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Daily News CONOIL Reports N4.3 Billion Pretax Profit, Offers Investors N3.10 Total Dividend in 2016... Read More

Conoil Plc on Wednesday said its pretax profit for the period ended December 31, 2016 increased 24.1 percent to N4.3 billion compared to N3.44 billion recorded a year ago.n n Profit after tax (PAT) of the company grew 23 percent to N2.83 billion in 2016 to N2.31 billion posted in the corresponding period of 2015.n n Revenue of Conoil inched up from N83 billion in 2015 to N85 billion declared in the review period of 2016; appreciating 2.5 percent and showing persistent resilience amidst challenging economic conditions in the country.n n From all indications, investors of the company will be smiling to the Bank as the oil marketing major quoted on the Nigerian bourse proposed an increased final dividend of N3.10 per share compared to N3.00 paid a year earlier; indicating an increase in dividend of 3.33 percent.n n Accordingly, the frontline major oil marketer, in line with its history of progressive dividend policy, the proposed dividend payout amounts to N2.15 billion which would be ratified by its shareholders at its next annual general meeting (AGM).n n In the same vein, the company’s earnings per share increased sharply 23 percent to N4.09 kobo in 2016 from N3.33 kobo posted in 2015.n n Analysts say this performance has further raised the bar of the strategic positioning of Conoil as truly the nation’s number one oil marketer of choice.n n In a statement, Conoil attributed the positive performance to its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.n n It would be recalled that at the last AGM of the company, its Chairman, erudite business mogul, Dr. Mike Adenuga had assured shareholders that in the face of the gloomy economy, the company will always strive to be one of the fastest growing and profitable companies in the country.n n He assured that it will consolidate its gains and ensure greater returns on investment for its teeming shareholders.n n While promising that the company’s ultimate goal to its customers will always be excellent service and quality products, he maintained that its promise for its shareholders remains maximum value.n n “We will drive our business to greater heights by re-establishing commanding presence in the retail business, lubricants, aviation, liquefied petroleum gas, specialized products and non-fuel retail services, “Adenuga assured.n n Shares of Conoil at the close of the trading session on the domestic bourse increased 4.99 percent to N40.42 from N38.50 traded the previous session, gaining N1.92 kobo per share.n n Source: INVESTADVOCATE

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