Conoil assures shareholders of competitive returns on investments

The nation’s total energy provider, Conoil Plc has reiterated its resolve to maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders.

At its 48th Annual General Meeting held on Friday in Uyo, Akwa Ibom State, the company assured its shareholders that conscious efforts would be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.

While noting that 2018 would be tough given the current state of the nation’s economy, it however, expressed optimism that it would strive hard to maintain profitability.

Spurred by shareholders’ words of encouragement after the meeting had ratified a total dividend cash payment of N1.4 billion, which translates to 200 kobo for every 50 kobo share held, the company promised to explore opportunities in the coming years to deliver solid financial results and increase competitive returns on its shares.

The Chairman, Conoil Plc, Dr Mike Adenuga (jnr), was quoted in a statement as saying the company was fully charged to consolidate its competitiveness in the different segments of its business by exploring and developing emerging markets while holding its grounds in areas where it has competitive advantage.

Towards this goal, the company announced the introduction into the market, another brand of quality engine oil, Conoil Crown Heavy Duty Oil manufactured specially for the mass market of car owners.

“With the introduction of this product”, Dr Adenuga said, “we are poised to fill the yawning void in the industry as a pragmatic marketer of first choice”.

The company expressed gratitude to its stakeholders for their support for the modest progress it recorded in spite of the odds and the unfriendly business environment it operated last year.

Going forward, it promised to re-channel its resources with a view to strengthening its business for the long haul.