Conoil raises dividend by 40% as annual profit doubles

Conoil Plc has proposed a 40 percent increase in dividend as its pretax profit doubled to N12.28 billion in 2023 compared to the previous year.

Its earnings report released on Monday shows that its revenue rose by 53.2 percent to N201.39 billion.

The board of directors proposed that a dividend of N3.5 per ordinary share be paid to shareholders, up from N2.5 (N1.74 billion) for the 2022 financial year.

“The dividend is subject to approval by shareholders at the Annual General Meeting and deduction of withholding tax at the appropriate rate,” the firm said.