This was decided at the firm’s annual general meeting which held on Friday, October 28, in Uyo, Akwa Ibom State where a final dividend payout of N3 per every 50 kobo ordinary share for the 2015 financial year was approved as against N1 in previous year.
Conoil posted an increase in profit after tax from N834million in 2014, to N2.3billion in 2015. Its profit before tax also increased by 125 percent; from N1.5billion to N3.4billion. Its earnings per share rose by 177 per cent; from 120kobo in 2014, to 333 kobo in 2015.
Shareholders of the company lauded the strong performance despite the difficult operating environment and expressed their delight that it was able to declare dividend.
Sir Sunny Nwosu, one of the shareholders of the firm and founder of a shareholders’ advocacy group, Independent Shareholders Association of Nigeria (ISAN) expressed his appreciation to the board and management of the company for growing profit and increasing dividend payment at a time like this.
“This dividend reinforces the resilience of the company amidst the tough operating environment in the downstream sector of the petroleum industry characterised by scarce foreign exchange. It also speaks volume of the quality of the company’s management and its entire workforce,” he noted.
Also speaking at the event, Mrs. Bisi Adedigba of Lagos Zone Shareholders Association, commended Conoil for the resounding performance adding that its efficient management of resources has made the company the toast of investors.
