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  • Delta community sends Charter of Demand to Conoil

    Delta community sends Charter of Demand to Conoil

    • Residents seek implementation of PIA

    Residents of Ifiekporo community in Warri South Local Government Area of Delta State have called for the implementation of Petroleum Industry Act (PIA) and other benefits the community is entitled to.

    In a letter, dated March 12 and titled: Implement the PIA and Other Benefits to Ifiekporo Community Now, the residents said they had not benefitted from the oil company’s operations in the area.

    The letter, signed by Peter Ede (Trust Chairman) and Myke Ogi (General Secretary), and addressed to the Managing Director of Conoil Limited, said contrary to the claim by Ajaosolo community, it remained the sole owner of Obodo flow station.

    The letter reads: “The Ifiekporo Community is a joint owner of Obodo field, right from when ELF Petroleum Limited operated the field to date, because the well heads in Ifiekporo communal land were connected to that flow station.”

    The community said the only benefit it ever got from the Conoil was the N500,000 paid as “annual homage” to the community.

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    The residents said they were aggrieved, like their counterparts in Ajaosolo Community, threatening that they would not hesitate to close down the flow station if urgent steps were not taken to address the issue they had raised.

    The Ifiekporo community urged Conoil to have an independent meeting with its leaders, warning the firm not to isolate any of the seven communities in any negotiation.

    Based on their Charter of Demand, the residents said: “That Conoil should meet with Ifiekporo Community to constitute the Board of Trustees (BoT) of the PIA without further delay; that Conoil should give Ifiekporo Community direct employment without further delay; that Conoil should give Ifiekporo Community contract without further delay.”

    In the letter, which was copied to the Olu of Warri Kingdom, Ogiame Atuwatse III, and the Sector Commander of Section 3, David Ejoor Barracks, Effurum, residents of Ifiekporo Community restated their confidence in the Dr. Monday Agbeyi-led Executive of the OML 150 Communities Consultative Forum to be involved in all negotiations.

  • Conoil’s shareholders approve N1.73b dividend

    Conoil’s shareholders approve N1.73b dividend

    • We’re focused on growth strategies, says Adenuga

    Shareholders of Conoil Plc at the weekend approved the distribution of N1.73 billion as cash dividends for the immediate past business year amid assurances that the company would sustain its growth and deliver higher values to stakeholders.

    At the company’s 53rd Annual General Meeting (AGM) in Uyo, the Akwa Ibom State capital, shareholders approved the proposed final dividend payout of N1.734 billion, representing a dividend per share of N2.50 for the 2022 business year.

    Key extracts of the audited report and accounts of Conoil for the year ended December 31, 2023 showed that gross earnings increased by 5.3 per cent to N145.8 billion in 2022 as against N138.2 billion recorded in the corresponding period of 2021.

    Profit before tax grew by 60.1 per cent to N6.13 billion in 2022 from N3.83 billion in 2021. Profit after tax increased by 60 per cent from N3.08 billion to N4.96 billion. With these, earnings per share rose to N7.14, representing 60.8 per cent increase on N4.44 earned in 2021.

    Chairman, Conoil Plc, Dr. Mike Adenuga (Jnr), in his address to the meeting, assured shareholders of the company’s commitment to continue to deliver strong and sustainable performance that would enhance returns to its shareholders.

    Read Also:Conoil’s shareholders approve 67% increase in dividend payouts

    He said the company remained motivated in creating excellent value for its shareholders, while also ensuring that its share price remains on the rise.

    According to him, while there might be challenges posed by the rapidly changing geopolitical and socio-economic environment, Conoil would concentrate on the strategies that have given it the greatest dividend.

    He noted that the Federal Government has started with critical reforms, such as the elimination of the petrol subsidy and reforms in the foreign exchange market, adding that Conoil would maintain steady growth while exploring emerging opportunities.

     “We have shown a consistent ability to improve our operating margin and grow our volumes across all our locations. We have a great brand portfolio with energised and talented personnel with a reach pan-Nigerian. Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensuring that our shareholders are rewarded.

