Conoil declares N3.10 dividend for 2016

Conoil Plc on Wednesday announced a total dividend of N2.15bn for the financial year ended Dec. 31, 2016, in spite of challenging operating environment.
The dividend translated to N3.10 per share when compared to N2bn or N3 per share paid in the comparative period of 2015.
The proposed dividend would be ratified by the company’s shareholders at the next Annual General Meeting.
The company in a statement obtained in Lagos said that the proposed dividend was in line with its history of progressive dividend policy.
A breakdown of the company’s performance during the period under review showed that profit before tax rose to N4.28bn, from N3.45bn in 2015, representing an increase of 24 percent.
Its revenue stood at N85.02 billion when compared to N82.9bn posted in the corresponding period of 2015.
Similarly, profit after tax grew by 23 per cent to N2.84bn against N2.30bn in 2015.
The company attributed the performance to sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.
Dr Mike Adenuga, the company’s Chairman at the 2015 AGM assured the shareholders of enhanced return on investment.
Adenuga said that the company would always strive to be one of the fastest growing and profitable companies in the country.
He assured that the company would consolidate its gains and ensure greater returns on investment for its teeming shareholders.
“We will drive our business to greater heights by re-establishing commanding presence in retail business, lubricants, aviation, Liquefied Petroleum Gas, specialised products and non-fuel retail services,’’ Adenuga said.
(NAN)