FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Contents
Page
Corporate information 2
Results at a glance 3
Report of the directors 4
Statement of directors' responsibilities 19
Statement of directors' certification 20
Statement of securities trading policy 21
Statement of free trade rules status 22
Report of the auditors
23 - 25
Report of the audit committee 26
Statement of profit or loss and other comprehensive income 27
Statement of financial position 28
Statement of changes in equity 29
Statement of cashflows 30
Notes to the financial statements 31
Statement of value added 68
Five year financial summary 69
CORPORATE INFORMATIONDirectors:
Dr. Mike Adenuga (Jr), GCON Mr. Kheterpal Hardeep Singh Dr. Moses Ebietsuwa Omatsola Mr. Mike Jituboh
Mr. Ike Oraekwuotu Engr Babatunde Okuyemi Mr. Joshua Ariyo
Mr. Ademola Idowu
Miss Abimbola Michael - Adenuga Mr. Salam Ajani Ismail
- Chairman
- Managing Director
- Director
- Director
- Director
- Director
- Director
- Director
- Executive Director
- Executive Director
Company Secretary:
RC Number:
Mr. Conrad Eberemu 7288
Registered Office:
Bull Plaza 38/39 Marina Lagoswww.conoilplc.com
Auditors:
Nexia Agbo Abel & Co
43 Anthony Enahoro Street Utako
FCT Abuja.www.nexianigeria.com
Registrars:
Meristem Registrars Limited 213 Herbert Macaulay Way Adekunle
Yaba Lagoswww.meristemregistrars.com
Bankers:
First Bank of Nigeria Limited Guaranty Trust Bank Plc Sterling Bank Plc
United Bank for Africa Plc
RESULTS AT A GLANCE
2021 | 2020 | % | |
N'000 | N'000 | Change | |
Revenue | 126,726,356 | 117,470,576 | 7.9 |
Profit before taxation | 3,831,758 | 2,145,493 | 78.6 |
Taxation | (749,068) | (705,308) | 6.2 |
Profit for the year | 3,082,690 | 1,440,185 | 114.0 |
Retained earnings | 17,617,623 | 15,348,274 | 14.8 |
Share capital | 346,976 | 346,976 | - |
Shareholders' funds | 21,789,368 | 19,520,019 | 11.6 |
Per share data | |||
Earnings per share (kobo) | 444 | 208 | 114.0 |
Dividend per share (kobo) | 250 | 150 | 66.4 |
Net assets per share (kobo) | 3,140 | 2,813 | 11.6 |
Stock exchange quotation at 31 December (naira) | 22.0 | 18.7 | 17.6 |
CONOIL PLC | |||
RC: 7288 |
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors of Conoil Plc are pleased to present their report on the affairs of the Company, together with the audited financial statements and the auditor's report for the year ended 31 December 2021.
1.
Legal status
Conoil Plc (formerly National Oil and Chemical Marketing Plc) was incorporated in 1960 as a private limited liability company - Shell Nigeria Limited. In April 1975, the Federal Government of Nigeria acquired 60% shares of the Company through the Nigerian National Petroleum Corporation (NNPC) and the Company became known as National Oil and Chemical Marketing Company (NOLCHEM). The Company was later converted to a public company and in the year 2000, the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE) bought 40% issued ordinary shares of the Company held by Shell Company of Nigeria (UK) Limited. After the privatization of the Company, Conpetro Limited acquired 60% of the issued shares of the Company. As a result of a rights offering by the Company in 2002, Conpetro Limited now holds 74.4% of the issued capital while members of the Nigerian public hold the remaining 25.6% stake in the Company. The Company's name was formally changed from National Oil and Chemical Marketing Plc to Conoil Plc on the 14th day of January, 2003.
2.
Principal activities
The principal activities of the Company are the marketing of refined petroleum products, manufacturing and marketing of lubricants, household and liquefied petroleum gas for domestic and industrial use.
3.
Results for the year
4.
The following is a summary of the Company's operating results: | 2021 | 2020 | % |
N'000 | N'000 | Change | |
Revenue | 126,726,356 | 117,470,576 | 7.9 |
Profit before tax | 3,831,758 | 2,145,493 | 78.6 |
Profit after tax | 3,082,690 | 1,440,185 | 114.0 |
Proposed dividend | 1,734,880 | 1,040,928 | 66.7 |
Share capital | 346,976 | 346,976 | - |
Shareholders fund | 21,789,368 | 19,520,019 | 11.6 |
Dividends |
The Directors recommend the payment of a dividend of 250 Kobo per share on the results for year 2021.
5. Changes on the Board of Directors
The names of the Directors that served during the year are as listed on page 2
In the course of the financial year ended December 31, 2021, there were no changes in the Board of Directors of Conoil Plc.
6.
Directors' interest in shares
The Directors who held office during the year, together with their direct and indirect interests in the issued share capital of the Company as recorded in the Register of Directors' Shareholding and/or as notified by the Directors for the purposes of sections 301 and 302 of the Companies and Allied Matters Act, 2020 and the listing requirements of the Nigerian Exchange Group is as follows:
Directors | Total | Total | ||
Direct | Indirect | 2021 | 2020 | |
Number | Number | Number | Number | |
Dr Mike Adenuga (Jr), GCON * | Nil | 103,259,720 | 103,259,720 | 103,259,720 |
Mr. Hardeep Kheterpal (Indian) | Nil | Nil | Nil | Nil |
Dr. Moses Ebietsuwa Omatsola | 541 | Nil | 541 | 541 |
Engr Babatunde Okuyemi | 8,500 | Nil | 8,500 | 8,500 |
Mr Mike Jituboh | Nil | Nil | Nil | Nil |
Mr Ike Oraekwuotu | Nil | Nil | Nil | Nil |
Miss Abimbola Michael - Adenuga | Nil | Nil | Nil | Nil |
Mr. Ismail Salam | Nil | Nil | Nil | Nil |
Mr Joshua Ariyo | 25,365 | Nil | 25,365 | 25,365 |
Mr Ademola Idowu | 15,125 | Nil | 15,125 | - |
*Representing Conpetro Limited |
There were no material changes to Directors' shareholdings within the year ended 31st December, 2021.
CONOIL PLC RC: 7288
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Conoil plc published this content on 05 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2022 15:47:07 UTC.