Several schemes to enhance long-term growth of the downstream fuel company and deliver competitive returns to shareholders have been outlined by Conoil Plc.
With new investments in technologies, innovations and operating efficiency, Conoil intends on focusing on further consolidation of its competitiveness in the different segments of its business.
The distribution of N1.4 billion cash dividend for the 2017 business year, representing a dividend per share of N2 was approved by the shareholders during the annual general meeting. By building a stronger financial position and creating higher values for its shareholders, Conoil will maintain its leadership position in the downstream fuel sector, said Dr. Mike Adenuga (Jr), Chairman, Conoil Plc.
Conscious efforts will be directed at achieving better execution of value-added products and services, more specifically in the areas of marketing and customer management.
“The company’s policy of continual investment and review of our business processes to boost efficiency has been paying off, as this has been a very important part of our success story. We have, for several years now, ensured that our strategy remained constant, proven and effective, which is designed to improve returns and grow value for shareholders by focusing on our market strengths without jeopardizing the development of our diverse portfolios,” Adenuga stated.
While holding its grounds in areas where it has achieved competitive advantage, the company’s focus going forward will develop emerging markets.
Conoil had introduced another brand of quality engine fuel, Conoil Crown Heavy Duty Fuel, in pursuit of further diversification of its portfolio, which is manufactured specially for the mass market of car owners, into the market. Adenuga stated that with the introduction of this product, they are poised to fill the gaping void in the industry as a pragmatic marketer of first choice. The company would bring agreeable innovations into the fuel retailing business in Nigeria to give greater value to its customers and shareholders.
The company has been revamping its non-fuel retail business to achieve future growth targets, while at the same time has been expanding its retail network across the country.
The board and management of the company were commended for its consistent dividend payment, inspite of the challenges in the industry. A consistent dividend payout history has been maintained by Conoil. The company had paid a total of N8.4 billion as dividend between 2012 and 2016.
In 2016, turnover was N85.02 billion, which rose by 35.9 per cent to N115.51 billion in 2017. Profits before and after tax stood at N2.30 billion and N1.58 billion respectively in 2017, and Earnings per share closed at N2.27 in 2017. Source: Nation Online PWKD18072018
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