Okomu Oil Plc has announced a dividend payment of N8.00 kobo per 50 kobo ordinary share for the financial year ended 31 December 2021. This brings the total consideration to be paid pre-withholding tax to N7.63 billion, which is 66% of the company’s Profit for the FY 2021, N11.54 billion.
However, for the period ended December 2020, the company paid a total of N6.68 billion to shareholders as dividends, over twice its total profit for the period, N2.94 billion. This may suggest that the larger bulk of dividends paid was from the company’s reserved earnings.
The dividend payment declared for FY 2021 will be subject to shareholders’ approval at the Annual General Meeting (AGM) and appropriate withholding tax.
According to the disclosure filed with the Exchange (NGX), shareholders are to ensure their names are registered in the Register of Members by the qualification date of April 22, 2022.
On Wednesday, May 25, 2022, the dividend which amounts to N7.63 billion will be disbursed electronically to ordinary shareholders whose names appear on the Register of Members as at Friday, April 22nd 2022, and those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
The company’s registrar is Cardinalstone Registrars Limited and the e-dividend mandate form can be downloaded or filled online on the registrar’s website.
Okomu Oil Plc has 953,910,000 outstanding shares and a market capitalization of N135.46 billion at the time of filing this report. The company’s shares opened trading on 7th of March, 2022 at N142 per share and closed at N142 per share.
What you should know
- Okomu oil Plc had released its Audited 2021 financial results for the period ended 31 December 2021, reporting a profit of N11.54 billion, representing a 292% growth year on year. Revenue of N37.39 billion was reported in the full-year period compared to N23.41billion in the same period of 2020.
- Earnings per share was recorded as N12.10 kobo against N3.08 kobo recorded in the corresponding period of 2020.
- Year-to-date, the company’s shares have remained unchanged from N142.00 at the beginning of the year to the time of writing this report.