Conoil offers N1.4 billion dividend, pledges good returns
Conoil Plc will raise its competitiveness strategy in 2018 across different segments of the business and explore more opportunities in the emerging markets, as it offered N1.4 billion to shareholders and pledged enhanced returns.
The Chairman of the company, Dr. Mike Adenuga, while speaking at the 48th yearly general meeting in Uyo, Akwa Ibom State on Friday, said the company is well positioned to develop new markets, while holding its grounds in areas of competitive advantage already established.
To this effect, he said the company has introduced into the market, another brand of quality engine oil- Conoil Crown Heavy Duty Oil, manufactured specially for the mass market of car owners. Besides, shareholders at the meeting approved a total dividend of N1.4 billion, culminating to 200 kobo for every 50kobo due to every investor of the firm for the 2017 financial year. He said: “With the introduction of this product, we are poised to fill the yawning void in the industry as a pragmatic marketer of first choice”.
The chairman assured shareholders that conscious efforts will be directed at achieving better execution of value-added products and services, especially in the areas of marketing and customer management.
While noting that 2018 would be tough, given the current state of the nation’s economy, he however, expressed optimism that it would strive hard to maintain profitability.
He expressed gratitude to stakeholders for their support for the modest progress recorded despite the odds and the unfriendly business environment it operated last year.
Going forward, he promised that the company would re-channel its resources with a view to strengthening its business for future growth.