The shareholders of Conoil Plc, have unanimously approved the payment of N1.4 billion as cash dividend for the financial year-end Monday, December 31, 2018.
Following the approval, shareholders will receive a dividend of N2 per share.
This resolution was made at the company’s recently held Annual General Meeting (AGM) in Uyo, Akwa Ibom.
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In his address to shareholders at the meeting, Chairman, Conoil Plc, Dr. Mike Adenuga (Jr), stated that Conoil has continued to improve on its performance and shareholder’s value despite the tough operating environment in the downstream oil sector.
This matter because the company has maintained a consistent dividend payment policy for good seventeen years (2001 to 2017), implying that it is capable of delivering returns on investment as and when due.
Even though there has been variance in the value of dividend declared over the years, reaching its seventeen-year high in 2013 at N4 per share, Conoil has managed to pay a dividend and keep afloat despite the fairly long period of economic recession. This has earned it a dividend yield of 9.24%.
For instance, Conoil recorded a steep plunge in Profit After Tax from N2.355 billion in 2013, when it paid N4 dividend per share, to N834.421 million in 2014, when it paid N1 per share dividend.
The Earnings Per Share (EPS) of Conoil currently stands at N2.58 while its Price to Earnings Ratio (PE Ratio) is 8.39.