Conoil Plc, one of Nigeria’s foremost indigenous petroleum marketer has declared a profit before tax of N4.28 billion for its 2016 financial year.
Overall, the company’s financial performance obtained on Friday,16 June from the Nigerian Stock Exchange (NSE) shows persistent resilience amidst challenging economic conditions in the country.
The company’s result 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. Its profit before tax also rose from N3.45 billion to N4.28 billion, showing an increase of 24 per cent.
The company’s earnings per share increased sharply by 23 per cent from 333 kobo in 2015 to 409 kobo in 2016.
In line with its history of progressive dividend policy, the company has proposed a total dividend payout of N2.15 billion to be ratified by its shareholders at its next annual general meeting.
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.
The company attributed the performance to its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.
It would be recalled that at the last annual general meeting of the company, its Chairman, Dr. Mike Adenuga, a business mogul had assured shareholders that in the face of the gloomy economy, the company will always strive to be one of the fastest growing and profitable companies in the country.
He had assured that Conoil will consolidate its gains and ensure greater returns on investment for its teeming shareholders.
While promising that the company’s ultimate goal to its customers will always be excellent service and quality products, Adenuga maintained that Conoil’s promise for its shareholders remains maximum value.
His words: “We will drive our business to greater heights by re-establishing commanding presence in the retail business, lubricants, aviation, liquefied petroleum gas, specialized products and non-fuel retail services.”