Mike AdenugaNotwithstanding the growing challenges in the downstream sector of the petroleum Industry and the economy in general, the Chairman of Conoil Plc, Dr. Mike Adenuga has assured shareholders and the investing public that the outlook and future of the company remains bright.

Speaking at the company’s 43rd annual general meeting at Uyo, Akwa Ibom State, on Friday, Adenuga reiterated that the company remained committed to maintaining its leadership position in the downstream petroleum sector by growing its business and creating an enduring value for its shareholders and other stakeholders.

“We are building stronger fi nancial position and creating 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 fi rmly believe that such a robust strategy will ensure continued growth and stronger position in our core markets”, Adenuga said.

Although the company recorded revenue of N149.99 billion while operating profi t on ordinary activities before taxation and exceptional items stood at N1.15 billion, Adenuga assured the shareholders that the outlook and future of the company remains bright.

According to him, there are already pointers to the promising fortunes of the foremost oil marketing company and an enhanced shareholders’ value as captured in its 2013 half year unaudited results submitted on the fl oors of the Nigerian Stock Exchange.

The company posted 255 per cent increase in profi t after tax from N450.9 million in 2012 to N1.6 billion in 2013, while profi t before tax rose by 199 per cent from N663.1 million to N1.98 billion. Earnings per Share (EPS), which measures the net income for every shareholder, increased from 65kobo to 230 kobo.

As part of the strategy to shore up its bottom-line, he said that the company has strengthened and consolidated its leadership position in the aviation business with investment in the acquisition of new world-class equipment to meet the demands, on real time basis, of the company’s ever-growing local and international clientele.

“Our strategy in retail is to provide top quality products and services that will make customers want to always patronize us for their fuel and nonfuel needs. We are not resting on our oars on our aggressive acquisition and expansion drive that aims at increasing, substantially, the number of our retail outlets nationwide,” Adenuga added.


Information from National Mirror was used in this report.