Conoil Shareholders Approve N1.4 Billion Dividend

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Conoil Plc shareholders has approved payment of N1.39 billion as cash dividend for the 2019 financial year ended December 31, 2019, amounting to a dividend of N2 per share for shareholders.

This was at the company 50th Annual General Meeting (AGM) which was held virtual by proxies in Lagos, shareholders unanimously approved the dividend payment.

Highlight of the 2019 financial results showed that Conoil’s gross revenue grew by 14.4 per cent to N139.8 billion. Profit before tax grew by 10.4 per cent to N2.83 billion while profit after tax also grew by 9.8 per cent to N1.97 billion.

Total assets rose by 4.4 per cent to N63.6 billion while interest expense dropped by 26 per cent to N1.1 billion.

Conoil stated that the modest dividend payout was predicated on the need to consolidate its cash management effort in the face of the liquidity squeeze in the economy and also to continue to ensure improvement in its overall performance in order to meet the expectations of the shareholders.

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