11 Plc has announced to pay a final dividend of 825 kobo per ordinary share for the period ended Monday, December 31, 2018.
The dividend payment is subject to appropriate withholding tax and would be paid electronically to shareholders whose names appear on the Register of Members as at Thursday, May 2, 2019.holders will be closed from Friday, May 3 to Friday, May 10, 2019.
Understanding dividend
A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.
In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.
What you should know about 11 plc
11 plc markets petroleum products in Nigeria. The company operates through two segments: Petroleum Products Marketing and Property Business.
The company sells petrol, diesel, aviation fuel, kerosene, and lubricants. The company distributes its products through service stations and distributors, as well as sells aviation fuel at Murtala Mohammed Airport. It also leases investment properties for office and residential use.
The company was formerly known as Mobil Oil Nigeria plc and changed its name to 11 plc in May 2017. The company was incorporated in 1951 and is based in Lagos, Nigeria. As of April 3, 2017, 11 plc is a subsidiary of Nipco Investments Limited.
11 plc traded N170 on NSE’s last trading session.
