Key Points
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Conoil announces final dividend of N3.5 per share to shareholders.
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Dividend payout highlights Conoil’s strong financial performance this fiscal year.
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Shareholders are set to receive their dividend in December 2025.
According to a filing with the Nigerian Exchange (NGX) about its upcoming annual general meeting, Conoil Plc will pay shareholders a final dividend of N3.50 per share this December. The disclosure shows that the company is still committed to giving shareholders a return on their investment, even though its financial results have been mixed.
The company’s annual shareholders meeting will be on December 19 in Akwa Ibom. At that meeting, the board will show the audited financial results for the fiscal year 2024. Shareholders whose names are on the list at the end of business on November 25 will be able to get the last dividend.
On November 28, the register will close. On December 23, payments will be made electronically to investors who have completed the e-dividend registration process.
The increase in revenue doesn’t make up for the drop in profits
Conoil’s profits fell by 11.1% from 2023 to 2024, from N9.868 billion to N8.773 billion. Despite a strong performance in top-line revenue, which grew 60.5 percent to N323.127 billion from N201.387 billion in the previous year, the bottom line shrank. The company said it will keep paying dividends, with a total of N2.428 billion, which is the same amount as the 2023 payment.
Shareholder structure and activity in the market
Conpetro Limited, which is owned by Mike Adenuga, is still the biggest shareholder in Conoil, owning 74% of the company. Other directors only own small amounts.
The free float on the Nigerian Exchange is now 24.26 percent. Conoil shares have mostly stayed the same, trading at N190.70 per share because there isn’t much activity in the market. The company’s market cap is N132.336 billion, based on the 693,952,117 shares that were printed as of the end of business on Monday.
Even though profits are down, Conoil’s strong revenue growth and steady dividend policy continue to reassure investors, showing that the Nigerian downstream oil sector is still strong. Analysts say that the upcoming dividend and annual meeting will be closely watched for hints about future earnings and plans for the company’s future.
