Shareholders of Conoil Plc have approved the payment of N1.39bn dividend proposed by the board of the company for the 2019 financial year.
The company said in a statement on Sunday that shareholders would get a dividend of 200 kobo on every 50 kobo ordinary share.
It said at its virtual 50th Annual General Meeting held by proxies on Friday in Lagos, the shareholders were unanimous in their commendation for the board and management for the company’s performance and consistency in the payment of dividend.
According to its audited financial results for the 2019 financial year, Conoil’s profit before tax grew by 10.4 per cent to N2.83bn while profit after tax also grew by 9.8 per cent to N1.97bn.
The major fuel marketer also grew its total assets by 4.4 per cent to N63.6bn, while interest expense dropped by 26 per cent to N1.1bn.
In his address to the shareholders, the Chairman, Conoil Plc, Mike Adenuga Jr., said, the impressive financial results were in fulfillment of the promise to shareholders of better execution of value-added products and services.
According to Adenuga, the company has set an ambitious growth strategy for the next five years, driven by innovation and market penetration.