Conoil Strategises For Increased Sales
October 30th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Oogbuotobo Chuks
The management of Conoil plc, led by its chairman, Mike Adenuga, has given a sales target of N120 billion to be met before the end of the company’s financial year, ending December, 2007.
With respect to these projections, the company has projected a profit of about N6.5 billion for its 2007 financial year. This it hopes to achieve, as it has invested and is still investing in storage facilities, state of the art equipments and other modern infrastructure. The projected profit is about 68.4 percent higher than that of its current year, which is put at N 3.86 billion.
At its last Annual general Meeting, shareholders were full of praises for the company’s performance, as they also looked forward to an increase in the fortunes of the oil giants.
Last year, Conoil paid dividend per share of N2.00, and this year, they paid N2.50 to its shareholders.
The company is an indigenous downstream company and is owned by a reputable Nigerian business tycoon, known as Mike Adenuga. Amongst his other investments is the telecommunications outfit- Globacom, which is en-route to becoming the biggest and best in Africa.
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