By Patience Chat Moses
The nation’s total energy provider Conoil has recorded a N145.8 billion gross earnings for the 2022 financial year, from N138.2 billion in the corresponding period of 2021.
The major oil marketer disclosed this in a statement at the weekend on its audited results for the year ending December 31, 2022, said that despite the massive developmental challenges in the country and the tough operating environment, its Profit Before Tax grew by 60.1 per cent to N6.13 billion in 2022 from N3.83 billion in 2021, while Profit After Tax increased by 60.1 per cent from N3.08 billion to N4.96 billion in the same period.
The Company also recorded an increase of 22 per cent in net from N53.98 billion to N65.91 billion.
Thrilled by the impressive all-round performance, shareholders at the Company’s 53rd Annual General Meeting held in Uyo, Akwa Ibom State, at the weekend, unanimously approved the proposed final dividend payout of N1.734 billion, which translates to N2.50 per share, for the 2022 financial year.
The Company also assured shareholders of its commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders.
The Chairman of Conoil ,Dr. Mike Adenuga, in his address to the shareholders at the meeting, said that the Company remained motivated to create excellent value for its shareholders, while also ensuring that its share price remained on the rise.
“We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energized and talented personnel with a reach pan-Nigerian.
“Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensure that our shareholders are rewarded.
“Conoil plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders. Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuingly positions its business to take advantage of key opportunities,” Adenuga said.
The Conoil Chairman further noted that while there might be challenges posed by the rapidly changing geopolitical and socio-economic environment, Conoil would, however, concentrate on the strategies that have given it the greatest dividend.