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Conoil posts N24b revenue, N3.3b profit in Q1

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The company’s gross profit rose from N1.979 billion to N3.318 billion in 2017 while profit after tax for the first quarter stood at N174.458 million, compared with a loss of N944 mil­lion in 2016.

Conoil Plc has sustained its growth profile for the first quarter (Q1) ended March 31, 2017, as the firm last week reported revenue of N24.474 billion showing an in­crease of 28 per cent over the N19.042 bil­lion achieved in the cor­re­spond­ing pe­riod of 2016.

The company’s gross profit rose from N1.979 billion to N3.318 billion in 2017 while profit after tax for the first quarter stood at N174.458 million, compared with a loss of N944 mil­lion in 2016.

Market operators said the positive performance indicates bright prospects ahead for share­hold­ers of the com­pany. The petroleum giant had recently posted a profit after tax of N2.837 billion with a proposed dividend of 310 kobo for 2016 financial year.

Its cost of sale reduced from N71.381 billion to N70.8 billion in 2016, bringing the gross profit to N14.14 bil­lion, compared with N11.53 bil­lion in 2015. Conoil reduced distribution expenses to N2.534 billion, from N2.69 billion after adopting a cost optimisation strategy. The company’s finance cost fell significantly from N3.75 billion to N1.76 billion.

The firm reduced distribution expenses to N2.534billion, from N2.69billion after adopting a cost optimisation strategy. Its finance cost fell significantly from N3.75bn to N1.76billion.

Conoil, thus ended the year with profit before tax of N4.28 billion, showing an increase of 24 per cent above the N3.44bn in 2015. Earnings per share also increased by 23 per cent from 333kobo in 2015 to 409kobo in 2016.

According to the company, the improved 2016 performance resulted from its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.

Conoil said, “Amid the challenging economic environment, our team proactively identified potential business risks and suggested quick fix solutions to optimally manage and minimise the risks, which helped in achieving efficiency in the way we do our business.”

The Chairman of Conoil Plc, Dr. Mike Adenuga had assured shareholders that in the face of the gloomy economy, the company would always strive to be one of the fastest growing and profitable companies in the country.

He maintained that its promise to shareholders remains maximum value, while assuring customers of always be excellent service and products.


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Conoil Plc
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