Nigeria’s leading downstream oil company, Conoil Plc, has once again demonstrated its market resilience with over 60 per cent revenue surge in the 2024 financial year. The company reflected the excellent performance by proposing a N2.428 billion dividend (350 kobo per 50 kobo share) for the financial year.
At the company’s 55th AGM held in Uyo, Akwa Ibom State, on Friday, the leadership highlighted a year of significant financial expansion despite severe macroeconomic headwinds, including currency volatility and the impact of fuel subsidy removal.
The financial highlights showed that the company’s revenue surged by 60.5 per cent, rising from N201.4 billion to N323.1 billion, a clear demonstration of effective strategic initiatives and operational agility.Total assets grew 18 per cent, from N97.5 billion to N114.9 billion, while shareholders’ funds increased 19.1 per cent to N39.5 billion, strengthening the Company’s financial foundation. Additionally, Conoil reduced its borrowings by 10 per cent, cutting total liabilities in that category from ₦32 billion to ₦28.7 billion, underscoring the resilience of its balance sheet.
Addressing shareholders, the Board Chairman, Mike Adenuga, acknowledged the challenging macroeconomic environment—high inflation, infrastructure gaps, exchange rate volatility, and the aftermath of fuel subsidy removal.
Despite these pressures, Conoil navigated the turbulence through proactive decision making, prudent resource management, and a relentless focus on operational excellence.
He emphasized that the company’s success is driven by its dedicated, professional, and innovative workforce. Conoil continues to invest in talent, fostering a culture of productivity, equality, and personal fulfillment across all levels.
On Governance & Sustainability, the Chairman reaffirmed Conoil’s commitment to ethical conduct and corporate governance, aligning fully with the Nigerian Code of Corporate Governance (2018). The company remains active in social development initiatives, leveraging its resources to positively impact host communities.
Looking ahead, Conoil is cautiously optimistic about opportunities arising from Nigeria’s ongoing economic reforms and the growth of both oil and non oil sectors. The company plans to expand its lubricants, LPG, and aviation fuel businesses while enhancing its infrastructure to remain competitive in a deregulated market.
The chairman thanked shareholders, customers, employees, and partners for their unwavering support. He assured that Conoil will continue to pursue innovation, disciplined execution, and sustained value creation, positioning the company to maintain its growth trajectory and set new performance benchmarks.
