Following an impressive full-year financial result and accounts for 2015, investors’ interest in the share of Conoil Plc, a leading oil marketing company continues to soar as investors staked 11 billion in its shares in one-week.
The share price of Conoil opened Wednesday, September 14, 2016 at N26.21 to close today, Wednesday, September 21, 2016 at N42.60. Its per share price of N42.60 is the company’s 52-week high price.
With 176 per cent increase in profit, the management of petroleum marketing company proposed N3.00 dividend for full year ended December 31, 2015.
The bumper dividend of N2.08 billion is expected to be ratified by the shareholders of the company at its annual general meeting.
The profit after tax moved from N834million in 2014 to N2.3billion in 2015 while its profit before tax increased from N1.5billion to N3.4billion, representing an increase of 125 per cent.
The company’s earnings per share also rose sharply by 177 per cent to 333 kobo in 2015 from 120 kobo in 2014.
The management of Conoil had attributed the strong performance to efficient management of resources, effective cost control policy, as well as reaping from its huge investment in the expansion and upgrade of its facilities.
“For us, the downstream sector remains fundamentally attractive and viable today and the future”, the statement declared.
“With our clarity of direction and focus, our company’s long-term success is assured. We will sustain this improved performance and vigorously pursue our aspiration to remain the nation’s leading petroleum products marketer and one of the most profitable quoted companies,” the Company added.
At the company’s general meeting last year, it would be recalled, Dr. Mike Adenuga Jr., the Chairman of Conoil did promise the shareholders that notwithstanding the tough challenges in the country, and indeed in the downstream petroleum sector, the company would explore to the fullest, new opportunities that abound in the industry to its advantage.
Adenuga also assured investors of the company’s commitment to cost cutting measures in its operations, vast improvement in the quality of its products and services with a strong bottom-line as its focus.
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