The shareholders of Conoil Plc have approved the company’s N2.1bn dividend payout for the last financial year.
The investors, at the its 47th Annual General Meeting held in Uyo, Akwa Ibom, praised Conoil’s business strategy, as well as the management and board of the company for the impressive performance it recorded in 2016.
They also commended the prudent and efficient execution of projects and plans, strong commitment to the culture of financial discipline, while also ensuring maximum value for shareholders.
In a statement, the petroleum products marketer expressed its gratitude to all those who made it possible to achieve the excellent results; including shareholders for their confidence, customers for their unalloyed patronage, and staff for their dedication and hard work.
It assured its stakeholders of bigger and better business prepositions 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 our investments in the required areas will continue to ensure effective and efficient delivery of our avowed goals,” the statement read in part.
The President, Renaissance Shareholders’ Association, Ambassador Olufemi Timothy, said that shareholders were elated that despite the downturn in the economy, with the attendant sharp increase in operating costs, Conoil still recorded impressive growth in all key areas.
“Conoil’s performance for the year ended December 31, 2016 was very encouraging. Against the backdrop of a volatile and tough operating environment, the company still recorded strong margins which in turn impacted shareholders positively,” Timothy added.
A Grand Patron of the Nigerian Shareholders’ Solidarity Association, Chief Timothy Adesiyan, in his reaction, stated that, “The management and board of the company have not only performed excellently well but have also fulfilled their promise of maintaining consistent returns to shareholders.”
In his own comment, the Chairman, Alheri Shareholders’ Association, Kaduna, Alhaji Kazeem Olayiwola, praised the resilience of Conoil in the face of a tough operating environment.
He said, “Conoil has continually set standards in fuel retailing with world-class facilities and the right marketing initiatives that endear it to customers and place it far ahead of competition. I am therefore delighted that this has translated to good dividends to shareholders at a time like this, we sure do have a bright future.”
The nation’s foremost indigenous petroleum marketer declared a profit before tax of N4.28bn from N3.4bn in 2015, representing an increase of 24 per cent.
The result also shows growth across all key financial indices. Its profit after tax increased from N2.30bn in 2015 to N2.84bn, representing a 23 per cent rise. Its revenue increased from N82.9bn to N85.02bn.
The company’s earnings per share increased by 23 per cent from 333 kobo in 2015 to 409 kobo in 2016.
Accordingly, the shareholders of the major oil marketer, in line with its history of progressive dividend policy, ratified a total dividend payout of N2.15bn.
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