Conoil Plc has announced a dividend of N3.50k (three naira fifty kobo) per share from its 2023 profits, payable to shareholders recorded in the company’s books by November 18, 2024.
This announcement was published on the Nigerian Exchange Limited’s (NGX) platform on November 20, 2024, and signed by the company’s secretary, David Lanre-Leke.
As part of the resolutions passed at the AGM, shareholders adopted the Directors’ Report and audited financial statements for December 31, 2023, including the profit and loss statement and a comprehensive income report reviewed by the auditors and audit committee.
Other resolutions addressed during the meeting included the re-election of directors, the composition of the statutory audit committee, and the determination of remuneration for management and directors.
Appointments and remunerations
The Board approved the re-election of non-executive directors Dr. Mike Adenuga, Mr. Joshua Ariyo, and Mr. Mike Jetuboh, who were due for retirement by rotation, reinstating them to their roles as non-executive directors of the company.
With no new nominations, the existing statutory audit committee members—Mr. Adeshina Oladepo, Ms. Adeleye Funmilayo, and Mr. Ijayekunle Idowu—were retained for 2024, along with non-executive directors Mr. Ademola Idowu and Mr. Joshua Ariyo.
- In line with Section 257 of the Companies and Allied Matters Act (CAMA) 2020, the resolution also included the disclosure of the company’s managers.
- Furthermore, the Annual General Meeting (AGM) unanimously approved a resolution allowing the directors to determine the remuneration of the external auditors, Messrs. Nexia Agbo Abel & Co., who confirmed their willingness to continue in the role.
- Lastly, the AGM members unanimously approved the proposed resolution to fix the remuneration of the non-executive directors, as part of a special business agenda.
Performance
- Conoil began 2024 with a share price of N83.90, recovering from a late-2023 dip to N80.20, and by the end of January, it had climbed to N101.00, signaling the start of a modest rebound.
- From February to June, the stock experienced minimal movement, with small gains in April and May gradually lifting it into the N105 range.
- However, momentum picked up in July when Conoil announced a 53% year-over-year revenue increase for 2023, reaching N201 billion, and revealed that it had achieved 45% of its total 2023 revenue in the first quarter of 2024, amounting to N91 billion.
- This positive news triggered heightened market activity, with 8.2 million shares traded in July, driving the share price sharply upward from N105.00 to N144.00.
- In August, Conoil released its Q2 financial results, reporting a 13.34% year-over-year increase in pre-tax profit, rising from N4.1 billion in 2023 to N4.6 billion in 2024.
- This momentum carried into September and October, bolstered by the declaration of a final dividend of N3.50 per share in early October.
- In November, the company released its Q3 financial results, reporting a pre-tax profit increase to N5.02 billion, sparking strong market activity and driving the share price up by over 37% by the week ending November 8.
As of market close on November 20, 2024, Conoil’s stock is trading at N259.00.
