Conoil has reported a turnover of N139.8bn for the financial year ended December 31, 2019.
The company’s audited results released on the Nigerian Stock Exchange showed an increase of 14.4 per cent from N122.21bn achieved in December, 2018 to N139.8bn in 2019.
Profit-after-tax increased by 9.8 per cent to N1.97bn against N1.79bn recorded in 2018. Operating profit on ordinary activities before taxation and exceptional items grew by 10.4 per cent to N2.83bn from N2.56bn.
The company also recorded an increase of 10.2 per cent in its net assets from N15.26bn to N16.82bn. Conoil attributed the performance to effective cost management strategy, aggressive marketing and improved sales.
It said, “We repositioned our retail stations by embarking on massive upgrade of the outlets, thereby boosting sales. The modest dividend proposal is hinged on the need to consolidate our cash management effort vis-à-vis the liquidity squeeze in the economy.
“We look forward to opportunities in the coming years to continue to deliver solid financial results and increase competitive returns and shareholder value.”
As of its last annual general meeting, the chairman of Conoil, Dr. Mike Adenuga, assured shareholders that efforts would be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.
