Conoil Plc, a total energy provider, has reported a revenue of N139.8 billion for the year ended December 31, 2019, showing an increase of 14.4 per cent compared with N122.2 billion posted in 2018. Profit after tax (PAT) rose 11 per cent from N1.796 billion to N1.985 billion.
The company also recorded an increase of 10.2 per cent in its net assets from N15.26 billion to N16.82 billion. Based on the improved performance, in fulfilment of its promise to its shareholders, the company has proposed N1.39 billion as dividend, which translates to 200 kobo per share.
Explaining the performance, the company attributed the impressive results to effective cost management strategy, aggressive marketing and improved sales.
“We repositioned our retail stations by embarking on massive upgrade of the outlets thereby boosting sales. The modest dividend proposal is hinged on the need to consolidate our cash management effort vis-à-vis the liquidity squeeze in the economy. We look forward to opportunities in the coming years to continue to deliver solid financial results and increase competitive returns and shareholder value,” the company stated.
Conoil said that it would continue to leverage on its strong, leadership position in the industry to deliver value to investors through taking advantage of emerging opportunities in the industry opportunities.
It stated that it had launched far-reaching initiatives to strengthen its income base in core business segments of retail, lubricants, aviation, and specialized products.
The Chairman, Conoil Plc, Mike Adenuga (Jr), had, at the last annual general meeting(AGM) assured shareholders that conscious efforts would be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.
He had promised that the company would embark on strategic cost reduction while ensuring that the future growth potential of its business was not sacrificed.