By Dipo Olowookere
Shareholders of Seplat Petroleum Development Company Plc and Okomu Oil Palm Company Plc will gather in Lagos today.
The reason for the gathering of these shareholders is mainly for the Annual General Meetings (AGMs) of their respective organisations.
While investors of Seplat will gather on 16a Temple Road (Olu Holloway), Ikoyi, Lagos by 11am, those of Okomu Oil will converge on Harbour Event Centre, 4 Wilmot Road, Victoria Island, Lagos at 10am.
At their respective meetings, shareholders will vote on the dividend recommended by their boards and would expect to start receiving the cash rewards afterwards.
Business Post reports that the board of Seplat has proposed to pay shareholders a dividend of $0.05 per unit, while the board of Okomu Oil has recommended N2 for the 2019 financial year.
In the 2019 fiscal year, Seplat recorded a 6.2 percent decline in the revenue generated, N214.2 billion, compared with N228.4 billion achieved in 2018 FY.
The revenue shortfall was majorly impacted by lower production and oil price as Brent oil price averaged $64.04/bbl over 2019 (2018: $71/bbl). The average premium to Brent achieved by the Group in 2019 was $0.36/bb.
The firm said the cost of sales reduced to N92.7 billion from N108.5 billion, while the gross profit rose to N121.5 billion from N119.8 billion due to higher gas processing revenues and lower non-production costs primarily consisting of royalties and DD&A.
The DD&A charge for oil and gas assets decreased in the period under review, reflecting lower depletion of reserves because of decreased production compared to the prior year.
Its general and administrative expenses was trimmed to N21.7 billion from N24.4 billion, while operating profit increased to N95.8 billion from N94.9 billion, mainly because of the gas-tolling revenue recognised but set against the reversal of previously recognised accrued interest on NPDC receivables due to the settlement of these receivables.
In the reporting year, its profit before tax increased to N89.9 billion from N80.6 billion, while the profit after tax significantly jumped to N85.0 billion from N44.9 billion.
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
Like Our Facebook Page
Latest News on Business Post
- UK May Adopt Digital Currency April 19, 2021
- Leadway Assurance Seeks Cyber Insurance Acceptance April 19, 2021
- Explainer: The Controversy Around European Super League April 19, 2021
- Sub-Saharan Africa Must Embrace Data to Boost Growth—BCG April 19, 2021
- Experts to Discuss Tech, Digital Transformation at MSME Dialogue 3.0 April 19, 2021
- Ecobank Attracts Nigerians Abroad With Competitive Interest Rates April 19, 2021
- About Africa’s Overwhelming Dishonesty April 19, 2021
- 7 Top Financial Indicators You Should Monitor as a Business Owner April 19, 2021
- Arogundade Urges Companies to Emulate Rite Foods April 19, 2021
- Northern IPMAN Threatens Strike Over PEF Conflict April 19, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology4 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Feature/OPED1 year ago
Davos was Different this year
Feature/OPED1 month ago
COVID and the Growth of Technology in Nigeria
Economy1 month ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP