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Conoil Shareholders Approve N2bn Dividend, Hail Board and Mgt

By Goddy Egene
Shareholders of Conoil Plc last Friday hailed the board for the 2015 financial performance and payment of the N3 dividend despite the challenging operating environment. Conoil Plc posted a profit before tax of N3.4 billion for the year ended December 31, 2015, showing an increaseof125percentfrom N1.5 billion in 2014. Profit after tax improved from N834 million to N2.3 billion. The directors recommended that a dividend
of N3.00 per share be paid up from N1.00 the previous year. The shareholders approved the dividend at the company’s annual general meeting held in Uyo, Akwa Ibom State last Friday and commended the board and management for
the performance.
For instance, Sir Sunny
Nwosu of Independent ShareholdersAssociationof Nigeria (ISAN) said: “This dividend reinforces the resilience of the company amidst the tough operating
environment in the downstream sector of the petroleum industry characterized by scarce foreign exchange. It also speaks volume of the quality of the company’s management and its entire workforce.”
Speaking in the same vein, Chief Timothy Adesiyan of the Nigeria Shareholders Solidarity Association, said Conoil, by itsperformanceanddividend policy, has further earned the loyalty of its teeming shareholders.
“They have shown that they
are not only concerned about making profit but that they have the interest of shareholders at heart,” he said.
In his end of year address to the shareholders, the Chairman of the company, Dr. Mike Adenuga Jr.
Commenting on the nine months results, Conoil Plc management attributed the performance to efficient allocation of resources, its long term and pain-staking strategic business planning and its strict adherence and implementation
of global operating standards in all its business processes.
Adenuga noted that while the operating environment was unfriendly, tough and rough, the company focused on its strategies and strengths and the effort made it possible to record these positive results on all fronts.
He assured that Conoil would furtherconsolidateonthegains recorded so far, and ensure better returns in the coming years.
“Our encouraging
performance in the midst of adversities has further confirmed our determination to deliver strong results at all times to the satisfaction of our shareholders and other stakeholders,” Adenuga said.
“We have resolved to be one of the industry’s fastest growing companies and we will work harder to maintain andimprovethemomentum, focusing more on delivering better returns and maximizing growth opportunities,” the chairman added.