… share price hits 52-week low
Conoil Plc will be paying about N2.43billion as final dividend for the year ended December 31, 2024.
The company which has 693,952,117 shares outstanding has proposed a final dividend of N3.50kobo to be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday November 21.
Nigerian billionaire, Mike Adenuga (Jr) who is also the chairman of Conoil Plc indirectly owns 103,259,720 shares of Conoil Plc. This implies that he will be paid about N361.38million as final dividend through Conpetro Limited.
In addition, Conpetro Limited, a company Adenuga Jr. owns 74.4 percent equity stake in will receive N1.807billion as final dividend from Conoil Plc.
Conpetro Limited holds 516,298,603 shares of Conoil representing 74.40 percent of the total 693,952,117 shares outstanding while other shareholders hold only 25.60 percent or 177,653,514 units.
According to the Register of members, no shareholder of Conoil Plc other than Conpetro Limited held more than 5 percent issued shares of the Company as at December 31, 2024.
Read also: Conoil records weakest half-year profit in five years
The company’s shareholding analysis for the year ended December 31, 2024 shows that it has 143,210 shareholders.
The proposed N3.50kobo dividend per share represents 40 percent increase from N2.50 kobo dividend it paid in 2023.
Conoil Plc in a recent corporate announcement at the Nigerian Exchange Limited (NGX) noted that the register of shareholders will be closed from November 24 to 28.
The company’s financial statements for the year ended December 31, 2024 show that its revenue of N323.127billion as against N201.387billion in 2023 represents an increase by 60.5 percent.
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.
Meanwhile, its profit before taxation (PBT) of N11.004billion in 2024 as against N12.277billion in 2023 represents a decline by 10.4 percent. The company’s full year profit after tax decreased by 11.1 percent to N8.773billion from N9.868billion in 2023. Earnings per share decreased by 11.1 percent to 1,264 kobo in 2024 from 1,422 kobo in 2023.
The company’s Annual General Meeting (AGM) will be held in Uyo on December 19. On December 23, dividends will be paid electronically to shareholders whose names appear on the register of members as of November 21 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
The company’s share price has steadied at a 52-week low of N190.7 as against 52-week high of N387.2.
