Conoil Plc has said that its profit after tax grew by 16.9 per cent in its third quarter results for the period ended September 30, 2018. The company also set a new record, by becoming one of the earliest filers to submit its third quarter result on the Nigerian Stock Exchange (NSE), It would be recalled that Conoil only filed its audited report for the year ended December 31, 2017, on June 30, as against the regulatory deadline of March 31, 2018, while the unaudited report for first quarter ended March 31, 2018, was presented on August 7, nearly five months after the April deadline for such. The company results released on the NSE showed that the profit after tax went up from N1.358 billion in third quarter 2017 to N1.587 billion in the period under review. Also the earnings per share of the rose by 16.9 per cent to N2.29 from N1.96 in 2017.
A further analysis showed that revenue grew by eight per cent from N70.23 billion in September 2017 to N75.84 billion, cost of sales declined to N17.26 billion from N20.73 billion, resulting in gross profit of N4.1 billion from N4.58 billion recorded in the corresponding period of 2017. Other operating income fell to N134.90 million from N184.52 million, distribution expenses rose to N1.67 billion, compared to N1.35 billion, while administrative expenses dropped slightly to N5.22 billion from N5.49 billion. Finance cost slowed down from N1.88 billion to N1.48 billion, total assets stood at N67.67 billion up from N62.86 billion as at December 2017, while total liabilities rose to N49.58 billion from N44.96 billion as at December, 2017. Speaking at the company Annual General Meeting (AGM) recently, chairman of conoil
Dr. Mike Adenuga said that conscious efforts would be directed at achieving better execution of value-added products and services to grow its business, while also assuring them that the company’s long-term future was guaranteed. “We would continue to explore opportunities to deliver solid financial results and increase competitive returns on our shares. Our focus would be to further consolidate our competitiveness in the industry, remain committed to explore and develop emerging markets while holding our grounds in areas where we have competitive advantage,” he said.