Conoil Plc has announced a profit after tax of N550.651 million for the half year financial results in the period ended June 30, 2018.
The company yesterday released its first quarter and second quarter results on the Nigerian Stock Exchange (NSE).
The company in the quarterly results recorded improved performance across key financial parameters despite the challenging operating environment.
For half year, Conoil’s profit after tax grew by 28.87 per cent from N427.290 million in half year, 2017 to N550.651 million in 2018, while earnings per share also rose by 28.87 per cent to 79 kobo from 62 kobo.
Revenue stood at N54.48 billion, up from N44.93 billion in 2017, representing an increase of 21.27 per cent. Cost of sale rose by 23.52 per cent from N38.93 billion to N48.09 billion in the corresponding period of 2017, bringing the gross profit to N6.39 billion, compared with N5.99 billion in 2017.
Other operating income stood at N114.489 million as against N96.564 million, while finance costs went down marginally to N1.077 billion from N1.081 billion.
Total assets of the company for the period down by N58.68 billion from N62.855 billion, total liabilities declined to N40.24 billion from N44.96 billion, while shareholders fund rose by 3.08 per cent to N18.44 billion compared to N17.89 billion in half year, 2017.
The chairman of the Conoil, Dr. Mike Adenuga recently at the company’s Annual General Meeting said Conoil will raise its competitiveness strategy in 2018 across different of the business and explore more opportunities in the emerging, building a stronger financial position and creating higher values for its shareholders.