shareholders’ Association of Nigeria (ISAN), said: “I must commend the board and management of Conoil for sustaining profitability and also able to pay dividend to its shareholders notwithstanding the very tough operating environment during the financial year in review. I know of some companies in the downstream oil sector that could not pay dividend to shareholders.”

Mr Mike Adenuga, the Chairman, Conoil Plc, said despite the headwinds and the tough operating environment in the downstream sector, the company managed to deliver superior shareholder value.

“Every segment of our business will continue to receive the desired attention with a view to maintaining world class levels of operating and capital discipline. We believe that the future holds a lot of promise for our shareholders, the company will surely reward them for their steadfastness and unwavering faith in its prospects,” Adenuga said.

The chairman attributed the company’s success to the commitment of the board and management of the company in spite of the enormous difficulties that confronted operators in the downstream oil sector, including the prohibitive cost of procuring petroleum products.

“We managed the challenges properly and ended the year creditably. We embarked on strategic cost reduction, while ensuring that the future growth potential of our business was not sacrificed. The company would not relent in its efforts to maintain its leading position in the downstream petroleum sector, through new initiatives in product development, service delivery and best practices, while delivering value to all our stakeholders,” Adenuga added.