Conoil has announced its plans to pay N1.73 billion in dividends to its shareholders for the 2022 financial year, translating to N2.50 per share.

Despite the challenging operational environment and developmental issues in Nigeria, the company reported significant financial growth in 2022.

In a statement released after its 53rd Annual General Meeting held in Uyo, Akwa Ibom State, Conoil Plc revealed that its Profit Before Tax surged by 60.1%, reaching N6.13 billion in 2022, up from N3.83 billion in 2021. Similarly, its Profit After Tax increased by 60% from N3.08 billion to N4.96 billion during the same period.

The company’s gross earnings for the 2022 financial year also saw a 5.1% rise, reaching N145.8 billion, compared to N138.2 billion in 2021.

This increase in profitability resulted in Conoil’s earnings per share rising to N7.14, marking a 60.8% increase from the N4.44 earned in 2021.

At the Annual General Meeting, shareholders unanimously approved the proposed final dividend payout of N1.73 billion.

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Dr. Mike Adenuga, the Chairman of Conoil Plc, expressed the company’s commitment to creating significant value for its shareholders while ensuring a positive trend in its share price.

He emphasized the company’s consistent improvement in operating margins and volume growth across all locations, highlighting its strong brand portfolio, dedicated workforce, and nationwide presence.

Adenuga affirmed the company’s goal of delivering excellent services to customers and rewarding shareholders.

He also acknowledged the challenges posed by Nigeria’s rapidly changing geopolitical and socio-economic environment but expressed the company’s confidence in continuing to pursue strategies that yield positive results.

Conoil is set to focus on growing its earnings, improving profitability and asset quality, and delivering competitive returns to its shareholders as it positions itself to capitalize on key opportunities in the market.

Adenuga noted that the Federal Government’s ongoing reforms, including the removal of petrol subsidies and foreign exchange market reforms, will guide the company’s strategic direction.