Conoil Plc would distribute N1.73 billion to its shareholders as a dividend. This equals N2.50 per share for the fiscal year 2022.
The Punch reported that the major oil marketer said in a statement released over the weekend.
It stated that despite the country’s growth challenges and the challenging operating environment, its profit before tax increased by 60.1% from N3.83 billion to N6.13 billion in 2022, while profit after tax increased by 30.8% from N3.08 billion to N4.96 billion over the same period.
Conoil Plc’s gross profits increased by 5.1% to N145.8 billion for the 2022 fiscal year from N138.2 billion for the same period in 2021.
Conoil’s earnings per share increased to N7.14 as a result of the petroleum marketing subsector’s increased profitability, a gain of 60.8% over N4.44 in 2021.
The proposed final dividend payout of N1.73 billion was unanimously accepted by shareholders at the company’s AGM.
In his speech to the shareholders, the chairman of Conoil Plc, Dr. Mike Adenuga, stated that the firm is still driven to produce outstanding value for its shareholders while also ensuring that its share price rises.
“We have consistently demonstrated a capacity to enhance our operating margin and expand our volumes across all of our locations,” he said. We have a strong portfolio of brands, talented employees, and a pan-Nigerian reach. Our main objective is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded.
“We have consistently demonstrated a capacity to enhance our operating margin and expand our volumes across all of our locations,” he said. We have a strong portfolio of brands, talented employees, and a pan-Nigerian reach. Our primary objective is to maintain the provision of first-rate services to our clients and, eventually, to ensure that our shareholders are rewarded.
It added, “Conoil Plc plans to build on the advancements made in previous years to deliver a strong and sustainable performance that increases returns to our shareholders.”
The Conoil Chairman emphasized that while the fast-shifting geopolitical and socioeconomic climate would present obstacles, Conoil will instead focus on the tactics that have yielded it the best rewards.
He said that the Federal Government had started important reforms like the removal of the petrol subsidy and changes to the foreign exchange market.
Adenuga stated that Conoil would focus on the tactics that had produced the largest dividend based on them.
“The Company will grow its earnings, improve profitability and asset quality, and deliver competitive returns to its esteemed shareholders,” he declared.
