By Modupe Gbadeyanka
Shareholders of Conoil Plc have been promised a mouth-watering return on investment as a result of the “significant investments” made to strengthen the company’s retail network.
This assurance was given by the Chairman of Conoil Plc, Mr Mike Adenuga, during the 50th Annual General Meeting (AGM) of the organisation held virtually in Lagos over the weekend.
The businessman, while addressing shareholders of the firm at the gathering, noted that Conoil has strategically positioned its business to take advantage of emerging opportunities in the downstream oil sector.
He emphasised that with this strategy in place, shareholders should expect value for their investments in the company as a result of the strong and sustainable performance the firm will deliver.
While commenting on the performance of the firm in the 2019 financial year, the owner of the popular GSM network provider, Globacom, stated that the energy firm did well despite the tough challenges that marked the operating environment of the downstream oil sector.
He explained that the organisation was able to deliver a strong performance because of the quality value-added products and services it offered to clients.
Mr Adenuga noted that “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 and so we are proud of the attainments of the management.”
He said in the current financial year, Conoil is expected to deliver another solid result that will excite shareholders, though he remained silent on whether this will amount to a higher dividend payment.
In the 2019 fiscal year, the board recommended the payment of N1.39 billion as cash reward to shareholders, amounting to N2 per share. This dividend was approved by shareholders at the AGM held last week.
Investors at the meeting praised the board and management for this reward, calling for more in the coming years.
“We congratulate the board for the impressive financial results and especially being able to reward shareholders when we consider the tough times faced by all fuel marketing companies in the country in the last financial year,” the National Coordinator of the Pragmatic Shareholders Association, Mrs Adebisi Bakare, said at the meeting.
