Emmanuel OchayiIn a resounding show of confidence, shareholders of Conoil Plc have enthusiastically approved a final dividend payout of N1.734 billion for the 2022 financial year.
This approval came at the company’s 53rd Annual General Meeting held in Uyo, Akwa Ibom State, over the weekend, and translates to N2.50 per share.
Addressing the shareholders at the AGM, the Chairman of Conoil Plc, Dr. Mike Adenuga (Jnr), expressed the company’s unwavering commitment to delivering excellent value for its shareholders. He emphasized Conoil’s dedication to ensuring that its share price continues to rise.
Dr. Adenuga stated, “We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energized and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded.”
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He went on to lay out Conoil’s ambitious plans for the future, saying, “Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders.
Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuingly positions its business to take advantage of key opportunities.”
Looking ahead, Dr. Adenuga acknowledged potential challenges stemming from the rapidly changing geopolitical and socio-economic environment. However, he stressed that Conoil would remain steadfast in concentrating on the strategies that have yielded the greatest dividends for the company.
He pointed out that the Federal Government has already initiated critical reforms, such as the elimination of the petrol subsidy and reforms in the foreign exchange market, which Conoil intends to leverage.
He reassured shareholders, saying, “The Company will grow its earnings, improve profitability and asset quality, and deliver competitive returns to its esteemed shareholders.”
In terms of financial performance, Conoil Plc reported a 5.3% increase in gross earnings, reaching N145.8 billion for the 2022 financial year, up from N138.2 billion in 2021.
Despite the challenges in the country’s operating environment, Profit Before Tax surged by an impressive 60.1%, reaching N6.13 billion in 2022 from N3.83 billion in 2021. Profit After Tax mirrored this growth, increasing by 60.1% from N3.08 billion to N4.96 billion during the same period.
Conoil’s earnings per share also saw a substantial rise to N7.14, marking a 60.8% increase over the N4.44 earned in 2021. Additionally, the company recorded a 22% increase in net income, soaring from N53.98 billion to N65.91 billion.
Dr. Adenuga concluded by reiterating the company’s unwavering commitment to delivering strong and sustainable performance for its shareholders, assuring them of the bright prospects that lie ahead for Conoil Plc.
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