Conoil to Pay Shareholders N3.5 Final Dividend in Dec.
Conoil Plc has moved to pay shareholders a final dividend of N3.50 in December, according to a regulatory filing on the Nigerian Exchange announcing its annual general meeting.
According to details from the disclosure, Conoil annual shareholders meeting will be held on December 19 in Akwa Ibom, where the board will lay the financial year 2024 audited result before the owners of the company.
The oil company said the amount will be paid to shareholders whose names appear in the register of members at the close of business in November 25. Members registered will be close by November 28.
Conoil said shareholders will receive their final dividend on December 23, and the payment will be made electronically to investors that have completed e-dividend registration.
In 2024, Conoil profit fell by 11.1% year on year to N8.773 billion from N9.868 billion in the equivalent period in 2023. The oil company’s bottom line performance shrank despite a significant year on year growth in revenue.
Audited financials showed that Conoil revenue expanded by 60.5% year on year to N323.127 billion compared with N201.387 billion in the comparable period in 2023.
Maintaining its payout policy, the company proposed to pay N2.428 billion as dividend, the same amount distributed in the financial year 2023.
Mike Adenuga Company Conpetro Limited controls 74% interest in Conoil with insignificant director holdings. This left free float in Nigerian bourse at 24.26%.
Conoil has been trading flat at N190.70 per share due to thin transactions on the oil company’s shares in the local bourse. The market value of Conoil Plc.’s 693,952,117 printed at N132.336 billion at the close of business on Monday.
