KEY POINTS
- Conoil proposed a N2.43 billion dividend for 2024, equating to 350 kobo per share.
- The company’s revenue surged 60.5% to N323.1 billion despite macroeconomic pressures.
- Total assets and shareholders’ funds grew significantly, while borrowings were reduced.
Conoil Plc moved to reassure its investors this week, announcing a substantial dividend payout following a year of notable financial growth. At the company’s 55th Annual General Meeting in Uyo, leadership proposed a dividend of N2.43 billion for the 2024 financial year.
The payout, which translates to 350 kobo per share, was welcomed by shareholders. It comes after a period the board chairman described as one of “acute macroeconomic pressures,” referencing nationwide challenges like inflation, currency instability, and the aftermath of fuel subsidy reforms.
In his address, the chairman acknowledged these hurdles squeezed consumer spending and raised costs across the board. Yet, he stated Conoil managed to navigate the difficult environment effectively, setting the stage for the positive results.
Revenue and Assets Show Robust Expansion
The detailed financial figures presented to shareholders underscored the company’s resilient performance. Conoil’s revenue saw a dramatic increase, climbing 60.5 percent from N201.4 billion in the previous year to N323.1 billion.
The company‘s balance sheet also strengthened considerably. Total assets grew by 18 percent to N114.9 billion, while shareholders’ funds increased by 19.1 percent to reach N39.5 billion. In a sign of prudent financial management, Conoil also reduced its total borrowings by 10 percent, bringing them down to N28.7 billion.
Company leadership credited the results to proactive strategy and a focus on operational excellence. The chairman highlighted the critical role of the company’s workforce, emphasizing investments in talent and an inclusive corporate culture.
He also reaffirmed Conoil’s commitment to strong governance and social responsibility initiatives. Looking ahead, the chairman expressed cautious optimism, pointing to potential opportunities in Nigeria’s evolving economic landscape and planned expansions across sectors. The dividend declaration solidifies Conoil’s message of stability and commitment to delivering shareholder value.
