Conoil Chairman Adenuga Jnr reaffirms the company’s dedication to delivering long-term value and sustainable returns for shareholders. Read more.
The Chairman of the Board of Directors of Conoil Plc, Dr. Mike Adenuga Jnr, has expressed confidence in the company’s ability to build upon its past achievements to ensure robust and sustainable performance that benefits its shareholders.
This statement was made during the company’s 54th Annual General Meeting held in Uyo, Akwa Ibom State, over the weekend. Following a remarkable performance in 2023, Conoil Plc reported a 53.2% increase in revenue, reaching N201.38 billion compared to N131.42 billion in 2022.
Additionally, the company experienced a 100.1% rise in Profit Before Tax (PBT), climbing from N6.13 billion in 2022 to N12.28 billion. The Profit After Tax (PAT) also saw a significant increase, totaling N9.87 billion, which represents a 99.0% growth from the previous year.
With this notable enhancement in profitability within the petroleum-marketing sector, Conoil’s earnings per share (EPS) surged to N14.22 for the 2023 financial year, reflecting a 99% increase from N7.14 in 2022.
Shareholders approved a final dividend payout of N1.73 billion for the 2023 financial year, translating to N3.50 for every 50 kobo ordinary share.
In his address to shareholders, Adenuga emphasized that despite challenging market conditions, Conoil has shown resilience by prioritizing long-term growth strategies and enhancing operational capacity, while reaffirming the company’s dedication to sustainable growth, exceptional customer service, and rewarding shareholders.
He noted that 2023 will be remembered as a pivotal year in the nation’s petroleum industry, marked by significant developments that greatly influenced the company’s operations.
The remarkable performance demonstrated under challenging operating conditions underscores the significant investments our company has made to address the long-term requirements of our expanding business.
“We assure you that we will maintain our leadership in industry growth,” stated the Chairman.
Adenuga commended government efforts to enhance local oil refining, noting that such initiatives could decrease imports, stabilize the Naira, and strengthen the energy sector.
He further emphasized, “Aligned with our vision, we are committed to consistently providing exceptional services to our customers while ensuring that our shareholders receive their due rewards.”
Peoplesmind
