A final dividend payment of N1.73 billion, or N3.50 per share, for the fiscal year that concluded on December 31, 2023, has been authorized by Conoil Plc’s shareholders.
The company’s 54th annual general meeting (AGM), which took place over the weekend in Uyo, Akwa Ibom State, received approval from the shareholders. The approval followed an outstanding performance in which Conoil’s revenue increased 53.2% to N201.38 billion from N131.42 billion reported in 2022.
Additionally, the country’s energy supplier reported a 100.1 percent increase in profit before taxes, rising from N6.13 billion in 2022 to N12.28 billion. The business reported N9.87 billion in profit after taxes, a 99.0% rise over 2022 earnings.
Conoil reported a notable increase in earnings per share (EPS) to N14.22 for the 2023 fiscal year, a 99 percent increase from N7.14 the year before, due to the notable improvement in profitability in the petroleum-marketing subsector. The net asset of the business rose 32.5% to N47.7.
In his remarks, Conoil chairman Dr. Mike Adenuga said that “the Board has recommended the payment of N3.50 on every 50 kobo, following our impressive performance and progressive shareholder relations policy.”
Conoil had remained unfazed and was concentrated on accomplishing its strategic expansion ambitions, despite the unfavorable, difficult, and hard business environment that prevailed in the country during the reviewed year, according to Adenuga.
“The year under review will continue to be a significant turning point in the history of the country’s petroleum industry since it was characterized by significant events that had a significant impact on our commercial operations.
Nonetheless, the remarkable performance despite a challenging operating environment is an additional indication of the capacity investment our organization made to satisfy the long-term demands of our expanding enterprise. We pledge to keep setting the standard for expansion in our sector,” the chairman of Conoil stated.
Adenuga praised the federal government for its audacious plans and well-thought-out plan to boost and expand domestic oil refining capabilities, revolutionize the downstream petroleum industry, and tackle pressing problems in the country’s energy sector.
He went on to say that increasing the country’s internal refining capabilities might lower the import of petroleum products, lower the need for foreign exchange, and ultimately stabilize domestic pricing and the value of the naira.
Conoil, according to Adenuga, was ready to build on the gains of the past few years in order to produce a stable and long-lasting performance that increases returns to its investors.
“In keeping with our vision, we intend to continue providing our clients with exceptional services while, in the end, making sure that our shareholders receive compensation,” Adenuga stated.
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