Conoil Shareholders Approve N1.73bn Dividend Payout For 2023

Shareholders of Conoil Plc have approved a final dividend payout of N1.73 billion or N3.50 per share for the financial year ended December 31, 2023.

The shareholders gave their approval at the company’s 54th annual general meeting(AGM) held at the weekend in Uyo, Akwa Ibom State. The approval came on the back of an impressive performance, where Conoil recorded a 53.2 per cent growth in revenue to reach N201.38 billion as against N131.42 billion posted in 2022.

The nation’s energy provider also recorded a growth of 100.1 per cent in profit before tax from N6.13 billion in 2022 to N12.28 billion. The company returned profit after tax of N9.87 billion, which amounts to 99.0 per cent increase over what was recorded in 2022.

With the significant improvement in profitability in the petroleum-marketing subsector, Conoil recorded a substantial rise in earnings per share (EPS) to N14.22 for the 2023 financial year, marking a 99 per cent increase from N7.14 in the previous year. The company’s net asset increased by 32.5 per cent to N47.7.

Speaking, the chairman of Conoil, Dr. Mike Adenuga stated that, “following our impressive performance and progressive shareholder relations policy, the Board has recommended the payment of N3.50 on every 50 kobo.”

Adenuga said, while the nation’s general business environment during the year under review was unfriendly, rough and tough, Conoil had remained undaunted and was focused on achieving its strategic growth plans.

“The year under review will remain a major turning point in the annals of the nation’s petroleum industry as the period was marked by far-reaching developments which impacted, greatly, our business activities.

“However, the impressive performance in the face of a harsh operating environment is a further reflection of the capacity investment our company made to meet the long-term needs of our growing business. We promise you that we would continue to set the pace for growth in our industry,” Conoil chairman said.
Adenuga commended the federal government for its bold initiatives and deliberate strategy to support and develop local oil refining capacity, transform the downstream petroleum sector as well as address critical issues in the nation’s energy sector.

He added that bolstering the nation’s local refining capacity would come with the potential to reduce petroleum product imports, curb the demand for foreign exchange and consequently shore up the value of the naira and stabilize prices in the domestic market.

Adenuga stated that, Conoil was poised to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to its shareholders.

“In line with our vision, we are set to achieve the continued delivery of excellent services to our customers and ultimately ensuring that our shareholders are rewarded,” Adenuga said.