Conoil shareholders share N1.04bn dividend

Shareholders of Conoil Plc have approved a total dividend payment of N1.04 billion, translating to 150 kobo for every 50 kobo share.

The dividend was approved during the 51st annual general meeting (AGM) of the company, according to a statement over the weekend.

The company promised at the AGM to explore opportunities in the coming years to deliver solid financial results and increase competitive returns on its shares.

It assured its shareholders that conscious efforts would be directed at achieving better execution of value-added products and services, especially in the areas of marketing and customer management.

While noting the challenges ahead, given the current state of the Nigerian economy, Conoil, however, expressed optimism that it would strive hard to maintain profitability.

The Chairman, Conoil Plc, Dr Mike Adenuga Jnr, said in his address during the meeting that the company was fully charged to consolidate its competitiveness in the different segments of its business.

He said it would do this by exploring and developing emerging markets, while holding its grounds in its areas of competitive advantage.

He hinted that with the changing dynamics in the downstream petroleum industry, Conoil was poised to ensure improvement in its overall performance that would translate to meeting the expectations of all its stakeholders.

“We plan to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders,” Adenuga said.

“Our overriding goal is to ensure the continued delivery of excellent services to our customers. The company will grow its earnings, improve profitability and asset quality and deliver competitive returns to our esteemed shareholders,” the Chairman added.

The company expressed gratitude to its stakeholders for their support for the modest progress it recorded in spite of the odds and the unfriendly business environment it operated last year.

Going forward, it promised to re-channel its resources with a view to strengthening its business and exceeding the expectations of its shareholders.