Conoil posts N2.3b profit, proposes N3 dividend

Amid harsh operating environment, Conoil has posted a Profit After Tax (PAT) of N2.3 billion in its 2015 operations, against N834million achieved in 2014.

The company’s Profit Before Tax (PBT) also rose by 125 per cent, from N1.5billion to N3.4billion.

According to the company, the percentage increase in PBT is 125 per cent while PAT rose by 176 per cent.

The management of the company attributed the improved performance to efficient management of resources, effective cost control measure, 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 marketers and one of the most profitable quoted companies,” the company added.

Its earnings per share increased by 177 per cent to 333 kobo from 120 kobo in 2014.

Based on the performance, the directors of the company are proposing a total dividend of N2.08 billion, translating to N3 per share on every 50 kobo share, due to every investor of the company for the 2015 financial year.

This represents 200 per cent rise, over N1.00 dividend paid in 2014 financial year.

The dividend, according to the company was expected to be ratified by the shareholders of the company at its yearly general meeting.

At the company’s yearly general meeting last year, the Chairman of the company Dr. Mike Adenuga Jr, had assured shareholders that notwithstanding the tough challenges in the country, 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 introduce cost cutting measures, improve quality of its products and services with a strong bottom-line as its focus.

“These measures”, the statement added, “have positively contributed to our successful outing to reward our loyal shareholders.”