Q3 2019: Conoil plc’s revenue increases by 49 per cent

Conoil Plc has increased its revenue by 49 per cent in the third quarter of the year when compared to last year’s corresponding quarter.

According to the company’s third-quarter unaudited financial statement for the period ended 30 September 2019, submitted to the Nigerian Stock Exchange (NSE) on Tuesday, Conoil’s revenue for the third quarter stood at N112.7 million, having added N36.9 million to N75.8 million reported in the third quarter of the year 2018.

Profit before taxation also increased by eight per cent as N2.5 million was recorded for the year as against N 2.3 million that was posted in 2018.

ALSO READ: Q3 2019: Sterling Bank’s net interest income up by 19%

However, profit for the period hinged up by seven per cent after the deduction of tax of N753.048 for the third quarter of the year under review.

Specifically, Conoil Plc made a profit of N1.7 million for Q3:2019, as against N1.59 million made in Q3 2018.

With an increased retained earnings of N14.4 million and share capital of 346,976, shareholders’ funds increased by three per cent to N18.6 million for the period under review.

Earnings per share of Conoil Plc as of the time of the computing the result stood at 245 Kobo having increased from 229 Kobo recorded for Q3 2018, while Net assets per share stood at 2,682 Kobo for Q3 2019