Conoil Plc has declared a final dividend of N3.50 per share on every 50 kobo, for its registered shareholders.
This announcement was made public through the Nigerian Exchange (NGX) disclosure platform on October 8, 2024.
According to the disclosure, the proposed dividend will be subject to withholding tax and will be distributed exclusively to shareholders whose names appear in the company’s Register of Members by the close of business on October 18, 2024.
What to know
- The approved dividend of N3.50 per 50 kobo share will be subject to applicable withholding taxes and will only be disbursed to shareholders listed in the company’s register before the end of business on October 18.
- Scheduled to close from October 21 to October 25, 2024, the Register of Members will not permit any updates during this time.
- Shareholders who qualify will receive their dividends electronically on November 22, 2024.
- The company has engaged Meristem Registrars to facilitate the direct deposit of dividends into the accounts of shareholders who have completed their e-dividend registration process.
E-Dividend Registration
The company urges shareholders who have not yet completed their e-dividend registration to do so promptly.
“Shareholders who are yet to complete the e-dividend registration are encouraged to download the Registrar’s E-dividend Mandate Activation form, available on the company’s website,” according to the disclosure.
Additionally, shareholders with unclaimed dividends are reminded to complete their e-dividend registration to ensure eligibility for payment.
“Shareholders holding dividend warrants and share certificates that remain unclaimed or have not been presented for payment or validation should fill out the e-dividend registration form or contact the Registrar for assistance,” the statement further advised.
Performance
- Conoil Plc posted a solid financial performance in the second quarter of 2024, with a 13.34% increase in pre-tax profit, rising to N4.6 billion compared to N4.1 billion recorded in the same period of 2023.
- This growth was amid a surge in market demand for petroleum products, leading to a significant 71.79% year-over-year revenue increase in Q2 2024.
- Net income also experienced an uplift, growing by 13.25% from N3.2 billion in Q2 2023 to N3.6 billion in Q2 2024.
As of the market close on October 8, 2024, Conoil’s share price has doubled, achieving a 100% year-to-date rise in the Nigerian stock market.
Building on strong buyside momentum that began last year, the company saw its bullish trend strengthen in 2024, amid increased optimism in the oil and gas sector.