Conoil Plc has grown its annual profit before tax to N2.6bn in the 2018 financial year from the N2.3bn recorded in 2017.
The Chairman, Conoil, Dr Mike Adenuga, while speaking at the company’s 49th Annual General Meeting in Uyo on Friday, said the board of directors proposed a dividend of N2 per share, which amounted to approximately N1.4bn.
Adenuga stated that despite the challenges of a tough operating environment in the downstream petroleum sector, the company continued to record progress towards delivering superior shareholder value.
He said, “Every segment of our business will continue to receive the desired attention with a view to maintaining world class levels of operating and capital discipline.
“We believe that the future holds a lot of promise for our shareholders. The company will surely reward them for their steadfastness and unwavering faith in its prospects.”
An analysis of the company’s financial statement for the period ended December 31, 2018, showed that profit after tax increased by 13.8 per cent to N1.8bn from N1.6bn recorded in the corresponding period of 2017.
Revenue for the period increased by 5.8 per cent to N122.2bn in 2018 from N115.5bn in 2017.
Adenuga attributed the company’s achievements in the year under review to the commitment of the board and management of the company to deliver solid financial results, in spite of the enormous challenges that confronted operators in the downstream oil sector, including the prohibitive cost of procuring petroleum products.
He said, “We managed the challenges properly and ended the year creditably. We embarked on strategic cost reduction, while ensuring that the future growth potential of our business was not sacrificed.
“I want to assure all stakeholders and shareholders that the company will not relent in its efforts to maintain its leading position in the downstream petroleum sector.
“We will develop new initiatives in product development, service delivery and best practices, while delivering value to all our stakeholders.”
Shareholders expressed satisfaction and commended the board of directors for the overall performance of the company.