The board of Directors of Conoil Plc has recommended distribution of N1.4 billion to shareholders as cash dividend for the 2017 business year. Shareholders will receive a dividend per share of N2.
The proposed dividend is expected to be approved by shareholders at the company’s next annual general meeting in Uyo, Akwa Ibom State.
In a regulatory filing at the Nigerian Stock Exchange (NSE), the company board stated that it had met and approved that dividend warrants will be dispatched on July 9, 2018 to members whose names appear in the register of members at the close of business on June 8, 2018.
The board also approved that members’ register and the company transfer books be closed from June 11, 2018 to June 15, 2018, (five days) to enable the preparation and payment of dividends.
Conoil has maintained a consistent dividend payout history. Between 2012 and 2016, the company had paid a total of N8.4 billion as dividend.
Audited report and accounts of the company for the year ended December 31, 2017, showed that turnover rose by 35.9 per cent from N85.02 billion in 2016 to N115.51 billion in 2017. Profits before and after tax, however, stood at N2.30 billion and N1.58 billion respectively in 2017. Earnings per share closed in 2017 at N2.27.
The company attributed its performance to sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.
While assuring that its promise to its shareholders remains maximum value, it reiterated delivery of excellent service and products to its customers.
Conoil sales outlet at central Abuja. File photo from google images