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By Chinwendu Obienyi
The Chairman, Board of Directors, Conoil Plc, Dr Mike Adenuga Jnr, has assured that the company is well poised to consolidate on the progress made in previous years to deliver a strong and sustainable performance that enhances returns to its shareholders.
Adenuga Jnr made this assertion during the company’s 54th Annual General Meeting which held in Uyo, Akwa Ibom State, at the weekend.
This came on the back of an impressive performance in 2023, where Conoil Plc recorded a 53.2% growth in revenue to reach N201.38 billion as against N131.42 billion posted in 2022.
The nation’s energy provider also recorded a growth of 100.1% in Profit Before Tax (PBT) from N6.13 billion in 2022 to N12.28 billion.
The company returned Profit After Tax (PAT) of N9.87 billion, which amounts to 99.0% increase over what was it recorded in 2022. With the significant improvement in profitability in the petroleum-marketing subsector, Conoil recorded a substantial rise in earnings per share (EPS) to N14.22 for the 2023 financial year, marking a 99% increase from N7.14 in the previous year.
Also, shareholders approved a final dividend payout of N1.73 billion for the 2023 financial year, of N3.50 on every 50 kobo ordinary share.
Adenuga while addressing the shareholders stated that despite a tough business environment, Conoil demonstrated resilience, focusing on long-term growth strategies and improving operational capacity.
He highlighted the company’s commitment to sustainable growth, exceptional customer service, and shareholder rewards.
“2023 will remain a major turning point in the annals of the nation’s petroleum industry as the period was marked by far-reaching developments which impacted, greatly, our business activities.
However, the impressive performance in the face of a harsh operating environment is a further reflection of the capacity investment our company made to meet the long-term needs of our growing business. We promise you that we would continue to set the pace for growth in our industry,” the Chairman said.
Adenuga praised government initiatives aimed at bolstering local oil refining, adding that this could reduce imports, stabilize the Naira, and improve the energy market.
He added, “In line with our vision, we are set to achieve the continued delivery of excellent services to our customers and ultimately ensuring that our shareholders are rewarded”.
