Conoil announces July 14 ex-dividend date

Conoil Nigeria Plc has announced that its ex-dividend date commences from 14th July, as the register of members and transfer books of the company will be closed from 10th July to 14th July.

The two dates, the company revealed are inclusive, to enhance preparation and payment of dividend payment to qualified shareholders of the company.

At the company’s board meeting held on 9th June, approval was secured for the company’s audited financial statement for the period ended 31 December, 2016; and to lay the report before shareholders of the company at its 47th Annual General Meeting (AGM).

The company revealed, in a memo published by the Nigerian Stock Exchange (NSE), on Wednesday, signed by Conrad Eberemu, company’s secretary, that the board was also mandated to proposes 310 kobo dividend payment at the AGM.

Conoil revealed that following approval of dividend payment, the dividends warrant will be posted on 21 August to shareholders, whose names appear in the company’s register of members as at the close of business on July, 7th.

Meanwhile, Conoil’s result for the period ended 31 December, 2016, released recently, the company posted a revenue of N85 billion, up from N82.919 billion in 2015. Cost of sale reduced from N71.381 billion to N70.8 billion in 2016, to bring the gross profit to N14.14 billion, compared with N11.53 billion in 2015.

The company implemented cost-savings measures leading to a reduction in distribution expenses to N2.534 billion, from N2.69 billion. Similarly, finance cost fell significantly from N3.75 billion to N1.76

Borrowing in 2016 dropped by 50.6 per cent from N18.235 billon to N8.99 billion. Following the reduction in bank overdraft, interest paid reduced from N3.752 billion to N1.762 billion.

Conoil ended the year with profit before tax of N4.28 billion, showing an increase of 24 per cent above the N3.44 billion in 2015. Profit after tax rose by 23 per cent to N2.397 billion to N2.837 billion.

Conoil’s margins improved, showing efficient resource management. Gross margins improved from 13 per cent to 16 per cent, while net profit margin stood at 3.3 per cent in 2016, compared with 2.8 per cent in 2015.