    “Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders. Regardless of the odds, the company is marching forward in the year with confidence and optimism, as it strategically and continuingly positions its business to take advantage of key opportunities,” Adenuga assured the shareholders.

     “The company will grow its earnings, improve profitability and asset quality and deliver competitive returns to its esteemed shareholders,” Adenuga said.

  • We’ve a lot to celebrate, says Conoil

    Nigeria has a lot to celebrate on the occasion of its 58th independence anniversary, leading total energy firm, Conoil, said yesterday.

    In a goodwill message, it enjoined Nigerians at home and abroad to celebrate one another for going the extra-mile to make the country still united despite all odds.

    The company noted that the country had made giant strides since it attained independence and shown resilience in the face of obstacles on its path to greatness.

    This determination, it said, must be celebrated.

    It added: “Despite all odds, we have grown stronger as a people and as a country. And today, we should dare to celebrate that true winning spirit.”

    The major oil marketer urged Nigerians to strive for peace and harmony at all times and rededicate themselves towards achieving a more unified country in tandem with the vision of its founding fathers.

    Conoil urged the citizens to take a moment to reflect on what constitute impediments to the continuous growth of the nation and seek solutions to the problems. It enjoined Nigerians to see themselves as one, irrespective of religious, political or tribal beliefs.

    According to the statement, “We see a brighter future for Nigeria. We beseech Nigerians to look inwards and work towards individual transformation and re-orientation, which will, in turn, lead to the transformation of the country.”

    It wished Nigerians a happy independence celebration.

     

  • Conoil grows first half profit by 29%

    Conoil Plc recorded double-digit growths in sales and profitability in the first half of this year, with pre-tax profit rising by 29 per cent to N809.78 million within the six-month period.

    Key extracts of the interim report and accounts of Conoil for the period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed that turnover rose by 21.3 per cent while pre and post tax profits grew by 29 per cent and 28.9 per cent respectively. Earnings per share consequently improved by 28.9 per cent.

    Turnover rose from N44.93 billion in first half 2017 to N54.48 billion in first half 2018. Gross profit rose from N5.99 billion to N6.39 billion. Profit before tax increased to N809.78 million as against N627.91 million while profit after tax rose from N427.29 million in first half 2017 to N550.65 million in first half 2018. Earnings per share increased from 62 kobo to 79 kobo, raising the capacity of the company to increase dividend payment.

    Further analysis showed improvement in the underlying profitability of the company as management continued to focus on mid-line expenses. While gross margin declined from 13.33 per cent to 11.73 per cent due to increase in cost of sales, the company drew on internal cost management to improve underlying profitability. Pre-tax profit margin-which measures the underlying profitability of a company, increased from 1.40 per cent in first half 2017 to 1.49 per cent in first half 2018.

    Conoil had paid N1.4 billion cash dividend for the 2017 business year, representing a dividend per share of N2.

    In his address to the shareholders last month, Conoil Plc Chairman, Dr. Mike Adenuga (Jr), had outlined many initiatives that will drive long-term growth of the downstream oil company and deliver competitive returns to shareholders.

    He said the company would focus on further consolidation of its competitiveness in the different segments of its business with new investments in technologies, innovations and operating efficiency.

    He noted that Conoil will maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders.

    According to him, conscious efforts will be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.

    “The company’s policy of continual investment and review of our business processes to boost efficiency has been paying off, as this has been a very important part of our success story. We have, for several years now, ensured that our strategy remained constant, proven and effective, which is designed to improve returns and grow value for shareholders by focusing on our market strengths without jeopardizing the development of our diverse portfolios,” Adenuga stated.

    He pointed out that the company’s focus going forward will develop emerging markets while holding its grounds in areas where it has achieved competitive advantage.

    He noted that while the company has been expanding its retail network across the country, it has also been revamping its non-fuel retail business to achieve future growth targets.

    “I have no doubt that our strategies for growth are promising. We will remain disciplined in our approach as we work harder more than ever before to deliver value to our customers and expand our capabilities in all fronts,” Adenuga stated.

