Shareholders of Conoil Plc have urged the company‘s board of directors to give them bonus issue in the 2011 financial year from the company‘s reserves.
The shareholders, who spoke at the company‘s annual general meeting held in Ibadan on Friday, also commended the N1.50 dividend per share paid in 2010.
They, however, urged the board to increase it to N2 per share in 2011, by enhancing the company‘s profitability.
Speaking at the meeting, according to a statement by the company, the President of the Independent Shareholders Association of Nigeria, Chief Sunny Nwosu, asked the company to enhance its operations to increase its operating profit.
The Chairman, Ibadan Zone Shareholders Association of Nigeria, Chief Aderemi Oyepeju, also urged the board to increase the dividend per share to N2 next year.
Responding, the Chairman, Dr. Mike Adenuga, reiterated the company‘s commitment to utilising the available opportunities in the industry for the satisfaction of customers and the eventual benefits of shareholders.
“As we look ahead, bracing ourselves to take advantage of opportunities in the emerging markets, we continue to organise our efforts and resources along enduring strategies for top-line performance. There is an ongoing review of our business processes to boost commercial, innovation and supply chain efficiencies, to improve focus on growth opportunities and to enhance competences that will drive accelerated progress,” Adenuga said.
He said that the company had fashioned out strategic rolling plans and initiatives aimed at further enhancing its operations and sustaining its enviable record of profitability and shareholder value.
For the financial period ended December 31, 2009, Conoil posted N3.8 bn profit before tax in 2009, an increase of 15 per cent over the N3.3bn recorded in the previous year.
Profit after tax also shot up by 27 per cent, from N1.8 bn in 2008 to N2.3 bn, while its net assets rose from N11.9 bn to N13.5bn . Earnings per share also moved up to N3.3 from N2.62 in 2008.
Source:http://www.punchng.com/Articl.aspx?theartic=Art201010251482815
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