Conoil grows profit by 23%, proposes N3.10 dividend


Conoil Plc has declared a 23 percent increase in profit after tax at N2.84 billion for the financial year ended December 31, 2016.

The directors have also recommended for shareholders’ approval a dividend of N2.84 billion, representing N3.10 per share, an increase of 3.3 percent compared to N2.08 billion which amounted to N3 per share, paid as dividend in the previous year.

The financial report released Wednesday at the Nigerian Stock Exchange showed growth across all key indices with profit before tax of N4.28 billion compared with N3.45 billion in 2015, an increase of 24 percent.

Conoil’s revenue increased from N82.9 billion to N85.02 billion, while the company’s earnings per share increased sharply by 23 per cent from 333 kobo in 2015 to 409 kobo in 2016.

In a statement, the company attributed the performance to its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.

The Company’s Chairman, Dr. Mike Adenuga had at the last annual general meeting assured shareholders that in the face of the gloomy economy, it will always strive to be one of the fastest growing and profitable companies in the country.

He assured that it will consolidate its gains and ensure greater returns on investment for its teeming shareholders.

While promising that the company’s ultimate goal to its customers will always be excellent service and quality products, he maintained that its promise for its shareholders remains maximum value.

“We will drive our business to greater heights by re-establishing commanding presence in the retail business, lubricants, aviation, liquefied petroleum gas, specialized products and non-fuel retail services,” he assured.

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