     

  • Conoil outlines long-term growth plan to drive shareholders’ return

    Conoil Plc has outlined many initiatives that will drive long-term growth of the downstream oil company and deliver competitive returns to shareholders.

    At the annual general meeting in Uyo, Akwa Ibom State, the board and management of the company said Conoil would focus on further consolidation of its competitiveness in the different segments of its business with new investments in technologies, innovations and operating efficiency.

    The assurance came as shareholders unanimously approved the distribution of N1.4 billion cash dividend for the 2017 business year, representing a dividend per share of N2.

    In his address to the shareholders, Chairman, Conoil Plc, Dr. Mike Adenuga (Jr), said Conoil will maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders.

    According to him, conscious efforts will be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.

    “The company’s policy of continual investment and review of our business processes to boost efficiency has been paying off, as this has been a very important part of our success story. We have, for several years now, ensured that our strategy remained constant, proven and effective, which is designed to improve returns and grow value for shareholders by focusing on our market strengths without jeopardizing the development of our diverse portfolios,” Adenuga stated.

    He pointed out that the company’s focus going forward will develop emerging markets while holding its grounds in areas where it has achieved competitive advantage.

    He noted that in pursuit of further diversification of its portfolio, Conoil had introduced another brand of quality engine oil, Conoil Crown Heavy Duty Oil, which is manufactured specially for the mass market of car owners, into the market.

    “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 stated.

    He said the company will bring delightful innovations into the fuel retailing business in Nigeria to give greater value to its customers and shareholders.

    He noted that while the company has been expanding its retail network across the country, it has also been revamping its non-fuel retail business to achieve future growth targets.

    “I have no doubt that our strategies for growth are promising. We will remain disciplined in our approach as we work harder more than ever before to deliver value to our customers and expand our capabilities in all fronts,” Adenuga stated.

    Shareholders who spoke at the meeting commended the board and management of the company for its consistent dividend payment, despite the challenges in the industry. Conoil has maintained a consistent dividend payout history. Between 2012 and 2016, the company had paid a total of N8.4 billion as dividend.

    Key extracts of the audited report and accounts of the company for the year ended December 31, 2017 showed that turnover rose by 35.9 per cent from N85.02 billion in 2016 to N115.51 billion in 2017. Profits before and after tax however stood at N2.30 billion and N1.58 billion respectively in 2017. Earnings per share closed 2017 at N2.27.

  • Conoil to pay N1.4b dividend

    The board of Directors of Conoil Plc has recommended distribution of N1.4 billion to shareholders as cash dividend for the 2017 business year. Shareholders will receive a dividend per share of N2.

    The proposed dividend is expected to be approved by shareholders at the company’s next annual general meeting in Uyo, Akwa Ibom State.

    In a regulatory filing at the Nigerian Stock Exchange (NSE), the company board stated that it had met and approved that dividend warrants will be dispatched on July 9, 2018 to members whose names appear in the register of members at the close of business on June 8, 2018.

    The board also approved that members’ register and the company transfer books be closed from June 11, 2018 to June 15, 2018, (five days) to enable the preparation and payment of dividends.

    Conoil has maintained a consistent dividend payout history. Between 2012 and 2016, the company had paid a total of N8.4 billion as dividend.

    Audited report and accounts of the company for the year ended December 31, 2017, showed that turnover rose by 35.9 per cent from N85.02 billion in 2016 to N115.51 billion in 2017. Profits before and after tax, however, stood at N2.30 billion and N1.58 billion respectively in 2017. Earnings per share closed in 2017 at N2.27.

    The company attributed its performance to sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.

    While assuring that its promise to its shareholders remains maximum value, it reiterated delivery of excellent service and products to its customers.

     

  • Conoil celebrates Nigerian Child

    CONOIL has urged teachers, parents, governments, non-governmental organizations and all well-meaning Nigerians to take more interest in stemming the growing negative influence on children.

