Conoil Plc has announced a dividend payout of N1.73 billion to its shareholders, equating to N2.50 per share for the 2022 financial year.
Despite facing challenges in Nigeria’s developmental landscape and a demanding operating environment, the company reported significant growth.
Their Profit Before Tax surged by 60.1% to N6.13 billion in 2022, up from N3.83 billion in 2021, while Profit After Tax also saw a 60% increase, rising from N3.08 billion to N4.96 billion during the same period.
Conoil Plc’s gross earnings for the 2022 financial year increased by 5.1% to N145.8 billion compared to N138.2 billion in 2021.
Earnings per share also climbed to N7.14, a 60.8% rise from the N4.44 earned in 2021.
Shareholders unanimously approved the proposed final dividend of N1.73 billion at the company’s Annual General Meeting.
Dr. Mike Adenuga, the Chairman of Conoil Plc, emphasized the company’s commitment to delivering value to shareholders and maintaining a positive share price trajectory.
He highlighted their consistent ability to improve operating margins, expand volumes across locations, and their talented workforce.
The company’s primary goal is to provide excellent services to customers while rewarding shareholders.
Looking ahead, Dr. Adenuga acknowledged potential challenges arising from geopolitical and socio-economic changes but stressed that Conoil would focus on proven strategies to maximize returns.
He also mentioned the Nigerian government’s ongoing reforms, such as removing the petrol subsidy and foreign exchange market reforms, which would inform Conoil’s strategic direction for continued success and shareholder benefits.
