Conoil Plc announced its intention to pay N1.73 billion in divided to its shareholders for the 2022 financial year. This translates to N2.50 per share.
The major oil marketer revealed these impressive figures after its 53rd Annual General Meeting, held in Uyo, Akwa Ibom State.
Despite the challenging economic landscape in Nigeria, Conoil demonstrated remarkable growth with its Profit Before Tax surging by an astounding 60.1 percent to N6.13 billion in 2022, up from N3.83 billion in the preceding year.
This performance also translated to a 60 percent increase in Profit After Tax, soaring from N3.08 billion to N4.96 billion.
Conoil Plc’s gross earnings rose by 5.1 percent to N145.8 billion in the 2022 financial year, compared to N138.2 billion in 2021.
Shareholders unanimously approved the proposed dividend payout, reflecting their confidence in the company’s ability to navigate a challenging business environment.
Dr. Mike Adenuga, the Chairman of Conoil Plc, expressed the company’s commitment to creating value for shareholders and ensuring a growing share price.
He emphasized their consistent ability to improve operational margins and expand across all locations, focusing on delivering exceptional service to customers.
Looking ahead, Adenuga acknowledged potential challenges in the ever-changing geopolitical and socio-economic landscape but assured shareholders that Conoil would remain focused on strategies that yield dividends.
He highlighted the government’s reform initiatives, including the elimination of petrol subsidies and foreign exchange market reforms, as opportunities for growth.
Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year
Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.
The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.
In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.
Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.
However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.
Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.
He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.
Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.
The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.
EnjoyCorp Limited Secures Strategic Acquisition of Champion Breweries Plc
EnjoyCorp Limited, a conglomerate known for its ventures in food, beverage, and hospitality, has successfully secured a strategic acquisition deal with Heineken B.V.
The agreement entails EnjoyCorp acquiring 100% of Heineken’s shareholding in The Raysun Nigeria Company Limited, which holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX).
The transaction, subject to regulatory approvals, is anticipated to conclude in the second quarter of 2024.
Heineken will extend its support to Champion Breweries for a year post-acquisition, ensuring a seamless transition of ownership.
This acquisition marks EnjoyCorp’s strategic entry into the beverage sector, aligning with its vision of catering to the diverse tastes of the African consumer market.
By integrating Champion Breweries as an anchor subsidiary, EnjoyCorp aims to strengthen its foothold in the industry.
EnjoyCorp, known for its mission to enrich life’s moments through quality brands and sustainability, sees this acquisition as a pivotal step in its journey toward transformative growth.
With a focus on innovation and community engagement, EnjoyCorp endeavors to inspire consumers to cherish life’s moments responsibly.
The acquisition underscores EnjoyCorp’s commitment to shaping the future of the beverage industry in Africa.
Apple’s Ambitious Electric Car Effort Comes to an End, Stock Rises
Apple Inc. has announced the termination of its decade-long effort to develop an electric car, marking the end of one of the company’s most ambitious projects.
The decision was disclosed internally on Tuesday, surprising nearly 2,000 employees involved in the project, according to sources familiar with the matter.
Chief Operating Officer Jeff Williams and Vice President Kevin Lynch, who spearheaded the effort, informed staff that the project would wind down.
Many employees from the car team, known as the Special Projects Group, will transition to Apple’s artificial intelligence division under executive John Giannandrea, focusing on generative AI projects.
The news brought a sense of relief to investors, with Apple’s stock climbing approximately 1% to $182.63 at the close of trading in New York.
Elon Musk, CEO of Tesla Inc., also celebrated the decision, signaling approval with a post on social media.
The end of the electric car project, named Project Titan, is a significant shift for Apple, which initially aimed to produce a fully autonomous electric vehicle with advanced features.
However, the endeavor faced challenges from its inception, including leadership changes and strategic shifts.
Despite investing substantial resources and talent, Apple found itself grappling with a cooling market for electric vehicles, sluggish sales growth, and manufacturing hurdles.
The company explored various designs and tested self-driving technology extensively but ultimately struggled to achieve breakthroughs in the competitive automotive industry.
Apple’s decision underscores its strategic shift towards prioritizing generative AI projects over automotive ventures.
While the end of the electric car project marks a notable chapter in Apple’s history, it signifies the company’s adaptability and focus on areas with long-term profitability potential.
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