Q3’2024: Conoil Plc posts 30.8% increase in Profit before

CONOIL PLC in its recently released third-quarter 2024 financial report, posted 30.82 percent increase in Profit-Before-Tax (PBT) from N3.2 billion in the same period last year to N4.2 billion.

For nine-month period ending September 30, 2024, Conoil’s PBT climbed up to N14.4 billion, marking a 30.64 percent year-over-year increase.

According to the financial statement submitted to the Nigerian Exchange Limited (NGX), the company’s revenue also saw a notable uptick, surging 35.10 percent in the third quarter to reach N68.5 billion, compared to N50.7 billion in 2023.

This increase was accompanied by a 32.88 percent rise in the cost of sales during the period under review, which totalled N60.7 billion compared to N45.7 billion in the previous year.

Conoil also reported a substantial rise in earnings per share (EPS) to N4.7 for the third quarter, marking a 35.90 percent increase from N3.5 in the previous year.

Despite these cost increases, Conoil’s gross profit climbed to N7.8 billion, a substantial 55.23 percent improvement year-over-year from N5.0 billion.

The company reduced its finance costs by 48.02 percent, bringing them down to N253.3 million from N487.4 million last year, even as administrative expenses rose by 4.97 percent to N1.1 billion.

Furthermore, Profit-After-Tax (PAT) rose by 36.02 percent year-over-year, reaching N3.3 billion compared to N2.4 billion in 2023, bolstering earnings per share by 35.90 percent to N4.7 billion.

As of September 30, 2024, Conoil reported total assets of N96.5 billion, a slight dip from N97.4 billion last year. This was primarily driven by adjustments in non-current assets, notably in property, plant, and equipment.

However, the company saw a notable increase in total equity, which rose to N44.4 billion, due to improved retained earnings.

Meanwhile, total liabilities decreased by 19.03% to N52 billion, largely due to a reduction in current liabilities.

For the nine-month period, Conoil generated N23.9 billion in net cash from operating activities, navigating significant shifts in working capital.

Net cash used in investing activities was N1.6 billion, primarily allocated to the acquisition of property, plant, and equipment, while financing activities accounted for a cash outflow of N2.4 billion, reflecting interest payments.

Overall, the net increase in cash and cash equivalents was N19.8 billion, improving the cash position by 96.04 percent.

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