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Conoil reports 298% profit before tax of N4.6bn

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IMAGE: Mike Adenuga, chairman, Conoil plc »


Nigeria’s leading petroleum products marketer, Conoil Plc, recorded impressive financial performance at the end of its last financial year with 298 percent increase in profit before tax. Its profit rose from N1.15 billion in the preceding year, to N4.6 billion.

According to the audited result of the company at the Nigerian Stock Exchange (NSE), its profit after tax also increased significantly by 329 percent; from N714 million to N3.07 billion. Its revenue increased from N149.9 billion to N159.5 billion.

The company’s Earnings per Share (EPS), which measures the net income for every shareholder, increased by 329 percent; from 103k to 442kobo. The Board of Directors of the front line oil marketing company has therefore recommended total dividend payment of N2.78 billion at N4.00 for every 50kobo share.

The company attributed the great financial outing to improved cost efficiency, significant reduction in interest expense and a strong hold on cost of sales.

It would be recalled that the front line oil products marketer had shown signs of a sound financial year after posting 341 percent increase in profit before tax while its profit after tax went up by 329 percent in the third quarter of 2013.
According to a Press statement issued by the company, its performance was driven by revenue increase from its nationwide retail outlets, especially its newly commissioned mega stations.

The remarkable performance was also augmented by additional income streams from its world-class quality lubricant products.
Conoil said it stepped up engine oil export to West African markets as well as entered into joint venture partnerships with leading car manufacturing companies.

It added that its income was also bolstered by ancillary services including marketing of Low Pour Fuel Oil (LPFO).

Mike Adenuga, chairman, Conoil plc had at the company’s last meeting with shareholders assured that the company had a robust growth strategy that placed emphasis on continued investments and delivery of quality products and services.

According to him, the future outlook of the company remained bright as it has built stronger financial position and facilities that would create enduring value for shareholders.

Article Credit: Businessdayonline

Updated 5 Years ago

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