July 13, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-Oil marketing major, Conoil Plc on Friday approved N1.4 billion dividend payment to its shareholders amounting to a dividend of N2.00 per share in the review period of 2017 compared to N3.10 paid in 2016.
Conoil in an emailed statement to InvestAdvocate said the company is resolve to maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders.
The oil marketing major at its 48th annual general meeting (AGM) held on Friday in Uyo, Akwa Ibom State, assured its shareholders that conscious efforts will be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.
The company noted that 2018 would be tough given the current state of the nation’s economy, it however, expressed optimism that it would strive hard to maintain profitability.
Conoil promised to explore opportunities in the coming years to deliver solid financial results and increase competitive returns on its shares.
Mike Adenuga (jnr), chairman of the company was quoted in the statement as saying the company was fully charged to consolidate its competitiveness in the different segments of its business by exploring and developing emerging markets while holding its grounds in areas where it has competitive advantage.
Towards this goal, the company announced the introduction into the market, another brand of quality engine oil, Conoil Crown Heavy Duty Oil manufactured specially for the mass market of car owners.
“With the introduction of this product we are poised to fill the yawning void in the industry as a pragmatic marketer of first choice,” Adenuga said.
The company expressed gratitude to its stakeholders for their support for the modest progress it recorded in spite of the odds and the unfriendly business environment it operated last year.
Going forward, it promised to re-channel its resources with a view to strengthening its business for the long haul, according to the statement.
