Conoil Plc, a leading petroleum marketing company in Nigeria, has announced a dividend payment of N1.73 billion ($2.2 million) to its shareholders for the 2022 financial year. The dividend, which translates to N2.5 ($0.00319) per share, was approved at the company’s 53rd Annual General Meeting held on September 22, 2023, in Uyo, Akwa Ibom State.
The dividend payment reflects the company’s strong performance in 2022 despite the challenges posed by the COVID-19 pandemic and the oil price crash. Conoil Plc recorded a 60.1% increase in profit before tax, from N3.83 billion ($4.9 million) in 2021 to N6.13 billion ($7.84 million) in 2022. Profit after tax also rose by 60.1%, from N3.08 billion ($3.94 million) to N4.96 billion ($6.35 million).
The company attributed its impressive results to its strategic focus on cost optimization, operational efficiency, and customer satisfaction. Conoil Plc also invested in expanding its network of retail outlets, enhancing its product quality and service delivery, and diversifying its revenue streams.
Conoil Plc is one of the major players in the Nigerian oil and gas sector, with interests in upstream, midstream, and downstream segments. The company produces and markets a range of petroleum products, including gasoline, diesel, kerosene, aviation fuel, lubricants, and liquefied petroleum gas. Conoil Plc also operates six oil blocks in the Niger Delta region.
According to Forbes, the company is owned by Mike Adenuga, a Nigerian billionaire businessman and the third richest person in Africa. Adenuga has a net worth of $6.2 billion as of May 2021 and is the founder of Globacom, Nigeria’s second-largest telecom operator.
Conoil Plc’s dividend payment demonstrates its commitment to rewarding its shareholders and creating value for its stakeholders. The company also expressed confidence in its ability to sustain its growth momentum and overcome the Nigerian oil and gas market challenges.
Source: Business Insider Africa
