Conoil Plc, has assured its shareholders of its unwavering commitment to continue to deliver a healthy performance by providing exceptional service to its customers and adding value to its shareholders’ investment.
At its 47th annual general meeting held Friday in Uyo, Akwa Ibom State, the frontline total energy provider assured shareholders that the company has laid a strong foundation to enhance its overall efficiency and ability to deliver outstanding results in the years ahead.
Elaborating on its 2016 financial results and how it was able to achieve positive growth across all key financial indicators, the Company in a Press Statement noted that it proactively capitalized on every emerging opportunity in the sector and explored new income streams to continually boost its relevance and constantly grow its market share.
“We launched initiatives to strengthen our income base in the core segments of the business, especially retail, lubricants and aviation.
We also reinforced our sales force with core competencies and consolidated on our dominance in the aviation business while investing in modern equipment and bringing in more strategic customers”, the Company revealed.
Whilst expressing gratitude to all those who made it possible to achieve the excellent results; including shareholders for their confidence in the company, customers for their unalloyed patronage, and staff for their dedication and hard work, it assured its various stakeholders of relentlessly evolving bigger and better business prepositions with an eye on the future to continue to deliver excellent results.
“The company’s overall strategy will continue to positively impact its current size, and investments in the required areas, will continue to ensure effective and efficient delivery of its avowed goals”, the statement added.
The nation’s foremost indigenous petroleum marketer declared a profit before tax of N4.28 billion from N3.45 billion in 2015, an increase of 24 per cent.
Overall, the company’s financial performance shows persistent resilience amidst challenging economic conditions in the country.
The result also shows growth across all key financial indices. Its profit after tax increased from N2.30 billion in 2015 to N2.84 billion, representing a 23 per cent rise. Its revenue increased from N82.9 billion to N85.02 billion.
The company’s earnings per share increased sharply by 23 per cent from 333kobo in 2015 to 409 kobo in 2016.
Accordingly, the shareholders of the major oil marketer, in line with its history of progressive dividend policy, ratified a total dividend payout of N2.15 billion.
In the opinion of capital market operators, this performance has further raised the bar of the strategic positioning of Conoil as truly the nation’s marketer of choice.