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Conoil profit rises by 23 per cent in full year

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Amid harsh operating environment, Conoil plc has posted profit after tax of N2.84 billion in its 2016 operations. The figure represents 23 per cent increase when compared to N2.30 billion achieved in the corresponding period in 2015.

The company’s audited result obtained from the Nigerian Stock Exchange (NSE) for the 2016 financial year also showed that the company’s revenue increased to N85.02 billion, from N82.9 billion posted in the previous year.

Similarly, profit after tax stood at N2.84 billion, representing 23 per cent rise when compared to N2.30 billion recorded in 2015.Profit before tax also rose from N3.45 billion to N4.28 billion, showing an increase of 24 per cent.

Furthermore, the company’s earnings per share increased by 23 per cent from 333kobo in 2015 to 409 kobo in 2016.Based on the improved performance, the directors of the company are recommending a total dividend pay-out of N2.15 billion to be ratified by the company’s shareholders at the yearly general meeting.

According to a statement by the company, the improved performance was due to 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 implemented during the period under review.It added that the performance has further raised the bar of the strategic positioning of Conoil as truly the nation’s marketer of choice in the nation’s capital market.

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

He assured that it would consolidate gains and ensure greater returns on investment for its teeming shareholders, while promising customers of excellent service and quality products.“We will drive our business to greater heights by re-establishing commanding presence in the retail business, lubricants, aviation, liquefied petroleum gas, specialized products and non-fuel retail services,” he said.



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