Shareholders of Conoil Plc have approved the payment of N1.39 billion dividend proposed by the board of the company.
The Chairman of the company, Dr Mike Adenuga (Jr.), said the shareholders gave the approval at the virtual 50th Annual General Meeting (AGM).
Adenuga stated that the dividend payment was “a promise kept to shareholders’’.
This meant that shareholders will get 200 kobo on every 50 kobo ordinary share.
He said that the impressive financial results recorded were from the execution of value-added products and services.
According to him, the company had set an ambitious growth strategy for the next five years, driven by innovation and market penetration.
“The impressive results recorded by the company was in fulfilment of its promise to shareholders for better execution of value-added products and services, especially in the areas of marketing and growing the bottom-line.
“This is against the background of the tough challenges that marked the operating environment of the downstream oil sector.
“Thus far, significant investments have been made in strengthening the company’s retail network and important progress recorded on all fronts for the benefit of all stakeholders.
“We are proud of the attainments of the management.
“It was a challenging year with impressive results,’’ he added.
The chairman also assured shareholders that the company would consolidate on its achievements to deliver a strong and sustainable performance that would enhance juicy returns on their investment.