Conoil 2015 profit rises by 176% ….Boosts shareholders dividend by 200%

The long awaited result of Conoil Nigeria plc which was released on Thursday to the Nigerian Stock Exchange (NSE), has re-engineered confidence in the company’s ability to deliver on its promise of continually increasing earnings for the shareholders.
The Company’s 2015 financial results obtained from The NSE showed a boost in profit after tax from N834million in 2014 to N2.3billion in 2015. Its profit before tax increased from N1.5billion to N3.4billion representing an increase of 125 per cent, irrespective of the challenging operating environment of the sector.
The company in a statement, following release of the result said “our aspiration is to remain the nation’s leading petroleum products marketer and one of the most profitable quoted companies,”
Chairman of Conoil, Dr. Mike Adenuga Jr.at the Company’s Annual General Meeting (AGM) last year, promised the shareholders that notwithstanding the tough challenges in the country, and indeed in the downstream petroleum sector, the Company would explore to the fullest, new opportunities that abound in the industry to its advantage.

Adenuga also assured investors of the Company’s commitment to cost cutting measures in its operations, vast improvement in the quality of its products and services with a strong bottom-line as its focus.
Following the result release, the company made a proposal of 200 per cent increase in dividend payout to its shareholders. If approved, shareholders will get N3 on every 50kobo ordinary share, compared to N1 paid last year.
However, the bumper dividend of N2.08billion is expected to be ratified by the shareholders of the Company at its AGM.