Nigeria's prominent downstream petroleum marketing company, Conoil Plc, has announced a year of exceptional financial performance, marked by a substantial surge in revenue and a strong dividend proposal for its shareholders.
Record Financial Performance Amid Economic Challenges
At its 55th Annual General Meeting held in Uyo, Akwa Ibom State, the company revealed its audited results for the 2024 financial year. The figures tell a story of robust growth against a backdrop of significant macroeconomic pressures. Conoil's revenue skyrocketed by 60.5 per cent, climbing from N201.4 billion in the previous year to an impressive N323.1 billion.
This remarkable increase is a direct result of the company's strategic initiatives and agile operational model. The financial foundation of the firm was significantly strengthened, with total assets growing by 18 per cent to N114.9 billion from N97.5 billion. Furthermore, shareholders' funds saw a healthy rise of 19.1 per cent, reaching N39.5 billion.
In a move highlighting prudent financial management, Conoil successfully reduced its total borrowings by 10 per cent, bringing liabilities down from N32 billion to N28.7 billion. Reflecting this excellent performance, the Board has proposed a dividend payout of N2.428 billion, which translates to 350 kobo for every 50 kobo share held by investors.
Leadership Navigates Macroeconomic Turbulence
Addressing shareholders at the AGM, the Board Chairman, Dr. Mike Adenuga Jr., acknowledged the severe headwinds that characterized the operating environment. He cited high inflation, persistent infrastructure gaps, volatile exchange rates, and the ongoing impact of the removal of the fuel subsidy as major challenges.
Despite these pressures, Adenuga attributed the company's success to proactive decision-making, careful resource management, and an unwavering commitment to operational excellence. He emphasized that the dedicated, professional, and innovative workforce at Conoil is the core driver behind these achievements. The company continues to invest heavily in its talent, fostering a corporate culture built on productivity, equality, and personal development for all employees.
Governance, Sustainability, and Future Outlook
On matters of corporate integrity, the Chairman reaffirmed Conoil's steadfast commitment to ethical conduct and sound governance, stating full alignment with the Nigerian Code of Corporate Governance (2018). The company also remains actively involved in social development projects, using its resources to create positive impacts within its host communities.
Looking forward, Conoil's leadership expressed cautious optimism about the opportunities emerging from Nigeria's current economic reforms. The growth potential in both the oil and non-oil sectors presents new avenues for expansion. The company has outlined plans to scale up its lubricants, liquefied petroleum gas (LPG), and aviation fuel businesses. Concurrently, it will be enhancing its infrastructure to maintain a competitive edge in the nation's deregulated petroleum market.
In his closing remarks, Mike Adenuga extended gratitude to shareholders, customers, employees, and business partners for their steadfast support. He assured them that Conoil will relentlessly pursue innovation, disciplined execution, and sustained value creation. This strategy is designed to ensure the company not only maintains its current growth trajectory but also sets new benchmarks for performance in the Nigerian downstream oil sector.
