Indigenous oil company, Conoil Plc, has assured its shareholders of its commitment to improve performance consistent with its vision.
Conoil, at its 47th annual general meeting held at the weekend in Uyo, Akwa Ibom State, the frontline total energy provider, assured shareholders that the company had 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 capitalised on every emerging opportunity in the sector and explored new income streams to continually boost its relevance and 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. Overall, the company’s financial performance showed persistent resilience amidst challenging economic conditions in the country.”
The result also showed 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.
