Conoil Posts N139.8bn Turnover, Declares N2 Dividend Per Share For 2019

Conoil Plc posted a turnover of N139.8 billion for the financial year ended December 31, 2019.

This represents an increase of 14.4 per cent when compared with N122.21 billion recorded in the corresponding period in 2018.

The oil firm in a statement  Tuesday said the profit-after-tax increased by  9.8 per cent to N1.97 billion against N1.79 billion recorded in 2018.

The company explained that the operating profit on ordinary activities before taxation and exceptional items grew by 10.4 per cent to N2.83 billion from N2.56 billion.

Conoil also recorded an increase of 10.2 per cent in its net assets from N15.26 billion to N16.82 billion.

Based on the performance, Conoil proposed N1.39 billion as dividend payout to its shareholders, amounting to  N2 on every 50k ordinary share.

Conoil attributed the performance to effective cost management strategy, aggressive marketing and improved sales.

The Company said: “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,” it said.

The company said that it would continue to leverage on its strong leadership position in the industry to deliver value to investors by taking advantage of emerging opportunities in the industry.

It said that it had launched far-reaching initiatives to strengthen its income base in core business segments of retail, lubricants, aviation, and specialised products.

The company promised to embark on strategic cost reduction .