By InvestAdvocate

Lagos (INVESTADVOCATE)-Petroleum Marketing Firm, Conoil Plc Wednesday declared a N2.949 billion Profit After Tax (PAT) and has proposed a dividend of N2.50 for the Audited Report for the Period ended December 31 2011.

This is contained in the Result Announcement of the Company to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

The N2.949 billion declared in the review period is 112.7 percent (112.7%) increase in PAT compared to N2.790 posted in year 2010 End.

Profit Before Tax (PBT) also grew from N4.021 billion in 2010 to N4.389 billion in the 2011; representing a growth of 119.0% in the review period.

Turnover also increased from N102.878 billion in year 2010 end compared to N157.512 billion in the review period of year 2011 end; showing an increase in Turnover of 53.1%.

Meanwhile Conoil has proposed to reward investors of the Company with a dividend of N2.50.

Conoil affirmed that Qualification Date for shareholders to benefit from the N2.50 dividend reward is August 03 2012 and Closure Date of Shareholders whose names appears on the Company’s Register is August 06 to 10 2012.

Also, Annual General Meeting (AGM) has been scheduled for August 30 2012 and payment date September 14 2012.

Just recently, Conoil Plc and 35 other Companies listed on the Floor of the Nigeria’s Exchange were listed as performing Below Listing Standard (BLS) due to non-rendition of their Annual Accounts as at when due.

In April, the Nigeria’s Exchange unveiled a Report known as X-Compliance Report as part of its ongoing regulatory program to enhance transparency and disclosure.

The Report has four (4) identification symbols that indicate the compliance status of listed Companies.

The X-Compliance Report also notifies the public when a company is embarking on capital reconstruction, delisting (whether voluntary or regulatory) or restructuring.

According to the NSE, it believes that the timely disclosure of financial information and on-going event disclosure is critical to stakeholders in the Capital Market as well as investors.

The NSE said consequently, Companies that miss their financial filing dates or contravene any of the provisions of the Post Listing Rules will have the symbol BLS (Below Listings Standard) appended to their name. The symbol remains in effect until the company regularises its compliance status.