Conoil Lifts Revenue by 14.4%, declares ₦2 dividend per share

Conoil Lifts Revenue by 14.4%, declares ₦2 dividend per share

Conoil Plc has lifted its revenue as the company recorded a turnover of ₦139.8 billion in its audited financial statement for 2019.

This represent an increase of 14.4% when compared with ₦122.21 billion achieved in the corresponding period in 2018.

The company said in a statement on Tuesday in Lagos that profit-after-tax rose by 9.8% to ₦1.97 billion against ₦1.79 billion recorded in 2018.

Operating profit on ordinary activities before taxation and exceptional items grew by 10.4% to ₦2.83 billion from ₦2.56 billion.

The company also recorded an increase of 10.2%in its net assets from ₦15.26 billion to ₦16.82 billion.Conoil Lifts Revenue by 14.4%, declares ₦2 dividend per share

The company, given the improved results, proposed ₦1.39 billion as dividend payout to its shareholders.

This means that shareholders will get ₦2 on every 50k ordinary share.

The company attributed the impressive results to effective cost management strategy, aggressive marketing and improved sales.

“We re-positioned 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 specialized products.

The company promised to embark on strategic cost reduction while ensuring that the future growth potential of its business was not sacrificed.

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