Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Petroleum Marketing Firm, Conoil Plc Friday declared a dip in profit after tax (PAT) of -76.1 percent (-76.1%) and a drop of -60% in proposed dividend in its audited report for the period ended December 31 2012.

To post the decline in PAT, the firm recorded N714.984 million in the audited period of 2012 compared to N2.997 billion reported in 2011 end; showing a negative of 76.1%.

Profit before tax (PBT) also depreciated from N4.382 billion in 2011 to N1.149 billion in the review period of 2012; representing a decline of -73.8%.

Turnover also decreased from N157.512 billion in year 2011 to N149.993 billion in the review period of year 2012 end; showing a decrease in Turnover of -4.8%.

In the same vein, the company has proposed to reward investors of the Company with a dividend of N1.00 per share compared to N2.50 paid in 2011 end; indicating a drop of -60% in dividend payout to its investors.

Conoil affirmed that closure date for shareholders to benefit from the N1.00 dividend reward is September 02 to 06, 2013 and annual general meeting (AGM) and payment date scheduled for September 30, 2013 and October 14, 2013 respectively.