Conoil posts N139.8bn turnover, declares N2 dividend

Conoil Plc recorded a turnover of N139.8 billion in its last financial year ended December 31, 2019.

This represented an increase of 14.4 per cent when compared with N122.21 billion achieved in the corresponding period in 2018.

The company said in a statement on Tuesday in Lagos that profit-after-tax rose by 9.8 per cent to N1.97 billion against N1.79 billion recorded in 2018.

Operating profit on ordinary activities before taxation and exceptional items grew by 10.4 per cent to N2.83 billion from N2.56 billion.

The company also recorded an increase of 10.2 per cent in its net assets from N15.26 billion to N16.82 billion.

The company, given the improved results, proposed N1.39 billion as dividend payout to its shareholders.

This means that shareholders will get N2 on every 50k ordinary share.

The company attributed the impressive results to effective cost management strategy, aggressive marketing and improved sales.

“We repositioned our retail stations by embarking on a massive upgrade of the outlets, thereby boosting sales.”

“The modest dividend proposal is hinged on the need to consolidate our cash management effort vis-à-vis the liquidity squeeze in the economy.

READ ALSO: IMF says Nigeria’s economic growth will decline further in 2020

“We look forward to opportunities in the coming years to continue to deliver solid financial results and increase competitive returns and shareholder value,” it said.

The company said that it would continue to leverage on its strong leadership position in the industry to deliver value to investors by taking advantage of emerging opportunities in the industry.

It said that it had launched far-reaching initiatives to strengthen its income base in core business segments of retail, lubricants, aviation, and specialised products.

The company promised to embark on strategic cost reduction while ensuring that the future growth potential of its business was not sacrificed.

(NAN)