Nigerian oil company Conoil has posted a full-year profit of N2.8 billion ($8.8 million), promising to pay out N2.08 billion ($6.6 million) in dividends to shareholders.
This represents over 80percent of profit that would be shared amongst shareholders of the Nigerian Stock Exchange listed company.
The petroleum marketing firm recorded improvements across all key financial parameters in 2016, despite operating a volatile oil industry.
Conoil posted an annual revenue of N85 billion, up from N82.919 billion in 2015. Cost of sale also reduced from N71.381 billion to N70.8 billion in 2016, bringing the gross profit to N14.14 billion, compared with N11.53 billion the previous year.
This ensured Conoil ended the year with a profit before tax of N4.28 billion, a 24 percent increase from the N3.44 billion in 2015. Profit after tax rose by 23 percent to N2.837 billion, from N2.397 billion last year.
The results mirrored the aspirations of Mike Adenuga, one of Nigeria’s most prominent businessmen and Chairman of Conoil. He had expressed optimism last year that the plans put in place would ensure a greater return on investment for shareholders in the years ahead.
“We will drive our business to greater heights by re-establishing a commanding presence in retail business, lubricants, aviation, liquefied petroleum gas, specialised products and non-fuel retail services,” he was quoted as saying last year.