    The company in a goodwill  message to the Nigerian child on the occasion of   Children’s Day entreated parents, leaders and every adult to lead by example by imbibing hard work, diligence, discipline, honesty, prudence, selflessness and patriotism.

    It also called on parents to strive at all times to nurture, educate, mentor and pride their children to be the best in whatever endeavour they find themselves.

    It counselled private sectors to partner with government at all levels to guarantee better living conditions for the Nigerian child by providing access to quality and affordable education, effective transportation system, good healthcare and other basic necessities so that they can grow, flourish and keep our nation strong.

  • Conoil grows turnover to N70.2b in Q3

    Conoil Plc grew its top-line by about 10 per cent to N70.23 billion in the third quarter as the petroleum-marketing company braced against industry challenges to sustain positive outlook.

    Key extracts of the nine-month report for the period ended September 30, 2017 showed that Conoil grew its turnover to N70.2 billion in third quarter 2017 as against N63.95 billion recorded in comparable period of 2016. Gross profit rose from N9.55 billion to N10.57 billion. Profits before and after stood at N2.03 billion and N1.36 billion respectively in 2017 while earnings per share stood at N1.96. Pre and post tax profits stood at N2.72 billion and N1.81 billion in third quarter 2016.

    Market analysts described the company’s performance as commendable citing the tough operating environment in the downstream sector.

    Analysts noted that despite the non-payment of Petroleum Support Fund (PSF) owed major oil marketers by the Federal Government, the company still recorded appreciable profit.

    The management of the company attributed the third quarter performance to its strong resolve to keep improving on its operations by constantly renewing its products and services to meet the ever-changing demands and expectations of its discerning customers.

    “We will quicken our pace and sharpen our strategies in the coming months to meet our goal of moving from competing to winning in the market place, while focusing more on delivery and growth,” the company stated.

    While the management of the company expects that the economic environment would remain challenging for the last quarter of the year, it assured its numerous shareholders and other stakeholders that, it remains committed to its ultimate goal of maximizing value to shareholders and excellent service delivery and products to customers.

  • Conoil commits to wealth creation, jobs

    Conoil commits to wealth creation, jobs

    As Nigeria celebrated its 57th independence anniversary yesterday, the nation’s leading indigenous downstream oil company, Conoil Plc, restated its commitment to its cardinal objectives of creating wealth and job opportunities for all Nigerians.

    In a goodwill message during the country’s 57th independence anniversary, it stated that it remains proud as a Nigerian company with world-class services to meet various energy needs.

    The company challenged Nigerians to harness their creative and productive abilities in aid of the country’s quest to self-sufficiency.

    Conoil urged Nigerians to focus more on those great qualities that bind them together as the world’s most populous black nation, and ignore the intangible things that tend to divide the people.

    It advised Nigerians to deepen their sense of patriotism to rekindle the nation’s flame of oneness and fortify its enviable position as Africa’s leading economic giant.

    While urging Nigerians to continue to work assiduously towards ensuring togetherness with a view to guaranteeing a brighter future for the country, Conoil implored them to maximise their common ideals to foster the nation’s unity despite its diversity.

    Noting that Nigeria’s journey to nationhood has been characterised by milestones that demonstrate its strengths, Conoil urged Nigerians to recommit themselves to own and live the country’s national anthem with the resolve “to serve their fatherland with all their strength as one nation, bound in freedom, peace and unity”.

  • Conoil: Nigeria’s strength lies in its diversity

    Conoil: Nigeria’s strength lies in its diversity

    Energy giant, Conoil , has enjoined Nigerians to focus more on those great qualities that bind us together as the world’s most populous black nation, and ignore the intangible things that tend to divide.

    In a goodwill message on the occasion of the country’s 57th independence anniversary, the oil major advised Nigerians to deepen their sense of patriotism to rekindle the nation’s flame of oneness and fortify its enviable position in the comity of nations.

    While urging Nigerians to continue to work assiduously towards ensuring togetherness with a view to guaranteeing a brighter future for the country, it implored them to maximize their common ideals to foster the nation’s unity despite its diversity.