Conoil promises shareholders higher returns on investment
Conoil Plc, a petroleum marketing company, has said it will build a stronger financial position and create higher value for its shareholders to maintain its leadership position in the downstream sector of the oil industry.
The shareholders of the company, at the 48th Annual General Meeting on Friday in Uyo, Akwa Ibom State, approved a total dividend payment of N1.4bn, which translates to 200 kobo for every 50 kobo share.
The management assured the shareholders that conscious efforts would be made to achieve better execution of value-added products and services, especially in the areas of marketing and customer management.
While noting that 2018 would be tough, given the current state of the nation’s economy, the company said it would strive hard to maintain profitability.
It promised to explore opportunities in the coming years to deliver solid financial results and increase competitive returns on its shares.
The Chairman, Conoil, Dr Mike Adenuga Jr., was quoted in a statement as saying the company was fully charged to consolidate its competitiveness in the different segments of its business by exploring and developing emerging markets while holding its ground in areas where it has competitive advantage.
Towards this goal, the company announced the introduction into the market, another brand of quality engine oil, Conoil Crown Heavy Duty Oil manufactured specially for the mass market of car owners.
“With the introduction of this product, we are poised to fill the yawning void in the industry as a pragmatic marketer of first choice,” Adenuga said.
The company expressed gratitude to its stakeholders for their support for the modest progress it recorded in spite of the odds and the unfriendly business environment it operated in last year.
It promised to re-channel its resources going forward, with a view to strengthening its business for the long haul.