Conoil Plc declares N960 million as final dividend for 2020.

The Board of Conoil Plc has revealed that it will pay a total sum of about N960 million to its shareholders as the final dividend for the period ended 31st of December, 2020.

According to a recent notice issued by the company and filed with the Nigerian Exchange Limited (NGX), Conoil Plc is expected to pay a final dividend of N1.50 per share on all the outstanding 693,952,117 ordinary shares of the company. This brings the total dividend payout to qualified shareholders to approximately N960 million.

The final dividend will be paid electronically to shareholders on the 19th of November, 2021, subject to appropriate withholding tax and approval at the Compan y’s forthcoming Annual General Meeting.

The conditions for qualification demands that only shareholders whose names appear on the Register of Members as at Friday, 2nd July, 2021 and who have completed their e-dividend registration and mandated the Registrar (Meristem Registrars and Probate Services Limited) to pay their dividends directly into their Bank accounts, are qualified to participate.

It is pertinent to note that the recent dividend declaration of N1.50 is 25% lower than the amount declared in corresponding period of last year (FY 2019: N2 per share). This decrease might be attributed to a dip in key financial metrics of the company for the current period under review. For example, in its FY 2020 report, the company’s revenue and profit for the year declined by 16% and 27% to N117.5 billion and N1.44 billion respectively. Its earnings per share also printed N2.08 as against N2.84 printed in corresponding period of 2019.

Conoil plc opened trading today 12th of October, 2021 with a share price of N25.50 per share.

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