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Oil & Gas Sector: 83% of Oil Firms Issue no Bonus Scripts in 6Years

Category: Oil Sector

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Oil & Gas Sector: 83% of Oil Firms Issue no Bonus Scripts in 6Years


Thursday, May 23, 2013 6:24 PM / The Analyst

The Oil and Gas sector on the Nigerian bourse seems to be recovering faster than we had expected; considering the consistent and improved patronage recorded so far in the year with an average sector performance of +20.35% gain – which is now far above the full year average performance of -22.91% recorded in the previous year.

Relatovely, the NSE Oil & Gas index has recorded above +25.00% so far in the year - an impressive performance; very close to +32.70% uptick recorded by All Share Index (ASI) as at May 22 2013 - this further shows that the sector contributed significantly to the market performance; riding on the back of impressive patronage witnessed towards Eterna, FO, Total and Oando Plc.



The patronage level witnessed so far in the sector points to healthy expectations on the side of investors, even though the number of the oil firms still recorded mixed outlook in their recent financials.

This has urged us to dig deeper into the reward (Bonus & Dividend) history and pattern to showcase how these companies have rewarded their investors and shareholders in the past and possibly reveals what could be stoking the anticipatory bargain tendency in the sector lately.

In this regard, we observed only how a few big oil firms were consistent in rewarding their shareholders with steady dividend payments while 83% of the oil firms have never rewarded investors with bonus scripts.

Looking at the dividend history of the sector, Total Plc topped the table with 83.33% of consistency level in rewarding its shareholders with dividend in the last 6years. Meanwhile, the company closed among the firms that have never issued bonus scripts.



Similarly, Mobil Plc recorded same consistency level of 83.33% in rewarding its investors with dividend. Impressively, the firm has issued bonus scripts twice (1for4 and 1for5) in the last 6yeears. Mobil and Oando Plc remained the only two firms in the last 6yrs that have issued bonus scripts to investors within the sector.

MRS Plc scored 66.67% consistency rate to follow Mobil Plc in rewarding investors with dividends but the firm never issued bonus scripts to investors in the last 6years. Conoil Plc claimed 4th position with 50% consistence rate of rewarding its shareholders with dividend but never issued bonus scripts.

However, Oando Plc closed with weak consistency rate of 33.33% in rewarding investors with dividend but the firm seems to have relatively recorded impressive posture with its bonus issue pattern to be among the only 2 Oil firms that issued bonus scripts twice in the last 6-years.

On the final note, Forte Oil closed among bottom-liners that have only given dividend once but never issued bonus scripts in the last 6-years. Japaul Oil Plc seems to have outperformed other bottom-liners with the record of dividend rewards on two occasions in the last 6-years. The reference tables above puts the outlook in proper perspectives.


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