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Conoil posts N1.6b pre-tax profit in H1 2016


Conoil Plc has recorded a Profit Before Tax (PBT) of N1.566 billion in its half-year operations, against N528.5 million achieved in the corresponding period in 2015.

Specifically, the company’s unaudited half-year result released by the Nigerian Stock Exchange at the weekend, showed an increase in PBT, from N528.5 million in 2015 to N1.566 billion in 2016.

Similarly, its Profit After Tax (PAT) also rose from N359.4 million to N1.04 billion during the period under review.

The percentage increase in PBT was 196 per cent, while PAT rose by 190 per cent. Earnings per Share also rose from 52 kobo to 150 kobo, representing an increase of 190 per cent.

The company linked the improved performance to its innovative means of manufacturing and distributing products, huge financial investments in developing high-performance products and provision of services that matched and surpassed international standards.

Analysts confirmed that the company’s results surpassed expectations considering the volatility in the downstream sector of the oil industry, and indeed the nation’s economy. They also explained that going by this performance; the company would end up with a higher dividend payout for its shareholders at the end of the current financial year.

The company declared N2.08 billion, translating to the N3 on every 50kobo ordinary share for the 2015 financial year, compared to N1.00 paid in 2014.

Investors of the company have reaped a return of 34 per cent in the last two weeks, as the equity appreciated in value.

“The result shows that we out-performed our previous year both in the top-line and should exceed our bottom-line performance at the current run-rate.”

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