Conoil plc, one of Nigeria’s energy providers, has disclosed its plans to pay an interim dividend of N3.50 per ordinary share of 50 kobo each subject to withholding tax.
The proposed interim dividend will be paid to shareholders on November 22, 2024.
The company recorded a 28.3 percent increase in profit after-tax to N8.02 billion in the first half (H1) of 2024, up from N6.25 billion in the corresponding period of 2023.
The dividend will be paid to shareholders whose names appear in the register of members at the close of business on October 18, 2024, and who have completed the e-dividend registration mandating the registrar to pay to their bank accounts.
“Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration form or contact the registrar,” the company said in a recent corporate action announcement.
Read also: How Conoil fared in the first half of 2024
It further stated that the company’s annual general meeting will be held on November 15, 2024.
Its share price also rose to N144 as of August 27, 2024, from N90.9 as of April 5, 2024, making it one of the top-performing stocks in the oil and gas sector in the Nigerian Exchange Limited.
The company also generated N26 billion in cash from operating activities during this period compared to a loss of N876 million in the first half of 2023.
This outcome can be attributed to two primary factors such as the receipt of advances from customers and an uptick in trade and other payables.
Conoil’s trade and other payables rose by 234 percent to N10.7 billion, up from N3.2 billion, BusinessDay earlier reported.
The company’s revenue rose to N180 billion in the first six months from N87 billion in the same period of last year due to increased sales of its white products which accounted for 97 percent of the firm’s total revenue.
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