Despite 66.7 percent decline in its profit after tax for the year ended 31st December, 2013, the board of directors, MRS Oil Nigeria plc said they are prepared to pay N23.34 kobo dividend to shareholders for their investment in the company.
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The proposed dividend amounts approximately N59.28 million gross dividends and would be paid on 15th August if approved by members of the company.
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According to the notice filed with the Nigerian Stock Exchange, NSE, only investors whose names appeared on the register of company as at 19th July, 2013 will benefit from the dividend.
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A breakdown of financial statement prepared in line with the International Financial Reporting Standard, IFRS, showed that profit after tax slumped to N205.121 million from N615.624 million, indicating 66.7 percent decrease.
Drop in profit does not appeal to anyone in whatever company cos it is always disheartening. It is never a good thing to know.