Conoil
Plc has grown its
annual profit before tax to N2.6bn in the 2018 financial year from the N2.3bn
recorded in 2017.
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The Chairman, Conoil, Dr. Mike Adenuga, while speaking at the
company’s 49th Annual General Meeting in Uyo on Friday, said the board of
directors proposed a dividend of N2 per share, which amounted to approximately
N1.4bn.
Dr. Adenuga, who is also the founder
and chairman of Globacom, stated
that despite the challenges of a tough operating environment in the downstream
petroleum sector, the company continued to record progress towards delivering
superior shareholder value. “Every segment of our
business will continue to receive the desired attention with a view to
maintaining world class levels of operating and capital discipline. We believe
that the future holds a lot of promise for our shareholders. The company will
surely reward them for their steadfastness and unwavering faith in its
prospects,” he said.
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An analysis of the company’s financial
statement for the period ended December 31, 2018, showed that profit after tax
increased by 13.8 per cent to N1.8bn from N1.6bn recorded in the corresponding
period of 2017. Revenue for the period increased by 5.8 per cent to N122.2bn in
2018 from N115.5bn in 2017.
The Conoil boss, who is called ‘The Guru’ by admirers, attributed the
company’s achievements in the year under review to the commitment of the board
and management of the company to deliver solid financial results, in spite of
the enormous challenges that confronted operators in the downstream oil sector,
including the prohibitive cost of procuring petroleum products.
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He said, “We
managed the challenges properly and ended the year creditably. We embarked on
strategic cost reduction, while ensuring that the future growth potential of
our business was not sacrificed. I want to assure all stakeholders and
shareholders that the company will not relent in its efforts to maintain its
leading position in the downstream petroleum sector. We will develop new
initiatives in product development, service delivery and best practices, while
delivering value to all our stakeholders.”
Shareholders expressed satisfaction and
commended the board of directors for the overall performance of the company.
(Punch)
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