Conoil PLC

Conoil gets shareholders’ vote of confidence

Shareholders of Conoil Plc at the weekend reviewed the company’s annual reports and financial accounts for the year ended December 2008, noting that the board and management performed creditably under the prevailing circumstance.

The investors, in separate remarks at the company’s 39th annual general meeting in Ibadan, expressed satisfaction with the overall performance indices and were particularly pleased that they were paid dividend despite the daunting challenges in the industry during the period.

The company paid a dividend of 100 kobo on every 50 kobo ordinary share. It recorded appreciable growth in turnover, posting N124,322,434, which represents 43 per cent increase over the N86,847,548 recorded in the previous year. The gross profit stood at N3.28 billion against N3.76 billion recorded last year, while the net current assets dropped by 9 per cent, from N6.14 billion to N5.59 billion.

Although the dividend fell short of the previous year’s, the shareholders said the company deserved commendation for managing to pay as much as 100 kobo at a time when many companies declared no dividend at all as a result of the stifling business climate in the industry.