MRS Oil: Shareholders Approve N1.73 Kobo Dividend

By John Okoh, Lagos

 

New Chairman  Patrice Alberti, left, and Ex Chairman Sayyu Dantata, right

Shareholders of MRS Oil Nigeria Plc on Monday approved the payment of N1.73 kobo per share as final dividend for the 2016 financial year.

The proposed dividend which amounts to N439.77 million will be paid on August 8, 2017 to shareholders whose names appeared on the register of the company at the close of business on June 30, 2017.

The 2016 dividend is 25 percent above N1.10 kobo that was paid at the same period in 2015.

Commenting on the 2016 financial year, the outgoing chairman of the company Alhaji Sayyu Dantata said despite the higher cost of procuring and distributing petroleum products occasioned by the macro economic conditions of falling oil prices, devaluations of the naira and slowdown in Gross Domestic Products (GDP) growth, the company was able to deliver growth margin of 3 percent and achieved good strategic progress.

According to him “year on year performance comparison shows that the overall sales for the twelve months was up by 26 percent from 87.1 billion in 2015 to 109.6 billion in 2016 with Dual Purpose Kerosene (DPK) achieving a 360 percent increase, from 1.9 billion in 2015 to 8.6 billion in 2016”

Meanwhile Mr Patrice Alberti has since assumed chairmanship of the company. He presided over the company 48 annual general meeting that was held today August 7, 2017 in Lagos.