Conoil Shares N1.73 Billion Dividend with Investors

Conoil Plc has recently awarded its shareholders with a total dividend payout of N1.73 billion for the year ended December 31, 2022.

The company made the announcement last weekend when it released a statement on its audited results for 2022—the report released for 2022 showed that gross earnings grew by 5.3% to N145.8 billion far from the N138.2 billion generated in 2021.

On the audited results, profit before tax increased by 60.1% to N6.13 billion in 2022 far from the N3.83 billion generated in 2021—while profit after tax witnessed a significant increase of 60.1% from N3.08 billion to N4.96 billion.

Conoil earnings per share rose to N7.14 which showed a 60.8% increase from the previous share in 2021 which was N4.44 per share—the positive trend witnessed by Conoil was a result of massive gains obtained from petroleum marketing. Not only that, the company also witnessed an increase in its net as it rose from N53.98 billion to N65.91 billion.

After achieving this milestone, a final dividend payout was concluded at the company's 53rd Annual General Meeting held in Uyo, Akwa Ibom State. The final dividend payout finished at N1.734 billion, while shares settled at N2.50 per share for 2022.

In the meeting, the company applauded shareholders for their patience and commitment to seeing the company grow—it also said that it will continue to provide and deliver value that will boost the returns of its shareholders.

Also, speaking to cheer shareholders for their commitment, the Chairman of Conoil Plc, Dr Mike Adenuga (Jnr) said that the company will remain strong in providing excellent results for shareholders as he also assured them that the share price remains on the rise.

He stated,

• We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energized and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded.

• Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders. Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuously positions its business to take advantage of key opportunities.

He also encouraged shareholders to be resilient in their pursuit of seeing that the company expands. While speaking, he noted that the company might experience challenges in the future due to changes in the socioeconomic and geopolitical environment. But he buttressed that Conoil will stand in winning at all costs.