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Adenuga assures Conoil shareholders of increased returns

By on October 9, 2013

The Chairman, Conoil Plc, Dr. Mike Adenuga, has given an assurance to shareholders of the company that it will continue to grow despite challenges.

According to a statement, which was made available to our correspondent on Sunday, the chairman spoke during the company’s 43rd Annual General Meeting in Uyo, Akwa Ibom State.

Conoil had recently announced a 255 per cent increase in profit after tax in 2013, stating that its PAT rose from N450.9m in 2012 to N1.6bn in 2013, while profit before tax rose by 199 per cent from N663.1m to N1.98bn with earnings per share appreciating from 65 kobo to 230 kobo.

Its revenue had stood at N149.99bn, while operating profit on ordinary activities before taxation and exceptional items stood at N1.15bn.

The statement, however, said that Adenuga remained optimistic that the company was in a position to surpass its current performance, stressing that the future was bright.

He was quoted as saying, “We are building a stronger financial position and creating an 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.”

Explaining further, Adenuga said the company’s investment in the acquisition of state-of-the-art equipment to meet the growing demands of its customers across the world had helped it to strengthen its leadership position.

According to him, the company’s retail strategy is to provide top quality products and services that will make customers want to always patronise it for their fuel and non-fuel needs.

He said, “We are not resting on our oars in our aggressive acquisition and expansion drive that aims at increasing substantially, the number of our retail outlets nationwide.”

 

 

 

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