Conoil Plc has announced a final dividend of N3.50 per share for its registered shareholders, as disclosed on the Nigerian Exchange (NGX) platform on October 8, 2024. This dividend, based on every 50 kobo share, highlights the company’s robust financial performance in recent quarters.
Dividend Details
The proposed dividend will be subject to withholding tax and will be distributed exclusively to shareholders listed in the company’s Register of Members by the close of business on October 18, 2024. Eligible shareholders can expect to receive their dividends electronically on November 22, 2024.
To facilitate the payment process, Conoil has engaged Meristem Registrars, which will oversee the direct deposit of dividends into the accounts of shareholders who have completed their e-dividend registration.
The company urges shareholders who have not yet registered for e-dividends to do so promptly. “Shareholders are encouraged to download the Registrar’s E-dividend Mandate Activation form available on the company’s website,” the disclosure stated. Furthermore, shareholders with unclaimed dividends are reminded to complete their e-dividend registration to ensure they are eligible for payment.
Financial Performance
Conoil’s financial performance in the second quarter of 2024 demonstrated a significant increase, with pre-tax profit rising by 13.34% to N4.6 billion, compared to N4.1 billion in the same period of 2023. This growth was driven by a surge in market demand for petroleum products, resulting in a remarkable 71.79% year-over-year revenue increase in Q2 2024. Net income also saw a rise of 13.25%, growing 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, reflecting a 100% year-to-date rise in the Nigerian stock market. This upward trajectory is attributed to strong buying momentum that began last year, which has intensified in 2024 amid growing optimism in the oil and gas sector.
Conclusion
The declaration of the final dividend, combined with Conoil’s impressive financial results, underscores the company’s commitment to rewarding its shareholders while navigating a favorable market environment. Investors are encouraged to complete their e-dividend registrations to ensure they benefit from the upcoming dividend distribution, reinforcing Conoil’s position as a key player in Nigeria’s oil and gas industry.
