Conoil Plc’s shareholders authorized a final dividend payout of N1.734 billion over the weekend, equating to N2.50 per share for each shareholder for the company’s fiscal year 2021.
The payout is a 66.7 percent increase above the N1.04 billion allocated for the 2020 fiscal year.
At the company’s annual general meeting, held over the weekend in Lagos, the chairman, Dr. Mike Adenuga (jr), reviewed the company’s performance and revealed that the company’s five-year growth strategy had begun to pay off, resulting in the improved performance recorded in the 2021 financial year, despite a challenging operating environment.
He gave shareholders his word that the company would keep up its promise to generate solid, long-term results that would increase shareholder returns.
He claims that the company has strategically positioned its enterprise to seize important opportunities in the implementation of the growth strategy.
“Much ground was covered and major strides taken in 2021 as further investments have been made in strengthening the company’s retail network, and important progress recorded on all fronts for the benefit of all other stakeholders.
“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.
“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.
According to him, the company’s gross profit increased to N11.1 billion from N9.82 billion in the same time in 2020, a 13.7% rise, while revenue increased to N126.7 billion, a 7.9% increase.
Additionally, the corporation increased its earnings after tax by 114%, from N1.44 billion in 2020 to N3.08 billion in 2019.
Despite the difficulties encountered during the review period continuing into 2022 and beyond, according to Adenuga, and with the global economic recovery from the Covid-19 pandemic still in its infancy, the company is in a good position to increase operating margins and volume across all of its operating locations.
“We acknowledge the challenges that may be posed by the changing geopolitical and social economic dynamics. Hence, we will concentrate on the strategies that have given us the greatest dividend.
“The company will grow its earnings, improve profitability and asset quality and deliver competitive returns to its esteemed shareholders,” he said.
