Shareholders of Conoil Plc, unanimously approved the proposed final dividend payout of N1.734 billion, which translates to N2.50 per share, for the 2021 financial year.
The dividend payment which was ratified at the company’s 52nd annual general meeting(AGM) held in Lagos, represents an increase of 66.7 percent over the approved dividend payment of N1.04 billion in the 2020 financial year.
Conoil assured the shareholders of its commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders.
The chairman, Conoil, Dr. Mike Adenuga, disclosed that the company’s five year growth strategy had started yielding dividends, leading to the impressive performance recorded in the 2021 financial year despite the tough operating environment.
According to Adenuga, Conoil remains motivated in creating excellent value for its shareholders.
“Conoil plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders.
The company has strategically positioned its business to take advantage of key opportunities in the execution the growth strategy.
“Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensuring that our shareholders are rewarded,” the chairman stated.
The audited financial results for the 2021 financial year, revealed that Conoil’s gross profit stood at N11.16 billion, an increase of 13.7 per cent from N9.82 billion recorded in the previous year. Revenue rose by 7.9 per cent to N126.73 billion.
The marketer also recorded a whopping growth in profit after tax, which jumped by 114 per cent to N3.08 billion from N1.44 billion.
