Home / OIL & GAS / Conoil Plc posts N1.6 billion profit, N75.8 billion turnover in Q3

Conoil Plc posts N1.6 billion profit, N75.8 billion turnover in Q3

Conoil Plc posts N1.6 billion profit, N75.8 billion turnover in Q3Conoil Plc has posted a profit of N1.6 billion in its third quarter performance, against N1.4 billion achieved in the corresponding period in 2017.

Specifically, the company’s unaudited third quarter results for the current financial year showed an increase in its post-tax profit from N1.4 billion recorded last year, to N1.6 billion in 2018.

The company’s turnover rose from N70.2 billion in 2017, to N75.8 billion this year, while its profit before tax rose from N2.02 billion in 2017, to N2.27 billion in 2018.

According to the firm, the improved performance was due to conscious efforts directed at achieving better execution of value-added products and services to grow the business.

Its earnings per share increased from 196 kobo to 229 kobo, further raising the capacity of the company to increase dividend payment by the end of the 2018 financial year and placing it in a good stead to fulfilling its promise to build a stronger financial position and creating higher values for its shareholders.

The company also made significant improvement in its financial results by recording a 27 per cent decrease in cost of operations while also reducing cost of funds by 22 per cent to bolster sales and profit.

The company’s chairman, Dr. Mike Adenuga (Jr) had promised shareholders at its last annual general meeting, 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.

“Greater attention would be devoted to cutting operational costs in the different segments of our business, while still maintaining and improving the quality of our products and services,” the Chairman added.

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