Conoil Plc has reaffirmed its dominant position in Nigeria’s downstream petroleum industry by announcing the payment of a projected N2.428 billion dividend for the 2024 fiscal year.Shareholders enthusiastically welcomed the dividend, which amounts to 350 kobo for every 50 kobo share, demonstrating their ongoing faith in the business’s profitability.At its 55th Annual General Meeting, which took place in Uyo, Akwa Ibom State, the company made this announcement. Dr. Mike Adenuga, Jr., the company’s chairman, reflected on the year under review and stated that major macroeconomic issues, such as ongoing inflation, currency rate volatility, infrastructure limitations, and the adjustment to the loss of gasoline subsidies, influenced operations. “Ad”In light of this, the company’s sales increased by 60.5%, and its turnover increased from N201.4 billion to N323.1 billion. The company’s financial health was strengthened by an 18% growth in total assets to N114.9 billion and a 19.1% increase in shareholders’ funds to N39.5 billion.The company’s financial health was strengthened by an 18% growth in total assets to N114.9 billion and a 19.1% increase in shareholders’ funds to N39.5 billion.Additionally, borrowings were cut by 10%, demonstrating a methodical commitment to balance sheet management. The Chairman claimed that prompt decision-making, effective resource use, and constant operational discipline were the driving forces behind these results. He emphasized the importance of the staff, pointing out that maintaining long-term success depends on Conoil’s ongoing investment in its employees and dedication to an inclusive, high-performance culture.
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