Conoil records 54% increase in profit

Conoil Plc has sustained its impressive performance so far this year with 54 per cent increase in its Profit Before Tax for the nine-month period ended September 30.

The performance of the major fuel marketer indicated resilience in braving the stifling operating environment in the downstream sector of the nation’s petroleum industry.

The unaudited results of the oil marketing company submitted to the Nigerian Stock Exchange (NSE) on Wednesday showed profit before tax of N2.72 billion , an increase of 54 per centover the N1.76 billion recorded in the previous year, while profit after tax increased by 51 per cent ; from N1.2 billion last year to N1.81 billion.

Earnings Per Share increased by 51 per cent from N172 last year to N261. The company however, recorded a six per cent increase in revenue from N60.2 billion to N63.9 billion.

According to the management of the company, the impressive result was attributed to efficient allocation of resources, its long term and pain-staking strategic business planning and its strict adherence and implementation of global operating standards in all its business processes.

It would be recalled that the oil major recorded a scintillating performance in its half year results this year. It recorded profit before tax of N1.566 billion, representing a growth of 196 per cent from N528.5 million recorded in the corresponding period last year. It also posted a whopping 190 per cent increase in profit after tax from N359.4 million last year to N1.04 billion this year.

The company, which rewarded its shareholders with a dividend payment of N3 per ordinary share last year, had assured its shareholders of its optimism to sustain and grow the impressive performance with improved returns for shareholders at the end of the current financial year.