Home Business News Conoil reports N809.78m half year profit after tax

Conoil reports N809.78m half year profit after tax


Conoil Plc, one of the nation’s major oil marketing entities, has recorded a net profit of N809.78 million in the first half of 2018 financial year.

The half year report released by the Nigerian Stock Exchange (NSE) showed that the company’s turnover rose to N54.48 billion in the first half of this year, representing 21.3 percent improvement over the N44.93 billion recorded in the corresponding period of 2017.

The report also indicated that the oil marketing company’s profit after tax increased by 29 percent to N550.6 million from the N427.3 million recorded in the same period last year.

The company attributed its performance to effective cost management, aggressive marketing strategies and improved sales.

The report stated: “The Board of Directors is optimistic that barring any unforeseen circumstances, this trend would be improved on in the remaining period of the financial year.

“Earnings per share increased from 62 kobo to 79 kobo, raising the capacity of the company to increase dividend payment and placing it in a good stead to fulfilling its promise to build a stronger financial position and creating higher values for its shareholders”, it added.

Meanwhile, the company has assured its shareholders during its last Annual General Meeting that conscious efforts would be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.

The Chairman, Mike Adenuga (Jr), also guaranteed the company’s long-term future as it continues to explore opportunities to deliver solid financial results and improved returns on shareholders’ investments.