A Review of the Nigerian Energy Industry

Conoil assures shareholders of rosy future

conoil08 October 2013, Lagos – The Chairman of Conoil Plc, Mike Adenuga, has assured shareholders of the company and the investing public of a bright future outlook.

Speaking at the company’s 43rd annual general meeting  (AGM) held in Uyo, Akwa Ibom State, Adenuga reiterated the company’s commitment to maintaining its leadership position in the downstream petroleum sector by growing its business and creating an enduring value for its shareholders and other stakeholders.

“We are building stronger financial position and creating enduring value for our shareholders. We will constantly develop strategies to sustain our position as the only marketer that always goes the extra mile for our ever-growing customers, with total commitment to excellent service delivery. We firmly believe that such a robust strategy will ensure continued growth and stronger position in our core markets”, Adenuga said.

Although the company recorded revenue of N149.99 billion and operating profit on ordinary activities before taxation and exceptional items stood at N1.15 billion, Adenuga, nonetheless, assured the shareholders that the outlook and future of the company remains bright.

There are already pointers to the improved fortunes of the oil marketing company and an enhanced shareholders’ value as captured in its 2013 half year unaudited results submitted on the floors of the Nigerian Stock Exchange (NSE).

The company posted 255 per cent increase in profit after tax from N450.9 million in 2012 to N1.6 billion in 2013, while profit before tax rose by 199 per cent from N663.1 million to N1.98 billion.

As part of the strategy to shore up its bottom-line, the chairman said the company has strengthened and consolidated its leadership position in the aviation business with investment in the acquisition of new equipment to meet the demands, on real time basis, of the company’s ever-growing local and international clientele.

“Our strategy in retail is to provide top quality products and services that will make customers want to always patronise us for their fuel and non-fuel needs. We are not resting on our oars on our aggressive acquisition and expansion drive that aims at increasing, substantially, the number of our retail outlets nationwide,” Adenuga said.

– This Day

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