Conoil records 74% growth in turnover

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Conoil records 74% growth in turnoverConoiL PLC, has announced a 74% growth in turnover for the financial year ended 2004. The acting chairman of the company, Dr. M.E. Omatsola, who declared this to shareholders on the occasion of their 35th annual general meeting held in Ibadan, said “I am delighted to report that we improved significantly on the huge strides we made last year, in spite of the tough operational terrain, our 2004 financial results show a quantum leap in your company’s turnover.” According to him, the turnover jumped from N341,504,503,000 recorded last year to N602,032,150,000, representing a 74 percent growth. Further, the company’s gross profit stood at N10,181,278,000 against N6,680,067,000 recorded last year, representing an increase of 52 percent, and net current assets also increased significantly by 78 percent from N1,016,318,000 to N1,808,720,000. Earning per share also rose by 9 percent while our dividend cover recorded an increase of from 100 kobo to 159 kobo. He noted, \"while we benefitted significantly from investments made in previous years, the board and management kept up the pace of capital expenditure to focus on integrating and optimizing our operations across the enterprise to capture efficiencies and create new value. In Retail, Aviation, lubricants and specialized products segments, we increased our capital investment to replenish our resource base and to grow our sales and market shares. We made history during the year as the first oil marketing company to introduce non-space over head petrol pumps in Nigeria. As part of the board consistent strategy of ensuring that sharehold get satisfactory value at all times, the board is recommending a divided of 200 kobo on every 50 kobo ordinary share held. Conoil plc enhance project development in 2004, we diligently discharged our social obligations, as a responsible corporate citizen, by playing out part in tacking issues viral to health, safety, environment. Omatsola noted that the industry will always maintain is position in the society and also assure all investors that conoil is strongly positioned to succeed in this new environment. We will deliver profitable growth that will restore your company to the front burner in the nations gas sector. And because we are motivated to be second to none in the industry, there will be no limit to innovation. I am confident that the steps we have taken will enable us to take full advantage of the outstanding skill of our people and the value of our assets to seize the exciting opportunities ahead\". We look forward to the coming financial year with great optimism to achieve juicier returns and increased shareholder value. Source The Vanguard

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