Despite the volatile geopolitical and socio-economic landscape, Conoil Plc has made a commitment to prioritize strategies that ensure sustained dividend payment for its shareholders. Dr. Mike Adenuga, Chairman of Conoil Plc, emphasized this focus during the company’s 53rd Annual General Meeting in Uyo.
Impressed by the 2022 financial achievements of the company, shareholders greenlit the proposed final dividend payout: a generous N2.50 per share, totaling N1.734 billion for 2022.
Dr. Adenuga highlighted that the Federal Government’s key reforms, such as the petrol subsidy removal and foreign exchange market shifts, will bolster the company’s earnings. He expressed confidence that the ensuing financial year would yield even better dividends for shareholders.
The Chairman reiterated Conoil’s dedication to augmenting shareholder value and ensuring the stock price’s consistent ascent. “We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations,” he said. This commitment is part of their broader mission to offer unparalleled services to customers and ensure shareholders receive substantial rewards.
As per the data filed with the Nigerian Exchange Limited (NGX), Conoil Plc’s gross earnings witnessed a 5.3% growth, reaching N145.8 billion in 2022, up from N138.2 billion in 2021. Furthermore, despite formidable developmental challenges in Nigeria and a challenging operational milieu, the company’s Profit Before Tax saw a whopping 60.1% surge, reaching N6.13 billion in 2022 from the previous N3.83 billion in 2021.
Conoil’s earnings per share increased to N7.14, a rise of 60.8% from the N4.44 in 2021. The net earnings also increased by 22%, moving from N53.98 billion to N65.91 billion.
