Shareholders of Conoil Plc have lauded the company's declaration of N4.00 dividend, translating to N2.78 billion cash payment for its last financial year. This is in spite of the harsh operating environment witnessed by the downstream petroleum sector, during the period.

The shareholders expressed their delight at the company's 44th Annual General Meeting held in Uyo, Akwa Ibom State.

They unanimously commended the board and management of the company for faithfully implementing the strategies and programmes that enabled the company record impressive performance across board.

“We are impressed with the record performance and the balance sheet. We are indeed happy that Conoil is paying quality dividend amid the tough challenges facing downstream operators in this country. It shows that the board and management of the company hold every shareholder in high esteem,” National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, said.

“I am particularly pleased that the board kept to the promise made at the last meeting to boost bottom-line and ensure adequate returns on investment for shareholders. The revenue and profit growth compared favourably with industry performance. We can only wish that they continue to strengthen and consolidate on the company’s leadership position in the industry,” Executive President of Nigeria Shareholders Solidarity Association (NSSA), Chief Timothy Adesiyan said.

Also speaking at the event, the Chairman, Ibadan Zone Shareholders’ Association, Chief Sola Abodunrin, commended the company for ensuring that its shareholders earned returns on their investments.

“The 400 kobo dividend represents over 300 per cent increase over we were paid last year. It goes to show Conoil’s commitment to its shareholders,” Abodunrin said.

In his address, the company's Chairman, Dr Mike Adenuga noted that, ”the company scored many firsts in the areas of product development, service delivery and set new standards with ground-breaking initiatives".

The results revealed that the company maintained its leadership position in the industry, reaping bountifully from its huge investments in its business portfolios.

Revenue increased from N149.99 billion to N159.54 billion. Gross Profit shot up toN17.04 billion from N16.1 billion.

The company also posted 289 per cent increase in Profit Before Tax from N1.15 billion in 2012 to N4.58 billion, while it recorded Profit After Tax of N3.07 billion, which amounts to 330 per cent increase over what was posted in 2012.

While assuring the shareholders of better years ahead,  Adenuga said the company would consistently pursue initiatives directed at achieving better execution in the areas of marketing and customer service.

“Greater attention would be devoted to cutting operational costs in the different segments of the business, while maintaining and improving on the quality of our products and services,” he added.

Reviewing the year, Adenuga recalled that, "Conoil consolidated its competitiveness in the different segments of its core business. We also pursued and sustained strategic expansion of our retail network across the length and breadth of the country with a view to ensuring that a lot more people, especially in the remotest parts of the country, have access to our superior products and services.”

He also assured the shareholders that Conoil is equipped with all the essential materials, intellectual and human resources, to surmount the challenges ahead in the downstream petroleum sector. Adenuga noted that the company has been positioned to take full advantage of opportunities from the federal government’s economic reforms, by leveraging on the solid base built over the years.