June 2, 2018
Lagos (INVESTADVOCATE)-Oil marketing major, Conoil Plc on Friday offered its shareholders a dividend of N2.00 per share compared to N3.10 paid in 2016, amounting to N1.4 billion in the review period of 2017.
This is coming on the heels of of daunting economic challenges in the country. “It is in line with the Company’s consistent dividend policy, over the years, to its shareholders,” Conoil said in an emailed statement to InvestAdvocate.
According to the statement, the proposed dividend is expected to be ratified by its shareholders at the Company’s next annual general meeting in Uyo, Akwa Ibom State.
Conoil said as part of its board resolutions to the Nigerian Stock Exchange (NSE), the Company approved that the dividend warrants will be dispatched on July 9, 2018 to members whose names appear in the register of members at the close of business on June 8, 2018.
The Board also approved that the register of members and the transfer books of the Company will be closed from June 11, 2018 to June 15, 2018, both days inclusive to enable the preparation and payment of dividends.
“It is on record that the oil marketing giant has a robust dividend payout history which it has maintained over the years; and this has continually endeared it to its teeming shareholders. Between 2012 and 2016, the company has paid a total of N8.4 billion as dividend,” the statement affirmed.
Conoil attributed the performance to its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.
The company while assuring that its promise to its shareholders remains maximum value, it reiterated delivery of excellent service and products to its customers.