By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Oil marketing firm, Conoil Plc last Friday announced a decrease of 300 percent in dividend payout to investors as it proposed a N1.00 per share dividend in its 2014 audited year end.

To drop the dividend in the review period, the oil marketer had in 2013 audited year end paid N4.00 compared to N1.00 per share proposed in the same period of 2014.

The company said closure date is September 28, 2015 and will hold its annual general meeting (AGM) October 23, 2015; while payment date has been scheduled for November 2, 2015.

A review of the companies audited report for the period ended June 30, 2015 shows that profit after tax (PAT) dipped 73 percent to N834.42 million from N3.07 billion recorded a year ago.

Similarly, profit before tax (PBT) declined 66.5 percent to N1.53 billion from N4.57 billion posted the same period of 2013.

Also, revenue of the oil marketer depreciated from N159.53 billion to N128.35 billion in the review period of 2014, Conoil said in a filing with the Nigerian Stock Exchange (NSE).