Conoil Plc, Chairman, Mike Adenuga
from Benjamin A Ameh, Lagos
We are building stronger financial position and creating enduring value for our shareholders including numerous stakeholders.
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 esteem shareholders including numerous 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, nevertheless, assured the shareholders that the outlook and future of the company remains bright.
There are already pointers to the improved activities in the oil marketing company in order enhanced shareholders’ value as showed in its 2013 half year unaudited results released to the stock market community through the floors of the Nigerian Stock Exchange (NSE).
In that results showed the posted record of 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 respectively.
Adenuga, revealed that as part of the strategy to shore up its bottom-line of the company, management has strengthened and consolidated its leadership position in the aviation business through acquisition of new equipment to meet the ever-growing local and international clientele’s demands.
He further disclosed that “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,” conoil boss added.
