Conoil declares 44% decline in after tax profit for 2017


One of the indigenous oil and gas firm, Conoil Plc has reported a decline of 44.36 percent in its profit after tax for the year ended 31 December, 2017.
The company’s made N2.838 billion as profit after tax in 2016 dropped to N1.579 billion at the end of 2017 financial year.
Its shareholders funds also dropped from N18.467 billion in 2016 to N17.893 billion, represented 3.11 percent, while the earnings per share slumped to N227 from N409 recorded in 2016. The decline in earnings per share represented 44.50 percent.
Meanwhile, Conoil revenue rose by N30.489 billion or 35.86 percent, from N85,024 billion to end 2017 at N115.513 billion.
However, the company proposed N1.4billion as dividend payout to its shareholders for its last financial year in the face of daunting economic challenges in the country.
This translates to N2.00 on every 50 kobo ordinary share.
It is in line with the Company’s consistent dividend policy, over the years, to its shareholders.
The proposed dividend is expected to be ratified by its shareholders at the Company’s next annual general meeting in Uyo, Akwa Ibom State.
As part of its Board resolutions to The Nigerian Stock Exchange, 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.