Conoil Plc has announced a dividend payout of ₦2.428bn to shareholders for the 2024 financial year, despite a challenging economic environment.
The dividend translates to ₦3.50 per 50 kobo share. Shareholders welcomed the move, praising the company’s resilience in delivering value during a turbulent year.
The announcement was made by Conoil’s chairman, Mike Adenuga, at the company’s 55th annual general meeting (AGM) held at the Ibom Hotel and Golf Resort in Uyo on Friday.
In his address, Adenuga said 2024 was marked by severe macroeconomic pressures that squeezed consumer purchasing power, raised operating costs and dampened business prospects across multiple sectors.
He noted that Nigeria faced persistent inflation, exchange rate instability, and the economic aftershocks of fuel subsidy removal.
Despite these challenges, Conoil recorded strong financial results.
Financial performance and strategic outlook
Conoil’s revenue rose sharply by 60.5%, climbing from ₦201.4bn in 2023 to ₦323.1bn in 2024.
Total assets grew by 18% to ₦114.9bn, while liabilities fell by 10% to ₦28.7bn.
Shareholders’ funds increased by 19.1% to ₦39.5bn, strengthening the company’s financial base.
Adenuga attributed the performance to proactive decision-making, prudent resource management and a commitment to operational excellence.
Looking ahead, Conoil plans to expand its footprint in key product segments, grow its lubricants and LPG markets, and strengthen aviation fuel delivery infrastructure to remain competitive in Nigeria’s deregulated downstream sector.
What you should know about Conoil
Conoil is one of Nigeria’s leading indigenous energy providers. Its history dates back to the 1920s, when it began marketing petroleum products in bulk under a different name.
Today, it operates filling stations nationwide and is among the dealers lifting refined products from Dangote’s refinery under its free fuel delivery programme launched in September.
Conoil recently announced a swap of 50% of its operating stake in OPL 257 to TotalEnergies, in exchange for the French company’s 40% interest in OML 136.
The deal makes Conoil the sole risk-taker in gas-rich OML 136, while retaining a 10% minority stake in OPL 257, which TotalEnergies (now with 90%) plans to develop as an extension of the Egina FPSO.