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Shareholders of Conoil approve N2.15b dividend


President and Chairman of Council, Chartered Institute of Taxation of Nigeria (CITN), Chief Cyril Ede (left) making a presentation to the Chairman of Lagos District Society of CITN, Mrs. Oluwatoyin Campbell, during a courtesy visit to his office, in Lagos.

Firm posts 23 per cent rise in profit

Shareholders of Conoil Plc, at the weekend, commended the company’s board on its improved performance, even as they approve its N2.15billion total dividend for the 2016 financial year.

The shareholders, who spoke at the company’s 47th yearly general meeting held in Uyo, Akwa Ibom State, commended the management for the efficient running of the affairs of the firm, and increasing shareholders value on investment through dividend pay-out.

Specifically, the President, Renaissance Shareholders’ Association, Olufemi Timothy, said shareholders were elated that Conoil still recorded impressive growth in key areas, despite the downturn in the economy, with the attendant sharp increase in operating costs.

“Conoil’s performance for the year ended 31 December, 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.

The President, Nigerian Shareholders’ Solidarity Association, Chief Timothy Adesiyan, noted that the management and board of the company have not only performed well but have also fulfilled their promise of maintaining consistent returns to shareholders.

“Given the tough operating environment in 2016 characterised by tight liquidity, rising cost of funds and the inability of petroleum marketing companies to import fuel in the face of little or no supply from the domestic refineries, Conoil still braved the odds, recorded profits and is able to pay dividend to its shareholders.”

Also commenting, the Chairman, Alheri Shareholders’ Association, Kaduna, Kazeem Olayiwola, applauded the resilience of firm in the face of a tough operating environment.

According to him, “Conoil has continually set standards in fuel retailing with world-class facilities and ground-breaking 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.”

Conoil expressed its gratitude to all shareholders and customers for their confidence and patronage, while assuring its stakeholders of better business prepositions with an eye on the future for a sustainable growth.

“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.”

Conoil declared a profit before tax of N4.28billion from N3.4billion in 2015, an increase of 24 per cent.Overall, the company’s financial performance shows persistent resilience amidst challenging economic conditions in the country.

The result also shows growth across all key financial indices. Its profit after tax increased from N2.30billion in 2015 to N2.84billion, representing a 23 per cent rise. Its revenue increased from N82.9billion to N85.02billion.

The company’s earnings per share increased sharply 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 pay-out of N2.15 billion.

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ConoilOluwatoyin Campbell
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