Conoil assures shareholders of better returns, profitability

Optimistic on economic development

Conoil Nigeria Plc has assured its shareholders of better returns and profitability in the next financial year.

Recounting the challenges bedevilling the industry at Conoil’s 45 th yearly general meeting held at the weekend in Uyo, Akwa Ibom State, its Chairman, Dr. Mike Adenuga assured that the future of the company was bright and secure, while also predicting a brighter future for the nation’s economy.

“Our company’s long term future is assured beyond any doubt. Conscious efforts will be directed at achieving better execution, especially in the areas of marketing and customer management.

“Greater attention would be devoted to cutting costs of operations in the different segments of the company’s business, while maintaining and improving on the quality of its products and services.”

According to Adenuga, the operating environment in 2014 was a very difficult one for operators in the downstream sector as they relied mostly on importation of petroleum products to meet domestic demands due to lower output from the local refineries.

This, he explained, came at a high cost due to depreciation value of the Naira and high bank charges.

Reiterating the challenges all major marketers are battling with, Adenuga highlighted N264 billion, as at the end of 2014, outstanding subsidy claims, also comprising of foreign exchange differentials and bank interests.

As part of the strategy to shore up its bottom-line, the Chairman revealed that the company would consolidate its leadership position in the lubricant market by offering varieties of quality lubricants to consumers as well as building new production lines to increase capacity.

“As the leader in the aviation jet fuel market, we are boosting our fuel dispensing capacity by acquiring additional state of the art bowser to meet the growing list of our local and international clientele of airlines.”