Okomu Oil to pay shareholders N7 billion dividend as full-year annual profit triples

Okomu Oil Palm Plc will reward shareholders with a dividend payment of N7.6 billion, which translates to N8 per share for fiscal year 2021, the firm said in a notice published on the Nigerian Exchange (NGX) on Wednesday, seen by PREMIUM TIMES. The decision followed a sterling earnings performance from the company last year, marked by a roughly three-fold increase in net profit to N11.5 billion and a 60 per cent increase in turnover. The maker of palm oil, rubber lumps, palm kernel oil and palm kernel cake said the dividend payment is subject to withholding tax and will go to shareholders, whose names appear on the company’s membership register. at the close of operations on April 22, being the classification date. Okomu Oil posted a turnover of over N31bn in 2020 after sales increased by 66.7%, with exports out of its base in Nigeria contributing N4.2bn. Shareholders who “have completed electronic dividend registration and have instructed the Registrar to pay their dividends directly into bank accounts,” it said in the statement to NGX. Those of them “who have not yet completed the electronic dividend registration are encouraged to download the Registrar’s Electronic Dividend Mandate Activation Form.” “Shareholders with share certificates and dividend warrants that have not been claimed, or have not yet been presented for payment or returned for validation are encouraged to complete the electronic dividend register or contact the Registrar,” the company added. Okomu Oil paid shareholders N7 per share for 2020, 14 percent less than its dividend plan this time. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Okomu Oil to pay shareholders N7 billion dividend as full-year annual profit triples