By Dipo Olowookere
Chairman of Conoil Plc, Mr Mike Adenuga, has attributed the success recorded by the oil firm so far to the continuous review of its business processes.
Speaking at the company’s Annual General Meeting (AGM) in Akwa Ibom State recently, the billionaire businessman said the policy put in place by the management of the firm has paid off.
“The company’s policy of continual investment and review of our business processes to boost efficiency has been paying off, as this has been a very important part of our success story.
“We have, for several years now, ensured that our strategy remained constant, proven and effective, which is designed to improve returns and grow value for shareholders by focusing on our market strengths without jeopardizing the development of our diverse portfolios,”Mr Adenuga said at the meeting.
In the 2017 financial year, Conoil grew its turnover by 35.9 percent from N85.02 billion in 2016 to N115.51 billion in 2017. Also, its profits before and after tax stood at N2.30 billion and N1.58 billion respectively in 2017, while the earnings per share closed 2017 at N2.27k.
Mr Adenuga, who addressed the shareholders at the AGM, outlined many initiatives that will drive long-term growth of the downstream oil company and deliver competitive returns to shareholders.
He said Conoil would focus on further consolidation of its competitiveness in the different segments of its business with new investments in technologies, innovations and operating efficiency.
According to him, Conoil will maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders, while conscious efforts will be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.
He pointed out that the company’s focus going forward will develop emerging markets while holding its grounds in areas where it has achieved competitive advantage.
He noted that in pursuit of further diversification of its portfolio, Conoil had introduced another brand of quality engine oil, Conoil Crown Heavy Duty Oil, which is manufactured specially for the mass market of car owners, into the market.
“With the introduction of this product, we are poised to fill the yawning void in the industry as a pragmatic marketer of first choice,” Mr Adenuga stated.
He said the company will bring delightful innovations into the fuel retailing business in Nigeria to give greater value to its customers and shareholders, noting that while the company has been expanding its retail network across the country, it has also been revamping its non-fuel retail business to achieve future growth targets.
“I have no doubt that our strategies for growth are promising. We will remain disciplined in our approach as we work harder more than ever before to deliver value to our customers and expand our capabilities in all fronts,” Mr Adenuga stated.
During the meeting, shareholders of the company commended the board and management for the consistent dividend payment, despite the challenges in the industry.
They also unanimously approved the distribution of N1.4 billion cash dividend for the 2017 business year, representing a dividend per share of N2.
